Recessions are a normal part of the economy. We go through a recession once every 10 years. You can track it, just like you can track time on a clock. Recessions are necessary. They’re part of a capitalist economy. Capitalism is set up in such a way that we live in a self-correcting marketplace. If you leave it alone and don’t mess with it, it will self-correct and move money and opportunity to new places.
As we go through inflation, prices go up, and everything gets thrown out of balance. The economy has to reset itself at some point. We need a correction to come in and balance it.
Any time there’s a pattern, there’s a cause. When you notice a pattern or a cycle, you can make predictions. You may not be able to predict everything that will occur or how it will affect you, but knowing that something WILL occur allows you to stay calm.
In this episode, we discuss:
- How to have the right mindset during a recession, so that you not only survive, but thrive. This is the same mindset that caused many, many millionaires to be created during the Great Depression.
- How to help your team navigate a recession if they’re scared, by teaching them
- My experience going through 3 recessions—including when I worked at Metropolitan Life Insurance, selling life insurance policies as a youth from 1988 to 1990 until the savings and loan crisis hit, and everything fell apart
- How the media preaches “doom and gloom,” which causes people to make decisions based on assumptions, rather than based on what their company needs to move forward
- The difference between people who get rich during a recession, versus those who become poor
- How the media uses fear and propaganda to control people’s minds, causing them to be a victim of their own ignorance
Everything, including the economy, operates based on the Law of Rhythm. There are good times and bad times, ups and downs, ins and outs. During a downturn, you need to focus on finding another opportunity.
In order to grow during a recession, you have to focus on serving higher-end clients who aren’t affected by it. A mentor once told me, “You can make way more money in a recession than you can out of it if you know what you’re doing.”
Links & Additional Resources
Episode 154- Create Your Own Economy
Episode 030- Control Your Financial Destiny
Episode 536- Embrace the Imbalance
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