logo
episode-header-image
Jun 2023
59m 28s

485: How to Manage Your Money in a Reces...

HAL ELROD
About this episode

If you've ever dealt with financial challenges and the resulting feelings of fear, stress, and overwhelm, you're not alone. I've been in similar shoes. 

During the 2008 “Great Recession” I went from making $60,000 a year to losing over half of my income, going deep into debt, ruining my credit, having my house foreclosed on, and ultimately feeling powerless and without hope.  

Today, I'll share with you the money-management system that helped me to transform my financial situation and how I doubled my income at the height of that recession.

I'll introduce you to a unique strategy that allows you to enjoy your money while it grows. By the end of the episode, I hope that you can put an end to a lot of the stress you experience when it comes to money. 

We're talking about shifting your mindset from scarcity to abundance and taking meaningful actions, no matter how small.

KEY TAKEAWAYS

  • In order to make changes in your life, you have to raise your standards.
  • Your income can only grow to the extent you do.
  • The quality of your thoughts determines the quality of your outcomes. 
  • Intentions are worthless if you don’t turn them into unwavering commitments. 
  • Two actionable steps to get unstuck and gain clarity on your goals. 
  • Tactics for becoming a good steward of your money, regardless of how much you make.

Get The Full Show Notes

To get full access to today's show notes, including audio, transcript, and links to all the resources mentioned, visit MiracleMorning.com/485

Subscribe, Rate & Review

I would love if you could subscribe to the podcast and leave an honest rating & review. This will encourage other people to listen and allow us to grow as a community. The bigger we get as a community, the bigger the impact we can have on the world.

To subscribe, rate, and review the podcast on iTunes, visit HalElrod.com/iTunes.

Connect with Hal Elrod

 

Copyright © 2023 Miracle Morning, LP and International Literary Properties LLC

Up next
Yesterday
593: Freedom From Suffering with Peter Crone
What if the limitations you believe about yourself aren't the truth but a prison of your mind's design? Today, we'll explore how our deepest struggles—feelings of fear, not being enough, or childhood trauma—are rooted not in reality but in subconscious stories we've come to accep ... Show More
51m 49s
Jun 25
592: The Transformative Power of Breathwork with Samantha Skelly
What if the fastest way to unlock clarity, connection, and emotional healing wasn't through another mindset shift but through your breathwork? Don't knock it before you try it. When it's done correctly, breathwork has incredible healing powers. Even though I've tried to apply bre ... Show More
43m 41s
Jun 18
591: How to Make Your Dreams a Reality with Jesse Cole
Be honest: do you still regularly invest time dreaming of new possibilities for your life? While far too many of us have given up on our dreams, Jesse Cole is living proof that no matter how low (or broke) we may be, creating the life of our dreams is not only possible, but it’s ... Show More
42m 17s
Recommended Episodes
Apr 2023
398: How to Change Your Financial Life with a Money “Reset”
For so long, early retirement has been THE goal of those chasing financial independence. Can you imagine waking up with unlimited time, not having to work, and reporting to no one but yourself? Now imagine that day in and day out. Before long, the luster of never working gets to ... Show More
58m 9s
Jan 2024
How To Build Wealth In 2024
This is how you MASTER YOUR FINANCES in 2024!This week, we're tackling a topic that's on everyone's mind but often misunderstood: MONEY💰This episode reveals my transformational money management tactics, skills and mindset that will set you up for financial success and security.I ... Show More
33m 5s
Apr 2019
Always Free Episode 7
There is a LOT crammed into this episode as I take you back to when I realised how money was controlling my emotions and decided to move town to get away from my spending habits. I talk about how having a cash buffer is key to building wealth and how to automate the process of we ... Show More
33m 4s
Mar 2022
Spring Cleaning Your Finances like an Adult #494
Your birthday comes around every year- and you never forget because it’s something that you look forward to! But we’d argue that there are certain financial tasks that we should also revisit at least once a year, but we’re less than enthusiastic about knocking them out. This negl ... Show More
51m 24s
Nov 2020
Giving Away Money Will Make You Richer #281
This show exists to make sure that you know the best ways to earn, save, and invest your money so that ultimately you’re in a great financial position down the road. And a part of that journey towards financial independence includes making sure that you have the right attitudes t ... Show More
38m 41s
Sep 2020
Designing SMARTER Money Goals #248
We could share the best money tips out there with you every single episode, but it would never really matter if you haven’t identified proper money goals for your life. What good is it to know the best ways to earn more, spend less, and invest your money if you don’t even know wh ... Show More
34m 32s
May 2023
Post-Graduation Money Advice for the Real World #671
Getting your driver’s license was a liberating milestone worth celebrating because it meant you no longer needed your parents to drop you off at work, or it meant that your friends didn’t need to pick you up to hang out- you had some freedom to do what you wanted! It was a period ... Show More
56m 54s
Nov 2022
How Much Should I Give To Charity? #596
Farming has to be one of the most difficult careers if our (lack of) success at gardening is any indicator. By no means are we farmers, but from what we do know about growing food, it’s important to periodically let your fields lie fallow. This allows the soil a chance to rest an ... Show More
50m 45s
Dec 2023
“I’m One Million Dollars in Debt - What Should I Do?”
What should you do in situations where you have a ton of debt? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become ... Show More
28m 56s
Oct 2023
"How Do I Budget with a Variable Income?"
If your income fluctuates every month, how do you calculate your savings rate, monthly budget, and housing costs? We'll walk you through that question and more in today's Q&A episode! Jump start your journey with our FREE financial resources Reach your goals faster with our produ ... Show More
22m 52s