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Manage episode 300135908 series 2943699
If the economy were to collapse, are you financially prepared? With the current state of the world, it is important to secure the foundation of your financial home. In today’s episode, your hosts will break down the current economy and explain why you should be putting together emergency financial funds.
While many claim we are in a state of economic expansion, your hosts, Dr. Chris Heeb and financial expert Richard Schaffer, explain there are many economic indicators that point towards a potential financial crisis. Some things to consider include: historically low rates, inflation and taxes- all of which will impact affordability in the near future.
Richard explains that the lack of planning is what puts people in a financial grave. Take the time to develop plans and strategies to make your money work for you, especially when the banks are running low.
Tune into Debt Dr 911 this week with Dr. Chris Heeb and Richard Schaffer for a brief overview of the economy. Learn some of the tips they use to stay ahead of the economy to make sure you can build the financial house of your dreams.
- “Develop the pay yourself first mentality. You need to save first and spend what’s left instead of spending first and saving what’s left.” (06:45-06:53)
- “It’s so important for people to get educated. You need to know exactly what your money is doing for you and you need to have protective mechanisms such as an emergency fund put in place. (22:26- 22:40)
- “People don’t plan to fail, they just fail to plan. If you have a goal without a plan then it is just a wish.” (23:52- 23:58)
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