Episode description
Episode description
The war, covid and lockdowns are all having huge impacts on our income and quality of life. Your spending power as a consumer is the lowest it has been in 40 years. In this episode, Rob talks about why this is and more importantly, the solution to not just survive in this crisis, but thrive.
KEY TAKEAWAYS
- Prices are increasing at a rate not seen for over 30 years across the board, from fuel to real estate and travel. Inflation in the UK is over 10%.
- Make sure you get out of debt, even if you have to significantly reduce your spending. Interest compounds and if the cost of living is increasing so will your interest rate so you will be hit twice.
- Make a budget, adjust your living costs and aim to save 5-10% of what you earn.
- Once you have a good amount of savings as an emergency fund, start to invest. Savings will not make you rich, you can’t save yourself to wealth but you can invest your way there.
- Where there is crisis and recession there is also opportunity. Look for the opportunities surrounding you and remember, more millionaires are made in a recession than any other time.
BEST MOMENTS
“Your spending power is the lowest it’s been in 40 years”
“The more information we can share with one another, the more we can arm ourselves with”
“Are you making a plan, are you budgeting, are you investing, are you being careful where you spend, are you getting ready?”
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “Disruptors”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979