How to Build Extreme Wealth During This Recession

It never fails — as soon as you start your day by logging onto the computer or turning on the TV, you're bombarded with a slew of negative news related to the economy.

Heck, you’re even bombarded with “doom and gloom” on this platform.

Yes, the past few years have been a rollercoaster ride of events, including a global pandemic that resulted in significant losses with consequences that have last years.

With that said — I’m going to state two opinions that will be wildly unpopular:

The economy is cyclical, and bear markets are not unprecedented. We have always managed to recover from every single economic downturn in the past, and we can do so again.

The perception of being in a recession is based on one's own beliefs.

What?

I don’t watch the news.

I’m focused on my sales job, spending time with my friends, and building my business.

My life is great and I’m so thankful for the opportunities.

Some of my family members, on the other hand — are glued to the news.

They’ll tell you that the sky is falling, the economy is in the crapper, and we’re in the midst of losing everything.

They’re paralyzed by fear so they take no action — they think it’s a terrible time to start a business and they’re being ultra-conservative with their money.

Instead of investing, they’re hoarding cash under the mattress (more like a savings account, but close enough).

I, on the other hand, see an unprecedented opportunity to build extreme wealth.

Earlier last year, I started to notice the zombie apocalypse happening (our customers were drastically cutting spending).

As a result, I made more money last year than I’ve ever made in my career.

Huh?

You’re most likely thinking, "This doesn't seem logical!"

Allow me to explain.

When everyone’s freaking out, you need to offer extreme value — go “all in” on your customers.

Last year, when I was given an enormous sales quota and learned very quickly the customers were terrified of the “looming recession”, I made the decision that I was going to offer a stupid amount of value and detach from the result.

In reality, that’s all you can do — give your best and serve others relentlessly with the expectation that you’ll receive nothing in return.

Easier said than done, I know.

However, I’ve noticed that when I prioritize the needs of others over my own financial gain, I end up making a significant amount of money.

On the other hand, if my focus is solely on earning money and serving others takes a backseat, I ultimately lose money. Ironic, right?

Today, from a business standpoint, I have a few projects in the pipeline — some are monetized, and some are free.

Previously, on this platform, I criticized the approach of most creators when it comes to launching courses that cost thousands of dollars — and I still stand by my point of view today.

I’m not going to take a significant amount of money from someone and provide them with a webinar link; sorry, that’s just not “me”.

Instead of launching an expensive course with no “next steps” for my audience, my aim is to build a community with valuable resources that enable my readers to take action.

Some of the resources that I’m currently building will provide guidance to new entrepreneurs around choosing a profitable niche, as well as teach them how to incorporate affiliate marketing as a revenue stream, and finally, I’m writing an eBook that teaches the basics of investing to build a million-dollar+ portfolio.

These are the three areas that most readers have commented are challenging for them, and thus, I’m responding by creating resources that will (hopefully) add insane value.

Lastly (for now), I will be offering done-for-you sales pages, which allow new entrepreneurs to launch a business in just one weekend — this will cost a tiny fraction of the price of a custom site.

Here’s the point in all of this:

Regardless of “the noise” and “ruckus” surrounding the economy, there are always businesses and individuals that have pain points that need to be solved.

Life doesn’t stop, just because Fox News or CNN claims that we’re going to hell in a handbasket.

Don't let fear hold you back from starting or expanding your business. Instead, be daring and focus on providing exceptional value. With this approach, the “money piece” tends to work out.

Saving during the recession will make you poor.

Yes, you should always have 6–9 months of pay tucked away into a savings account in case you face a health crisis, the earth freezes over and aliens take over, etc.

You never know.

With that said, after you put away 6–9 months' worth of savings, you should be investing in two areas:

The stock market. Don’t buy individual stocks or do anything silly. I recommend buying a simple Target Date Fund. The reality is, nobody knows when the stock market will rebound and good times will return. Timing the market is impossible, so you should consider investing as normal (invest as much and often as possible — max out your tax advantage accounts).

Your business. I don’t care what the economy is doing; at some point (and that could be in the midst of a recession), you will need to hire help in order to scale. If you reach the point where there are too many tasks and not enough hours, start with a part-time employee or a freelancer to complete tasks that you aren’t very good at (or tasks that you hate).

Always keep an eye out for profitable assets (outside of your business).

One of the best times to buy a house in American history was during the financial crisis, as real estate prices fell into the toilet.

While the decline in prices varied by region, some parts of the United States experienced price declines of 30% or more from peak levels during the crisis.

Instead of getting caught up in the fear surrounding declining housing prices, it may be helpful to view the situation as a prolonged and significant "Black Friday sale" for real estate.

Right now, “build-to-rent” multi-family homes are “all the rage”, and I’d be delighted to get my piece of the pie.

As soon as the mainstream media claims that “things are getting super ugly” and everyone drives real estate prices into the ground, I’ll happily run to the rescue and buy a brand-new duplex at a discount to add to my portfolio.

By purchasing a duplex, I’ll be able to collect a rental check each month for two units versus getting one check from a single-family home.

Final Thoughts:

I know it’s incredibly difficult to ignore the fear surrounding the economy and the “panic porn” created by the news.

Just remember, journalists have to make a living too — and they know that their alarming headline will cause you to click the link and read the post — even if their predictions are completely inaccurate.

Although the economy may seem uncontrollable, you have the power to direct your attention toward your own business and invest wisely.

In fact, numerous individuals who are just like us — were able to amass significant wealth by taking courageous actions during the Financial Crisis.

Companies like Airbnb, Uber, WhatsApp, and Slack were all founded during the 2007 Financial Crisis.

If those founders can create businesses that became household names during economic chaos — what’s stopping you?

Pssst — my new book is out. If you’d like to learn how to get extremely rich (the easy way — without buying a bunch of stocks, crypto, or weird investments) — I can teach you!

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