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5 Financial Traps To Avoid In A Recession

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5 Financial Traps To Avoid In A Recession – Whats The Best?

So a lot of people just got a $1,200 check from the US government. And while you may be tempted to “ball out” right now and have a second Christmas, that is probably not the best idea. In this video, I’m gonna cover 5 money mistakes to avoid in a recession.

And for those who are not familiar, a recession is when economic activity is on the decline. During a recession, people often travel less and spend less and layoffs are common. Whether or not we are currently in a recession is up for debate, but if we are entering one you may want to avoid these crucial mistakes.

2 Free Stocks! (Webull): https://ryanoscribner.com/webull
Open An Online Savings Account (Betterment): https://ryanoscribner.com/betterment

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40 Comments

  1. Ryan Scribner
    July 17, 2021 at 7:54 am

    What will you be doing with your stimulus check? Comment Below!

  2. leojboby
    July 17, 2021 at 7:54 am

    avoid lump sum investing.. but how much is too much? Is it simply splitting X amount you have for investing over N weeks (is N dependent on X or viceversa? and what should N be at least) ? Is there a better day of the week do this at?

  3. Lori Mast
    July 17, 2021 at 7:54 am

    I put some of my money into savings, and I opened an M1Finance account. I am hoping to make some good money long-term.

  4. Patrick Pieters
    July 17, 2021 at 7:54 am

    Received my stimulus check today. THANK YOU President Donald J. Trump!!! I will be taking advantage of PenFed's limited time offer of $1,200 deposit into their American Access account for an additional $200.

  5. Kevin Ehrlich
    July 17, 2021 at 7:54 am

    This is going to be a short recession. That is such bs. Stop focusing on the pin! The bubble has been picked! That's all that matters! The economy wasn't in good shape before this started! If it was then the economy would be able to handle this much better than it is! We have little savings and tons of debt. It took the lack of one paycheck to make this economy implode.

  6. Cindy A. Hale
    July 17, 2021 at 7:54 am

    I gave it right back to the government by reducing my student loans by $1200! One online advisor said in a video that wasn't a good idea. Well, he doesn't have my payment so whatevs… Seriously, they've suspended interest accrual on governmental student loans so why isn't it a win to pay them down quicker when they're not growing at the same time?

  7. Robert Sanchez Jr.
    July 17, 2021 at 7:54 am

    I would use Capitol One 360 Savings Plan.

  8. Ali Abbas
    July 17, 2021 at 7:54 am

    Ryan, which website do you use to screen for dividend paying stocks and their yields..etc.?

  9. skank2dis1
    July 17, 2021 at 7:54 am

    “When the world opens up again, we should return to a prosperous… “huh?

    This is what upsets me with investors, and I am one myself. But some are not in touch with reality. That is like saying that flying will be the same when we come back after the September 11 tragedy.

  10. AGGELOS STERGIOULAS
    July 17, 2021 at 7:54 am

    1.Wasting your stimulus check.
    2.Taking on debt.
    3.Lump sum investing (investing a big amount of money all at once).
    4.Pulling out of the market(selling your stocks for cash).
    5.Skipping your retirement contributions.

  11. Ryan Penman
    July 17, 2021 at 7:54 am

    Ironically my stimulus check will be paying my taxes 😄

  12. LinSooPretty
    July 17, 2021 at 7:54 am

    I DO NOT AGREE WITH PUTTING YOUR MONEY INTO A BETTERMENT account Do capital one or Discover its 1.50…My betterment account is .30 right now.

  13. Pablo Russo
    July 17, 2021 at 7:54 am

    I am so grateful for your videos. Thank you, your work is truly appreciated, seriously man. Thank you!

  14. casey p
    July 17, 2021 at 7:54 am

    HEY, GUYS AND GALS! MY NAMES JASON BOND!

