Does all this uncertainty around the economy have you questioning what the future holds and what you should do about it?
It’s a really valid concern for many. But here is what I will tell you, right now the #1 thing you should not be doing is focusing on the economy you can’t control, but rather the economy you can.
Here’s what I mean…
You and I don’t have a crystal ball to gaze into and read the future. But what we do have are certain proven success models that have been instrumental during previous economic downturns.
Did you know there were more millionaires created during the last recession than there were prior to the recession?
In 2007, there were 9.2 millionaire households in the United States. Then we all got smashed, and the number of millionaire households plummeted to 6.7 in 2008.
But here is where it gets interesting, each year from 2009 to 2013 when the market finally exited the recession, there were more millionaire households after the recession than before it.
In 2009 the number went up to 7.8, in 2010, it rose to 8.4, then 8.6 in 2011, 9.0 in 2012, and finally 9.6 in 2013.
At the end of the recession, there were nearly half a million additional millionaire households in the United States than there were before it started… at the height of the booming economy!
So how does that happen, and who can it happen for? I’ll tell ya…
It happens for those who, rather than develop a scarcity mindset due to the economy, they get even more abundant-minded. They look for strategic opportunities and creative ways to invest. They jump on the opportunity to snatch up something valuable when that valuable thing is being sold for a great deal.
You see, right now there are two kinds of people out there… The first are those who are recoiling inward and holding tightly to whatever they have and aren’t even considering the possibility of investing. Then you have those who are searching for opportunities…
… They’re making calls, talking to mentors, paying attention, adapting, and ready to pounce when the right opportunity presents itself.
During prolonged downturns in the economy, such as the 2008 recession and the one we’re entering now, is NOT the time to try and save your way out of it. Because you won’t. All you’ll do is slowly watch the money you’ve worked so hard for, dwindle down and evaporate. And for whatever amount of time you do have your money in the bank, guess what… The banks are investing in it and making themselves rich! On YOUR money!
Rather than attempt to save your way out of the mess the government has put us all in; I strongly encourage you to be on the hunt for the many great opportunities that have already begun to arrive.
Last week My wife and I invested in a real estate equity fund for a luxury home in AZ that was reduced by $2M. We (through the equity fund) scooped it up for $7M and have two million in immediate equity when the market rebounds, which it absolutely will. But I tell you not to boast or brag but to let you know that I practice what I preach!
I could have kept that money in our account and allowed it to give me the warm fuzzies each time I logged into my mobile banking, but that money wasn’t working for me in the account… It was working for the banks.
So be on the lookout for opportunities. Start small or join trusted friends if you want, as I did via an equity fund, and seize the lucrative opportunities that are all around you!
I hope this is helpful to you. If you have any questions, feel free to reply; I’d be happy to help.
Go forth and conquer!