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Warrior Trading // Ross Cameron // Day Trade Warrior…(read more)
BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
As the world grapples with the ongoing COVID-19 pandemic, it’s becoming increasingly clear that the global economy is headed towards a recession. A recession is defined as a significant decline in economic activity that lasts for a prolonged period of time. In other words, a recession can be a challenging time for individuals, businesses, and the economy as a whole. Hence, preparing for a recession is vital. Here are some tips to help you prepare for a recession.
1. Build an Emergency Fund
An emergency fund is a financial reserve that you can dip into in times of crisis. With an emergency fund, you’ll be prepared for unexpected expenses such as medical bills, car repairs, or job loss. Most experts recommend having at least 3-6 months of living expenses saved up in an emergency fund.
2. Reduce Debt
Reducing debt should be a priority during a recession. High-interest debts like credit cards should be paid off, along with any other loans or mortgages that may require payments during the recession. Reducing debt not only provides financial security, but it also frees up cash flow that can be used for other financial priorities.
3. Cut Back on Expenses
Another key step in preparing for a recession is cutting back on expenses. This doesn’t have to involve drastic measures, like eating rice and beans every day. It could be as simple as examining monthly subscriptions or reducing recreational activities. The purpose of cutting back on expenses is to ensure that you have enough cash to weather the storm during a recession.
4. Increase Savings
During a recession, saving becomes more critical than ever. Experts recommend that you save at least 15% of your income towards retirement. You can also maximize your contributions towards 401k plans and IRAs. Increasing savings will provide you with a cushion against financial uncertainty during the recession.
5. Diversify Your Investments
Most investors know that diversifying their investments is a good idea at any time. Still, it becomes even more critical during a recession. Diversifying your investments helps spread your risks across different industries and geographic regions. This strategy helps protect your investments against significant losses during a recession.
In conclusion, preparing for a recession requires discipline, foresight, and a willingness to make sacrifices in the short-term to achieve long-term financial security. Following the tips discussed above can help you prepare for a recession, enabling you to weather the storm successfully. It’s not an easy task, but by taking the necessary steps, you can overcome the challenges that a recession brings.
Being frugal allowed me to save as a young 20 year old . Times are tough . I just got divorced but I keep on saving and grinding. Good things don’t come easy .
In your posts you indicate you trade on high volume. How do you identify a stock is having high volume when you first look at it for the day.
Thanks Ross. Have fun in the Carribean.
I just made 600 dollars in less than 30 minutes
I give all credit to Ross
Great video and very genuine. Thank you for sharing Ross.
Excellent
"That day may never come" so true
⏳
Entirely agree! In case sh!+ hit the fan, I had to learn how to repair or manufacture items and vehicles. I learned how to use code, am radio for communication under a black out and how to live off the land by hunting animals and vegetation as well as how to build a hut out of basically anything at my disposal. I had always looked at the Mad Max movie as a possible reality. Hopefully nothing to that extent although we all have to realize that someday the world we live in will no longer be the same and all we can do is quickly adjust and adapt. The great thing about learning all different types of services is what started our service department, we do everything and licensed for many different service categories in which left us very busy as we had very low limitations on the services we conduct. Also funds managed thorough the service department had also created the capital for trading the stock market. The things that you learn can have so much value in any world we live in. We must make the best out of what we have and what we do to get it though prepare yourself for anything. We have been recycling and mining devices for gold. We house all that we mine in gold as in someday our US$ may not be enough to buy or trade with. Gold had always kept its value and it may be back to currency some day. We never know, we can only wait, watch and prepare for the worst.
Very good video Ross❤
Thanks Ross!! You sound like life path 8 (root number of sum of all your numbers in date of birth). Work and be independent! Thanks for being down to earth with us.
worst. ross. video. ever
My son is fixing our lighting as I watch this. I was going to get a bigger house, but maybe no. Dammit.
Talking about side hustle, Ross you make a great motivational speaker, that could be another one for you! You made my day with your positivity and hope. Very inspiring, thanks!!
Ross please do a funded account challenge for people like us who have skill but not enough money
It's not gonna be a recession, it won't be a great depression either, it's gonna need a new word to define it
Great information man!!
Grew up poor in the inner city of Philly. Roaches, crack vials, dug my way out but still TERRIFIED of being broke and losing what I’ve built.
Learn to learn.
Understand how things basically work. And cost benefit analysis.
Even if you have to pay someone else to do something if you know how "it" works, then you can keep from being taken advantage of. It's being frugal not being cheap.
Ross, is saving on the oil bill. Instead 72 you can easily dial down thermostat to 60 and with a simple hack, like putting the hat on, you can easily save a lot of money during the winter in MA.
Clever 😉 Jokes a side. I'm glad you shared your history with us. You really open up. Say hallo to your Mom.
America has one big fool. Powell.
Ross, you have a heart of gold! Thank you for taking the time to make these videos.
is this the end of day trade for living ?
Good advice ross
Ross, please do more of this type of content. I can't put enough emphasis on how much these types of videos help me out. As a 25 year old recent college graduate and someone who is aspires to be self sufficient, and build a life that allows me to live and work on my own terms, your mentorship and leadership and what you've created with WT has really changed my life.
Respectfully, is "Warrior Trading" and the courses your "side hustle"? I would say, yes. But, hope to hear an honest answer. Please know, I am not trolling. Not a 'member', but you have helped me learn so much, which I very much appreciate. Thanks, Ross, as always. 🙂
Great advice! Thanks Ross
Depression
Last year we had two quarters of negative GDP. Thats was considered a recession. Until democrats tried to redefine it. Like they do with everything…
I had 10 rental houses in 2006 but lost due to the down turn and then cancer. However, Jesus is Good and have rebounded. Don't ever give up! it's gonna get better. Ask Jesus.
You are a good hearted person Ross, everything you share are useful, helpful. Thank you very much!!!
It's funny how rich folks are now preparing for what has been for two years … my question is… would a rich person be able to tell if we were in a recession? and from what I've been hearing from their mouths is a big NO
I like the painting on the wall behind you.
Yep surviving and being self reliant was why I started working on toys when I was a kid, then bicycles, repairing clothes and more as a teen, vehicles and being an auto technician as a young adult. Now being in my late 30's I'm acquiring naturalistic medicines and learning how to produce energy sources. Day trading for me was to have another income stream in case other streams fail. Thanks for this video Ross, these tips will help prepare people better in rough times.
Amazing advice. Ross, everything you've said here was taught to me growing up. Especially doing car and home repair and maintenance. Even grooming and shaving down my Golden Retriever every month. It's fun and exciting to learn how to do things yourself, and very money saving. Your right, after doing a car repair or home renovation yourself gives you a big boost in confidence. And I apply that confidence to day trading. Thank you for this video.
You’re the man Ross! Best You Tube Channel. Thank you brother.