  15. Quý Trung
    July 17, 2021 at 7:54 am

    Gucci belt baby

  16. MONEY MOTIVATION
    July 17, 2021 at 7:54 am

    Invest, invest, invest

  17. William Arrington
    July 17, 2021 at 7:54 am

    I dumped a large amount in… I bought companies that I never plan on selling though… so ill buy more if it gets cheaper

  18. untouchable360x
    July 17, 2021 at 7:54 am

    6. Simping – don't pay a woman's bills

  19. Money is Freedom
    July 17, 2021 at 7:54 am

    Yeah, people will inflate their lives so much from sitting home and earning so much that just wait for them burger flippers to start yelling for $30/h minimum wage xp
    I got Delta from airlines and CCL from cruises.
    Dollar cost averaging works great in a flat market or going down. But if it starts growing you were better off just investing all you had xp thats my way of investing. As soon as i got any amount i will spend all to buy. And of course buy great companies so you dont worry about them falling in price xp

  20. Wellness & Sutch
    July 17, 2021 at 7:54 am

    Thanks for the advice brother! Solid material!

  21. shekatagani
    July 17, 2021 at 7:54 am

    I bought Gold and silver!

  22. Growth, Dividend, & Option Investing
    July 17, 2021 at 7:54 am

    Solid tips man !!!

  23. Alex Prestigiacomo
    July 17, 2021 at 7:54 am

    Using my taxes and stimulus to live off of until I get another job

  24. Moneyseedsau
    July 17, 2021 at 7:54 am

    Great video idea Ryan!! I will be uploading an Aussie- specific version on my channel very soon 😊

  25. FLaMe Kirito
    July 17, 2021 at 7:54 am

    Dude I just realized YOU LIVE NEAR ME LMAO

  26. Game of Life
    July 17, 2021 at 7:54 am

    Bunch of hookers and cocaine

  27. Tommy Two Tones
    July 17, 2021 at 7:54 am

    Mine went directly into my Robinhood acct and right into high dividned stocks and indexes. But yet, im still working. I understand what u mean about the lump sum investing, and wouldn't have dumped it all if I was wasn't working. And ontop of that, I up'ed my 401k Contribuiton, which is in General Dynamics stocks, where I work.

  28. minolta mind
    July 17, 2021 at 7:54 am

    What will happen to hertz global its look like going bankrupt . Tq

  29. Emir Gun
    July 17, 2021 at 7:54 am

    Do you believe s&p will drop again to 2500 or lower again

  30. Vsevolod Putilov
    July 17, 2021 at 7:54 am

    Isn't commission going to get a lot bigger with averaging investment?

  31. Simple Inna
    July 17, 2021 at 7:54 am

    THE BEST ADVISE! Save money while we can, saving is the key to keeping us all up float. Just like today I'll be sharing a video in few minutes about how I saved $15, 000 just earning 8 dollars an hour. Anything is possible!

  32. Alexandre Trudel
    July 17, 2021 at 7:54 am

    The whole purpose or the STIMULUS check is to stimulate the economy by spending it. Ask John Maynard Keynes

  33. Sean T
    July 17, 2021 at 7:54 am

    This is great information. Thanks for the advice! 👍🏽

  34. EasyWealthBuilding
    July 17, 2021 at 7:54 am

    Stay at home, no where to spend now. :))

  35. Hector Silva
    July 17, 2021 at 7:54 am

    Great! Love everything that makes me a smarter shopper. Thank you

  36. Financial Shinanigan
    July 17, 2021 at 7:54 am

    BTW, IRA 2019 contribution continues until July! Don't miss out to max out your precious year if you haven't already!

  37. Pixie Doodle
    July 17, 2021 at 7:54 am

    With dollar cost averaging, you mention couple shares as price drops. How do you know how much is enough for the number of shares? Do you set rules like percentage of your portfolio, market value allowance, etc?

  38. Zed Word
    July 17, 2021 at 7:54 am

    Welp I lump sum invested most of my savings… so far I'm on the up and up.

  39. Steven Rogue
    July 17, 2021 at 7:54 am

    I think UBER is shooting to around $45 this year. What do you guys think?

  40. MLM Mchizy O
    July 17, 2021 at 7:54 am

    Can you buy 401K independently?