Recession Proof: What’s your plan?

by David Allen

Passivity towards your resources will always lead to a bad, uncomfortable outcome.

Whether it’s your financial resources, your physical resources, or your mental resources, if you steward them poorly through lack or knowledge and/or action, you’re in for a bad day…which is why you need a plan.

You need to set financial goals and a budget that helps you reach them. A budget without goals is like running on a treadmill (you’re doing something but going nowhere) and goals without a budget to help you reach them is just imagination.

If you’re not sure what goals to set, you need to find some educational resources to increase your financial knowledge. There are a multitude out there and I’m happy to provide more specific recommendations to anyone.

Whichever you choose, you’ll need to develop:

a savings goal,

a spending goal,

an investment goal,

and a giving goal.

These goals should be both short term and long term, and your budget will be set based on these goals.

Doing all this doesn’t guarantee you won’t be impacted by economic downturns but it will ensure you can better handle, and capitalize, on the moment when it does occur.

This holds true for your body, your mind, and spirit as well. 

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