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Managing Finances As If You’re In A Perpetual Recession

From Audio: Getting Ahead of Your Next Money Crisis with Michelle Singletary

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station description Your guides for money help
NerdWallet's SmartMoney Podcast
Duration: 03:13
Instead of fearing money, discover the benefits of developing a mindset of being prepared. Rather than reacting when crisis strikes, prepare your finances beforehand.
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Instead of fearing money, discover the benefits of developing a mindset of being prepared. Rather than reacting when crisis strikes, prepare your finances beforehand.
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and early on in the book, you declare that you manage your finances as if you're in a perpetual recession, which really stood out to me. Can you discuss what you mean by that and how it's benefited you? Yeah. When people hear that they go your life myself, you're always worried about money and I did want to be bold with that statement and it is absolutely true. But let me explain what I mean by that. So I'm not living my life in fear, but I'm just living my life so that I prepare for life because life happens and I liken it to if you're in a fire station and the men and women who work there, they're always working on the equipment, making sure everything is ready when they get that call for fire. That is what it's like living in a perpetual recession, you know that something's going to happen. You hope that it doesn't, but you need to be prepared for it mentally and physically and so that's what I mean by that, that I know that there is going to be another crisis. It's not a matter of if but when so the book is called what to do with your money when crisis hits. And I think people might think, well, I'm not in a crisis, I don't need this book, but it's not really about everybody who's in a crisis, it sort of set you up for. How do you develop the mindset that something is eventually going to happen and maybe it's not devastating for you, but it still could impact you or impact the people that, you know, one of the reasons why we structured it, the way we did is an F A Q and short, you know, chapters is because I wanted people not to be overwhelmed when you're in a crisis, you get kind of overwhelmed and telling people to read a 200 page, you know, financial book is not going to go and so you know, it's just not gonna happen. So you can flip through it and it's for old, it's for young, it's for people mid Korea, starting out teenagers. Um just flip through and find the section that resonates with you. But there are a lot of resources that you need to go to fill out the things that I'm telling you. And one of them is nerdwallet. I mean you guys do amazing job at giving really smart information that is very accessible. I think that's what differentiates you from other sites. It doesn't talk over people's head, it doesn't talk down to people. And I try to do that same thing with this book. You know, you mentioned the firefighters and that resonated with me because I've read books about people who survive disasters, plane crashes, all kinds of bad things happen and a lot of people don't survive because their brains try to figure out what's happening and they can't compare it to anything they've ever been through and so they literally freeze what firefighters do is they practice, they practice scenarios, they practice different things happening so that they can be ready for anything. And what you're talking about with your book is exactly the same thing. Even if you're not in crisis right now, you will be at some point, things will happen so go through the steps so that you know what to do when it does hit. So I love the fact that you brought that up. Yeah that is so on point, that's exactly what I'm talking about. You gotta you gotta be ready, you gotta have a plan.
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