Owen Raskovich

That said, if you prepare yourself financially otherwise, it is absolutely the gold standard of things that you can do with your money.

Having a house is a fantastic thing.

It's only when we overextend ourselves and we forget that maybe, you know, we should be investing outside of the home that it becomes an issue.

So it's a fantastic lifestyle asset, quote unquote, but always be mindful that it might not be the asset that you think it is.

So I'm going to give you a summary of this group, right?

These people that are impacted or not impacted by a recession.

If you have followed our steps on getting a budget, building a cash buffer,

listened to and actioned our steps on pay rises and career goals, you've paid down your nasty debt, so there was a debt episode, and you've crushed your insurance and super, so you've got that all sorted, and maybe you've begun investing, you are just about as prepared as you'll ever be for whatever the economy throws at you.

In fact, I would say there's really nothing else you can do.

So don't be hard on yourself if you're in that situation.

You are doing a fantastic thing for your future self.

Recession or not, you're doing great things to be prepared for whatever comes next.

So if you haven't actioned the steps, and we talk about this all the time, please, please, please go back to those episodes.

Use your one hour of time for you each day to go back, listen to the episodes, and then immediately put into action all the things that we talk about.

Just getting on top of your budget, starting to build a cash buffer, getting rid of those debts, making sacrifices to achieve savings up to 20% of your income so then you can invest and you can save.

Sort out your insurance and super.

That doesn't cost you anything.

And once you've done all that and you've saved your emergency cash buffer, begin investing outside of the family home.

My philosophy has always been prepare for the worst, expect the best, because you've got to be an eternal optimist.

If you're someone who is very pessimistic about the world, you know, it's not stars, it's satellites that are looking down upon you, those types of people that are very cynical about just the world at large, investing is going to be very tough for you.