Nichols: Planning for Economic Crisis – Steps You Must Take NOW

by | Mar 8, 2024 | Opinion

As our nation stares down the barrel of an uncertain economic future, it’s time for some serious real talk. We all feel it – the strain on our wallets, the penny-pinching, the grocery carts lighter than before. Folks, if we don’t get our financial houses in order soon, we may be in for a world of hurt when the you-know-what hits the fan.

I recently had the pleasure of speaking with Joseph Lombardi, a financial advisor with over 20 years of experience and founder of Iron Hawk Financial. What he had to say should be a wake-up call for every American family.

First off, let’s address the elephant in the room – our economy is teetering on a knife’s edge right now. Inflation is skyrocketing, interest rates are climbing, taxes loom large, and the stock market is about as predictable as a roulette wheel. And let’s not forget the trillions of dollars the government has printed out of thin air the past few years. It doesn’t take a genius to see the writing on the wall.

So, what can we do? Well, step one is to get real about our own financial situations. Do you have a budget? Like a real, honest-to-goodness budget where every dollar has a job to do? If not, it’s time to sit down and get intimately acquainted with your money. Tell those dollars where to go – to paying off debt, to building your future, to securing your family. Because if you don’t direct your money, your money (or lack thereof) will be directing you real quick.

Next up, pay down that debt. Especially the high-interest stuff. Credit card bills piling up? Car payment eating a hole in your pocket? Attack it with a vengeance. The last place you want to be when the economy goes sideways is beholden to a bank. Your “assets” can disappear quicker than you can say “market crash”, and then what?

Here’s a sobering stat for you – car repossessions are up over 1600% from last year. 1600%! People bought shiny new toys they couldn’t afford, and now they’re paying the piper. Don’t let that be you. Live below your means, aggressively pay down debt, and build a fortress around your finances.

Now, what about investments? Well, here’s where things get interesting. Most Americans blindly funnel their money into a 401k, crossing their fingers it’ll all work out in the end. But have you looked under the hood of that thing lately? The fees alone are enough to make your head spin. And don’t even get me started on the lack of control and liquidity.

It’s time to think outside the Wall Street box. Alternative assets, folks. Investments that aren’t tied to the whims of the market. Vehicles that offer true diversification, liquidity, and, dare I say…control? They’re out there. You just have to know where to look (and who to ask).

But here’s the real kicker. It’s not just about growing wealth. It’s about protecting it too. What good is a fat 401k if a personal emergency forces you to tap it early and pay a massive penalty? Or if a medical crisis bankrupts you because your coverage was lacking? Or heck, if an ugly divorce cuts your net worth in half? These are the real-world risks we need to safeguard against.

That’s where a holistic financial plan comes into play. One that takes into account all the facets of your life and creates a bulletproof strategy to protect and grow your wealth come what may. It’s not sexy, but it’s necessary.

Now, I know what some of you might be thinking. “Easy for you to say, Mr. Podcast Man. I’m living paycheck to paycheck over here!” Believe me, I get it. But here’s the thing – the principles are the same no matter how many zeros are in your bank account. Budget, pay off debt, invest smart, protect your assets. Rinse and repeat.

Will it be easy? Heck no. Nothing worth doing ever is. But the alternative is much worse. Imagine being caught flat-footed when the next economic crisis hits, and it will hit eventually. Imagine watching everything you’ve worked for crumble before your very eyes. Imagine having to explain to your kids why they have to go without. Not pretty, right?

So let’s get real. Let’s roll up our sleeves and do the hard work now so we can weather any storm later. It starts with education – seeking out trusted voices (like Joseph Lombardi) who can guide us through the minefield of modern finance. It continues with action – putting those principles into practice in our daily lives. And it ends with peace of mind – knowing we’ve done everything in our power to secure our family’s future.

Because at the end of the day, that’s what it’s all about, isn’t it? Family. Providing for our loved ones. Giving them a better life than we had. And while money isn’t everything, it sure does make things a heck of a lot easier.

So don’t wait another day. Get your financial house in order now before the hurricane hits. Budget like your life depends on it (because it does). Pay down that debt like your hair’s on fire (because it should be). Invest in alternative assets like your future self will thank you (because they will). And protect your wealth like it’s a precious family heirloom (because it is).

The road ahead may be uncertain, but your financial plan doesn’t have to be. Arm yourself with knowledge, take decisive action, and rest easy knowing you’re doing everything you can to bulletproof your finances and your future.

Your family is counting on you. You’ve got this.

Brian Nichols is host of the Brian Nichols Show – powered by Amp America. You can follow Brian on X at @bnicholsliberty.

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