There will be a recession in the next 12-24 months, all the experts are saying it, your favorite financial youtubers are saying it, Patrick BetDavid is saying it… You get the picture. Recessions are to be expected and only a fool doesn’t plan for one. I can say that you need to be prepared and equipped to handle the upcoming recession, but what I want to say is: you should get ready to take advantage of the opportunities that could come up during this time.
Never waste a good recession.
Don’t get me wrong, a lot of people are going to lose a lot of money, but there still is an opportunity for some to add zeros to t
heir net worth because of the recession. What you need to realize is that most billionaires are created right outside of a recession. If we have a recession and the market goes down, many people will get flushed out due to one or both of these two reasons: they were bad business operators, or they were over leveraged. The flushing out of these businesses opens the opportunity for good business operators to get to the top. Real estate during a recession actually fairs better compared to other business sectors. There are opportunities available to you in difficult situations, and if you have the proper mindset, drive, and work ethic, you can use it to your advantage.
Here is how to make sure you are prepared and well equipped for the upcoming recession:
- Invest wisely.
- Don’t miss out on the opportunities that are out today, but also look for the opportunities that are outside of a recession.
- Prioritize debt repayment. You don’t want to be the business operator being flushed out during this time for being over leveraged.
- Don’t get caught up by fear. Fear is going to run your business into the ground if you let it.
- Continue networking. In this blog post I talked about the benefits of networking and how it leads to success. You need to continue making connections, so you can lean on them if necessary and find new opportunities.
- Be a good business operator. Prepare for what the economy is going to look like, stay informed on circumstances that affect your business, and change what needs to be changed in order to keep your business afloat.
If you are looking to build a legacy you never stop working. This means you continuously invest no matter where the market is heading. Of course, there will be parts of your business that may not be worth pursuing for the time being, such as spending money to construct if you are a real estate developer like me. However, continue with the aspects of your business that are worth pursuing even during a recession, and be ready to pounce when the market drops.
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