Insight on Coaching
Coaching for Financial Success in a Recession
Season 5, Episode 13 - Air Date: September 15th, 2008, 11:00 am PST
Audio File - Length 55:14, File Size - 25.2 MB
More and more consumers are being forced into financial responsibility by the housing downtown and a weakening economy.
With less than 15 percent of Americans “living within their means,” according to the Federal Reserve’s Survey of Consumer Finances, the recession is a critical time to get personal finances in shape.
With limited resources, what are the best ways to spend and save your money during a recession?
We speak with coaches and personal finance experts on the best recession lessons that can last a lifetime.
According to a June 2nd, 2008 online survey by The Nielsen Company, some 85% of U.S. consumers say they believe the country is in a recession.
However based on Nielsen’s research, this negative view of the U.S. economy appears not to have tainted most Americans’ views of their own financial affairs: More than half (51%) say the state of their personal finances remains excellent or good, while just over one-third (36%) rank their situation as not so good.
Feeling overwhelmed, overspent, and unsure of how to come out on top during this uncertain economic time, many consumers are showing they’re floundering when it comes to managing debt, making wise investments, and saving money to survive a financial crisis.
What lessons for financial success can be learned from the recent housing crisis and market fluctuations? Is it better to invest money or save money in the times ahead?
And how are coaches helping individuals get fiscally fit not only for work, but also for home and play?
Our panel of experts address these questions and more.
Highlights of the show include:
- The impact of the recession on the average consumer’s finances.
- Why many Americans are living beyond their means.
- How to manage and lower debt during a recession.
- How to make money during a recession and where to invest.
- Why it can be a good time to buy a house, building, or other real estate investment.
- How personal finance coaches can help build accountability and get you back on track.
This podcast is part of the Insight on Coaching series. For additional information, visit the Insight on Coaching Home Page.