If you’ve been listening to the media lately, you’ve probably heard the terms correction, recession, and depression used. Today I’m discussing the differences between these three economic events and what you can do now to make sure you’re in good financial health to weather any storm.
Listen in as I peel back the layers of this financial onion to determine where we are now economically, as well as where we are likely headed. You will learn the impact this pandemic has had on the economy, how big your emergency fund should be, and specific tools for building a strong financial foundation for the future.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
- The difference between a correction, a recession, and a depression.
- Why a correction is not the same as a market crash.
- Why you can have a correction without being in a recession.
- Where we are right now economically—and where we are likely headed.
- How the pandemic has affected the economy.
- Steps we should be taking to put ourselves in a good financial position.
- How big your emergency fund should be.
Ideas Worth Sharing:
“Time will be the one that ultimately tells us where we are right now." - Jonathan Bednar
“We’re really at the crossing point, where we’re starting to tilt into a negative impact of consumer confidence." - Jonathan Bednar
“Opportunity is oftentimes born in disaster." - Jonathan Bednar