You may think you're careful with your money, but actually you're, just throwing it on the fire. Here's why hi guys it's mark, so the truth is i lost 237 thousand dollars during the past recessions and the next one is right around the corner. According to many experts, the reality is a recession. Is the perfect time to make your fortune and that's why this video is so important as if you can avoid some of the mistakes i'm going to be talking about today, then you'll be further ahead than anybody else.

Now, i'm not going to pretend i haven't made money during the past recessions. I've actually spoken about it multiple times on this channel. However, i've never revealed how much money i've actually lost along the way. So you could say the next 10 minutes or so is worth a quarter of a million dollars.

So if i watch it four times, i'd be a millionaire, not quite some but you've sort of got. The idea mistake. Number one is doubling down: there's a common belief that successful people keep going and never quit. It's the whole hustle hard concept working 24 hours a day, seven days a week, but what if i told you that this is completely incorrect by getting good at quitting? You can actually accelerate your success to a whole new level and avoid losing a lot of money in the process.

This is especially important during a recession. One day, i woke up with an amazing idea for a new product that i wanted to distribute all over the world. I thought it was going to be the next big thing. As soon as i got to the office, i called my factories in china sent over the designs and commissioned my first batch of sample products to be produced which cost me ten thousand dollars fast forward five months and i had the product in my hands.

I was so excited that i took it out to show a few people and get some customer feedback. To my dismay, no one seemed to be as excited as me, so, instead of facing the harsh truth that my idea wasn't as good as i thought it was, i threw an extra fifteen thousand dollars at the product development, essentially doubling down. Another few months went past and a new version of the product arrived, but people were still not excited and therefore i was back to square one. This is when i realised i'd fallen victim to the sunk cost fallacy.

In other words, because i had invested an initial sum of money getting this product off the ground, i didn't want to give up on it, as i would have lost all my initial investment. I was absolutely blind to the fact i was barking up the wrong tree, which led me to losing an extra fifteen thousand dollars unnecessarily. If you keep pumping time and money into something blindly, then you're gon na run into some issues, especially during a recession. The key to being successful is knowing when to quit.

This could be with investments into a side, hustle crypto or even the stock market. It's a bit like when your favorite stock dips, the common strategy to counteract this, is to double down on your stock and lower. Your average buy price. Sometimes this works well, but that's why i love public.com as they put the customer first and help people to be better investors.

You can join the community and see what stock trends people are following. The best part is i'll leave a link below where you can get a free stock slice worth between three and a thousand dollars. Just let me know in the comments what free stock you get. The lesson here is that, no matter how much money you invest into something you shouldn't, let it sway you from making logical and strategic decisions.

Mistake number two fall in for scams during a recession. People have less money. Therefore, scams are an all-time high. Many are desperate and some are willing to do anything to get hold of your money with the rise of buying products online.

During the pandemic, lots of scammers have not only embraced the internet, they're actually thriving on it. When building wealth. Having your money make you money is vital. This means the amount you get scammed for is not actually the true amount you lose as the money could have turned into more.

When invested correctly. One day i had an online order come through for an expensive model boat. It was a thousand dollars. I thought this was odd as we never really sold many of these, but you know i was happy.

I phoned the customer up to see if he wanted a battery and he said yep no problem and actually agreed to buy two batteries and a charger. It was the easiest upsell i ever had totaling 500.. He then asked if i could deliver it tomorrow. I said yeah i could, but it would cost an extra 45 and he said yeah no problem now.

Looking back at this, there were a couple of red flags. Firstly, why did he order the boat and not the batteries when he needed them? And secondly, why not ask for a discount or even free postage on such a big sale? Everyone asked for a discount in my industry. The goods got sent off with no problems at all a few days later. Another order came in for two more boats and lots of batteries and chargers from the same person.

Now, of course, i was really suspicious, especially as this boat was normally a slow seller, but the payment had gone through. I phoned him up to confirm the order and he said they were for his friends who were very impressed with his one, which was you know, very believable, so that order was shipped and i was happy as i'd had a few great days of trading. Despite the crippling economic situation a month and a half later, i woke up and started my day with two credit card chargebacks for stolen cards. The craziest part was the person they stole the card from wasn't living at home at the time, so they were ordering to his address on 24-hour delivery and waiting outside for the things to arrive, so they could pick it up without being noticed.

This was a really clever scam, but i did ignore a few red flags because i was really eager for the sales. This is just one example, but over the years i've probably lost over a hundred thousand dollars from chargebacks and other scams of a similar nature. During a recession, scams are on the rise as people get desperate, we're seeing this with the explosion of crypto pump and dumps nfts and fake profiles on social media, but it doesn't have to be as complicated as this. You could just get scammed by simply selling your old xbox on facebook marketplace, it's all about being wary and noticing red flags.

Even if you are excited about the opportunity, if it sounds too good to be true, then it probably is mistake, number three not valuing ideas. The other day, i saw a graph that i thought was very interesting, so i wanted to share it with you, as you can clearly see the person that uses their brain instead of their time has a much higher potential. This is because ideas are one of the most valuable things on the planet. Even during recessions, there are people making huge amounts of money and the only thing separating you and them is a couple of good ideas and some action just think about that.

