The Free Retiree Show

How to Prepare for a Recession with Lee Michael Murphy

June 1, 2022

MONEY MANAGEMENT EDITION

 

In 2021, CNN wrote that US economic growth was already starting to slow, and the economy would keep decelerating in the coming months. 

 

Growth in year-over-year GDP has already shown signs of slowing, with quarterly GDP growth dropping from 12.2% in the second quarter of 2021 to 3.5% this past January. The Bureau of Economic Analysis, which determines the annualized percentage change between two quarters, calculates GDP expansion using a different method than the Commerce Department. Despite this, both sets of data indicate a decline in economic development.

 

But according to financial advisor Lee Michael Murphy, it is more important to prepare ourselves for a recession instead of starting to panic. There is always a recession. Recessions are just part of economics. They're always scary, they make us feel uncomfortable, and it's always painful when they happen. But there are ways to prepare for them. 

 

In this week's episode, we're going to talk about the state of the economy, the impact of recessions, and what needs to happen for the markets to recover and the economy to start getting better.

 

Join us with wealth manager Lee Michael Murphy and career advisor Sergio Patterson. Tune in to this week’s episode of The Free Retiree Show.

 

To get the episode, show notes, and share links, please go to our podcast page. Thank you for sharing our podcast.

 

In this episode we discuss:

 

  • How to prepare for a recession
  • Why it’s important to not panic despite there being a recession looming
  • How to manage your investments during a recession

 

The Free Retiree Show Podcast Page

 

Honor to be mentioned in the FeedSpot

TOP 20 RETIREMENT PODCAST OF 2022

Podbean App

Play this podcast on Podbean App