With the current economic situation, it's more important than ever to have a plan to get through the next few years. Here are some tips for making sure you're prepared. Watch the entire video because I've got you covered on all fronts, including job loss, investing strategy, and networking.
The Sink Or Swim Model:
You need a solid plan in place so that you can adapt to whatever comes your way. There's no way of knowing what kind of market you'll be entering, but keeping your options open is always a good idea. During this period, most people try to just survive. Here's your chance to thrive and not just survive. Increase your ad budgets, spend more on your business, and take calculated risks.
Low Risk, High Yield Investments:
Investing in low risk ventures will allow you to keep your money safe while still earning a return on it. This means putting money into government treasury bonds, gold, real estate, or other long-term investments that will see gains over time. Any investment that will give you return more than the inflation rate is a good bet. Do your math.
Reduce The Bloodsuckers:
The rich aren't going anywhere any time soon—but there are plenty of ways to keep them from taking too much of your hard-earned money. You can find ways to reduce their influence on your income by investing in yourself or starting up a side gig (like freelance writing) where they have less control over your earnings potential. Understand the difference between good debt and bad debt. Borrowing to buy a car or the latest iPhone is bad debt. Investing in your business, education, or home, is good debt. Pray why? Because they create more value in the long term whereas the value of cars and phones depreciate the moment you take them out of the showroom.
Replace Friends With Family And Strangers:
We all have friends who don't really care about us—they just want something from us. It can be hard to tell when someone is just using you because they're friendly or because they want something from you. Who you know is more important than ever before, because 70% of recruitments happen through word of mouth. Therefore, networking with the right set of people is key to your survival and growth.
Start A Monthly Budget:
Most people have no idea how much money they are burning for no reason. Now is the time to assess your expenses and discard stuff that is unnecessary and extravagant. Being frugal with our expenses is the need of the hour in these trying times.
High Income Skills:
Find your personality type and pick high income skills. They could be consulting, sales and closing, negotiation, public speaking, language translation, data analytics, coding, leadership, copywriting, and so on. Find your true calling and make sure you are the best in your chosen domain. You will never be unemployed.
Steal Like An Artist
Steal the playbooks of people you admire and thrive. For example, you could steal their investing plans. Take Mark Tilbury's plan for instance. He invests 75% on low risk assets like real estate, bonds, and index funds. He spends 25% on stocks and 5% on crypto, among other things. Remember, the younger you are, the more risk you can take.
And finally...
Anyone can be wealthy. All you have to do is start thinking like an investor and entrepreneur. Have a growth mindset and a 'never-say-die' attitude to life. Come what may! And all shall be well! Amen!