The 2020 Recession: 7 Things I'm Doing to Prepare for the For The Next Economic Crash

In this video I discuss the 7 things I'm doing to prepare for the next economic crash. This to me is Recession Proof Investing. The 2020 recession / depression may now be amongst us. Do you have a strategy to keep you sane during the market madness? Do you have a plan for if you lose your job? What else might happen during an economic downturn (recession / depression / market crash).

I go over exactly what I am doing in 7 simple (yet effective) steps.

1. Pay all debt off:
The last thing you need on your shoulders during a market crash is debt that still needs to be paid off. I am working hard to pay off my last credit card and my wife is just about finished paying off her car loan. Once our debt is paid off we are moving onto step 2.

2. Build an Emergency Fund:
Dave Ramsey teaches this in Financial peace University. Its part of the "Baby Steps", and rightfully so. Its extremely important especially in times of a recession or market crash. Dave Ramsey recommends 3 - 6 month. Me and my wife are set on saving 3 months ($9,000).

3. Dollar Cost Averaging (Retirement Investing):
I plan on continue to put in 12% Bi-Weekly into my employer sponsored Roth 401k. I do not plan on placing in large bets with the "hopes" that the market recovers from the crash. It could be years and years before we ever see the market reach a new high. Its all uncertain. So I am just going to keep it consistent.

4. Opportunity fund:
We save Cash, Gold, and Silver. We save this up in an opportunity fund because in times of a market recession or market crash, cash is king (also gold and silver). We want to be liquid enough to take advantage of any opportunity the market presents (Mostly looking into real estate).

4. Skills that Pay the Bills:
Always important to continue to develop skill sets that can make you an income. If I was to lose my job there are a couple things I am good at that can bring in additional income. Day trading and photography are my top to favorites at the moment.

5. Protection:
When there is a market crash, recession, or depression its typical to see crime rates go up. I am planning on continuing my home insurance policy, having home security system, and also....well... Anything to protect my family (I think you know what I mean).

6. Prepare to Give:
When times are tough, people need food, water, shelter. It is important to have my economic household in good shape to be able to help other that may be in need. I belive the 5 things I listed out prior to this will be the keys to set me and my family up for success in the next market crash.

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DISCLOSURE: I am not a professional investment advisor, nor do I claim to be. All my videos are for entertainment and educational purposes only.