I've probably had so many ideas that could have taken off, but i just didn't find it in myself to value them correctly. If you didn't know, i've got adhd, which basically means i find it hard to focus, sit still and can become pretty restless. So it's no surprise that my mates, knight always used to pop bubble, wrap like this, and we even used to put model aeroplane propellers on screwdrivers and spin them. What fun we used to have little did.

We know that this was a billion dollar idea. As i'm sure you're aware. A few years ago, fidget spinners took the world by storm, as well as push popper toys which are basically everlasting bubble, wrap. With my background.

As a carpenter and my connections in china and my extensive business knowledge of bringing products to market, i could have profited very nicely from this craze. Of course, i'm not saying i'd have invented fidget, spinners and taken over the world, but it is possible. I definitely would have made at least ten thousand dollars out of the idea, even if i just sold them in my shop for fun. When i first heard about crypto, i didn't value the idea at all.

This has cost me big time, as i missed out on the first mover advantage prices. Luckily, now i buy all my crypto on the ftx app it's great because they give you free krypton, every trade over ten dollars when you use the code mark tillbury i'll pop a link for that down below if you're interested. An even more dramatic example of this is when bill gates came up with the idea of a pocket wallet which was basically a smartphone, but he did nothing with the idea and he left the door open for apple and blackberry to come in and capture the market. The bottom line is, if you don't take your ideas seriously, then no one else will everything is created twice once in your mind and once in the real world.

So if you're lucky enough to have a good idea, then it's up to you to do everything in your power to bring it into reality. The harsh truth is, if you don't, then the idea will simply move on to someone else. That's willing to take the necessary action number four, investing without understanding during the pandemic, many people started investing as stocks and crypto were going to the moon and, at the same time, the governments were handing out free money. This led to a lot of people, believing investing was as simple as throwing your money in and watching it grow without any dips.

However, when you apply the same thinking during a recession, you can end up getting burnt. When i originally started investing, i felt like i had a spy on the inside. I know this sounds strange, but my friends down the local meat market were always hearing rumors about stocks that would go to the moon, and these rumors would filter down to me over a two-year period. Every investment i made returned a decent profit.

Well, some didn't perform. Amazingly, but they never went down and others did absolutely brilliantly. It was a lot like investing during the pandemic, but, of course, when the recession hit and people had less money in their pocket, things started to take a turn for the worst. Once the bull market ended and a dot-com bubble popped, every tip was complete trash which led me to losing around 30 thousand dollars.

Everything switched and i felt like a loser. The truth is everyone's: a genius in a bull market which can make you believe that you're better at investing than you actually are. That's why it's more important than ever to be strategically analyzing each investment you make if it's a crypto project then make sure you're digging into the utility of the coin or nft and the team behind it. If you're more interested in stocks then make sure you do your fundamental analysis and pay close attention to the company's financials, there will be good investments out there, but during a recession it will be much harder to identify them.

You can't just throw your money into anything and expect a ten exit number five, not focusing on making money. During times of economic slowdown, it makes sense that people are in panic mode when the cost of goods are rising. You feel lucky to even have a job, because all the people around you are getting fired. This causes people to become very cautious and shifts their focus from making money to conserving money.

The issue is that job security and the overall economy are completely out of your hands. So taking your eye off the ball of forgetting to produce extra income is one of the biggest mistakes you can make. When i was a young whipper snapper, i had purchased my first property for 36 000 real estate back then was a lot cheaper. That's for sure about a year or so into paying my mortgage.

The apartment next door to me went up for sale at eighteen thousand dollars, which was half the price that i'd paid for mine despite being exactly the same. A one-bedroom apartment properties are often valued by the recent sale of similar real estate in the neighborhood. So when the apartment next door went up for sale at half the price i paid for mine, it left me feeling pretty angry. The value of my apartment had essentially halved overnight through no fault of my own, but what i didn't realize at the time was, the property was cheaper because it had been repossessed and they had to get a quick sale in the moment i was so angry and Frustrated that i couldn't see the amazing opportunity of buying the apartment at a bargain price, literally right in front of me, the apartment sold and two years later it was valued at forty thousand dollars, but that's not the worst part.

Fifteen years later, it was worth well over a hundred thousand dollars if i just purchased the property instead of being so. Blinded by my emotions, i could have had both apartments for an average cost of 27 000. Overall. This mistake cost me 82 000 in home appreciation and that's capping things at 15 years.

If i ran this estimate to current day values, it would have been in the hundreds of thousands. I was so worried about the recession and the future of my business that it caused me to shut myself off from a fantastic opportunity, as it just seemed too risky at the time. To be honest, i didn't even consider it people all around me were saying it's a recession. People are losing their homes.

What do you expect? The key takeaway here is to never take your eye off the ball and miss opportunities to make extra income even during challenging times, in fact, especially in challenging times as these are often when the best opportunities arise. Should you dare to take them so i'm going to leave the next video right up there, but don't click on it just yet make sure to subscribe. If you want to grow your wealth, okay, i'll see you over there.