What is a recession - and how do we survive it?
Times are tough for everybody right now. We're feeling the pinch more than ever with rising food and fuel prices impacting us in a big way. We’ve all heard that a recession is upon us, but what
exactly is a recession, and how do we survive it?
The first thing to understand about a recession is that first of all the price of everything is going to go up. That is usually what happens during a recession.
In our first episode of Season 4 of The Money Podcast, self-made entrepreneurs and wealth creators Justin Harrison and Dawie Bester break down a recession in layman's terms, and look at how it impacts the average South African consumer.
They explain why and how it impacts the average consumer,
what we can learn from historical recessions and why recessions are a very
important part of the economic cycle.
Related podcast: LISTEN: Should you side hustle?
This podcast episode on understanding recessions is extremely
valuable for the average person as it will not only provide a good understanding of the economic
cycles, but can help you plan ahead for the next cycle.
If you’ve been left feeling overwhelmed by the price of
everything going up and you feel like there's no end in sight, then this episode of The
Money Podcast will not only give you some peace of mind, but will enable you to have a better
understanding of what lies ahead.
Click below to listen.
Still on surviving the recession, and here's Justin Harrison's TikTok video on how to work out your fuel consumption:
@moneytribe21 How to work out your fuel consumption #fyp #moneytribe21 #ticktocksouthafrica #petrol #fuel #petrolcost #fuelcost #fuelcalculator ♬ My Boo - The Sing-A-Long Kids
Meanwhile, insurance is a grudge purchase! We pay a small fortune for something we might never even use. While none of us like paying for insurance, not having it can result in immense stress and lead to financial disaster.
Related podcast: LISTEN | Your car is a money pit
In a previous episode of The Money Podcast, Justin and Dawie talked about the
necessity of having insurance and gave a list of insurances
that you absolutely cannot go without.
If you don’t have any insurance, you absolutely need to listen to this advice! Click below to listen.
Justin Harrison and Dawie Bester have also shared their personal
experience with Cryptocurrency as well as their lessons after
reviewing more than 600 crypto projects. They also tell you what you need to know before you invest
to avoid the mistakes so many people make.
[Click below to listen]
More about Justin and Dawie:
Justin Harrison and Dawie Bester are two self-made entrepreneurs on a
mission to help South Africans become better at money. They're involved in multiple business
ventures and share a common passion for financial education, self-improvement
and simplicity, and these are the driving force behind all their ventures.
Justin Harrison is the author of eight personal finance books; he’s a
serial entrepreneur, investor, wealth creator, popular TikToker and one of South Africa's thought
leaders in the financial technology space. He is a passionate South African,
father of three and avid sportsman who believes deeply that South Africa is one
of the best countries in the world.
Dawie Bester is also a personal finance author, personal finance coach, entrepreneur
and investor, and has been on the forefront of the digital finance revolution
for the last decade. He's a father of two, an avid sportsman, and believes
that South Africans can prosper with the correct motivation and
direction.
Catch them weekly in The Money Podcast with practical, down-to-earth
advice which you can take and action immediately. New episodes are released every Wednesday. Subscribe via this page. If you would like to reach Justin and Dawie directly, please visit the links below:
YouTube
Website
Listen to past episodes in the full channel below.
The Money Podcast is available on all major podcast platforms.