Is a Recession On the Way? Here’s How to Prepare

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With inflation on the rise and consumers on the ropes, everyone’s talking about the big, scary R word — recession. Are we staring down another recession? And what can you do about it if we are?

In today’s episode of the “Money!” podcast, we’re going to talk about signs that can indicate a recession is on the way, plus try to figure out if we’re about to enter one. Then, we’ll talk about how you can shore up your finances to help you ride things out when the economy gets bumpy.

Stacy Johnson and I are joined by producer and novice investor Aaron Freeman to talk about what to expect as inflation surges and recession looms.

Our special guest today is Joseph Hogue, CFA, founder of the investment website My Stock Market Basics.

You can watch this episode below, or if you’d prefer to listen, you can do that with the player at the top of this article. Or, you can download it wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money and our YouTube page for more videos.

Is a recession on the way?

We start by doing what you should never do — make predictions. When can we expect a market crash? And will we see a recession by the end of 2022? We tackle some expectations around recessions and market crashes.

If you’re looking for more money predictions from the crew at “Money!,” check out our end-of-the-year podcast episode on money predictions for 2022. You can keep score all year long.

Some information on the subject of recessions:

• 6 Signs We’re Heading Into a Recession
• Wall Street Journal: Flattening Yield Curve Stirs Recession Debate
• Want to go deeper with the yield curve? Our guest, Joseph Hogue, CFA, has a YouTube livestream about it.
• CNBC: Carl Icahn says there ‘very well could be a recession or even worse’
• Check out some of the most unusual recession indicators
• Forbes offers a primer on what a recession is and what to expect

How to prepare for a recession

Now that we’ve scared the bejesus out of you, we take a look at practical ways for you to manage your money during a recession. Listen for our actionable tips, and in the meantime, here are some more helpful resources on preparing your finances for a recession:

• We’ve talked about this before, so check out another podcast episode on preparing for a recession.
• 9 Ways to Brace Yourself for the Next Recession
• 3 Good Things About Recessions
• Staying Alive: How to Make Money in a Recession
• Don’t forget that paying down debt is one of the best ways to prepare for a recession. Check out our podcast episode on How to Destroy Your Debt.

Meet this week’s guest, Joseph Hogue, CFA

Born and raised in Iowa, Joseph Hogue graduated from Iowa State University after serving in the Marine Corps. He worked in corporate finance and real estate before starting a career in investment analysis. He has appeared on Bloomberg and CNBC and led a team of equity analysts for a venture capital research firm. He holds a master’s degree in business and the chartered financial analyst (CFA) designation.

Joseph left the corporate world in 2014 to build his online businesses, first through creating websites and later through his YouTube channel, Let’s Talk Money. He’s since grown the community to more than 500,000 people and reaches more than 1.8 million people a month through the blogs, YouTube and a daily market newsletter.

• MyStockMarketBasics.com
• YouTube: Let’s Talk Money!
• Newsletter: The Weekly Bow-Tie

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.