#32: Tactical Tuesday: How to Weather the Storm of Market Changes

Overview:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy Podcast talks about preparing for the storm – literally, preparing for Hurricane Dorian as well as preparing for an economic storm – the issues that can arise in your personal life and your business. Jason explains the pattern of recessions, as well as the differences between bad debt and good debt.

Episode Highlights:

  • Jason discusses getting back from Spain just in time to prepare for Hurricane Dorian.

  • Hurricane Dorian reminded Jason of the importance of being prepared for unexpected storms in the marketplace.

  • A recession is definitely on the way.

  • What exactly is bad debt?

  • An auto loan on a brand new car that depreciates quickly is bad debt.

  • Student loans on a degree with no applied value in the business world are bad debt.

  • What is an example of good debt?

  • If you take out a loan to buy a business and the payments are funded by the income, this is an example of good debt.

  • Ultra-wealthy people use good debt to generate more income.

  • Overextending good debt can lead to financial downfalls.

  • Most recessions last between 6 months to 1 year.

3 Key Points:

  1. We have times of financial growth, times of recession and times of correction.

  2. Experts are predicting a recession in the next 9-24 months.

  3. Bad debt is anything that takes money out of your pocket or bank account without putting more money than you spent back into your bank account.

Tweetable Quotes:

  • “We always need to prepare our business and our personal finances for the next storm…the proverbial storm.” – Jason Duprat

  • “A recession is definitely coming. The economy, ever since the beginning of time, has always moved in cyclical fashions.” – Jason Duprat

  • “You want to make sure your personal and business finances are in order, and one of the most important things you can do in regards to that is avoid bad debt.” – Jason Duprat

Resources Mentioned:

 

#HealthcareEntrepreneurAcademy #HealthcareBoss #healthcare #entrepreneur #entrepreneurship #MarketChanges #recession2019 #recession2020 #bizplanning

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