I've been around enough years to see many recessions, so here's some first-hand tips on how to use the 2023 recession to get rich. In the early 2000s, my businesses were booming. It seemed like nothing could go wrong. Then in 2008, the banking crisis caused the housing and stock markets to plunge and the economy was dragged into chaos.

But it didn't quite hit me all at once. It wasn't until 2010 when I really started feeling the effects. It was like someone just switched off the customers overnight. sales completely dried up.

So how could that be? Well, one person spending is always another person's income. Every time you spend money, someone else makes it. Maybe you've heard the phrase a rising tide lifts all boats. well when the Tide Falls Everyone is also impacted against all the odds I Ended up coming out of this recession bigger and better than before.

So today I'm going to pass on to you my tried and tested six-part plan for thriving during recessions. First thing works smart and hard when the recession hit, instead of hanging my head in the feet, I decided it was time to Double Down by working smarter but also harder I Saw this as an opportunity to LeapFrog over my competition. I started thinking of ways to reduce my prices and offer even better products. So when the good times came rolling back, I'd be ready in life and business.

It was the times of pain that helped me grow the most. I reflected on how I could become better and focused on what opportunities were available now that weren't before, because every time there's a crisis, there's opportunity. The same thing happened during the short-lived 2020 Covid recession. Stock prices plummeted, but I saw the opportunity to buy the dip in things like Airline stocks.

I even shared this in the first video I posted on YouTube as Warren Buffett once said, when there's blood in the streets, it's a buying opportunity I Think when markets are on the rise, people tend to overestimate the opportunity and underestimate the risk. and when markets are on the decline, they tend to overestimate the risk and underestimate the opportunity. In my case, I was able to buy inventory and negotiate with my suppliers to get my products at a much lower price, which led me to making more money later down the line. I use the downtime and slower sales to read up on financial literature, study books, and look into tax law so that I could be better prepared when things improved.

To be honest with you, when my businesses were running on Full Steam I was so focused on fulfilling orders left right and Center that I never had the time to just sit in my chair and think how can I improve my income streams If it's too easy to make money, then people don't feel the need to work on their products and services leading to them deteriorating. This is like what Charles Darwin refers to as natural selection or survival of the Fittest If I was to win in business and life then I needed to keep a sharp mind razor-like second. learn how to read the markets I Wanted to understand these exactly what was happening in the economy. I Started educating Myself by reading everything I could about why markets crashed and what could be done about it.

Here's an oversimplified view of how markets operate. Basically, the money supply in most countries is controlled by a central bank. For this example, let's look at the Us since the dollar is the world's Reserve currency. Remember when I said that one person spending is another person's income.

If everyone starts getting scared about a recession, they start holding on to cash. This starts a vicious cycle because with no one spending money, people earn less and get even more scared to spend. Think of a world where the only job is babysitting. If you babysat someone else's kids, you would earn a coupon.

Now you can use this coupon whenever you wanted someone to babysit your kids. Let's say you had a hot dinner date of course I had loads of those back in my day. Well, during a recession people have coupons, but no one wants to spend theirs. They just want to keep earning them.

But obviously someone has to be willing to spend their coupon in order for those people to earn. In economics, this is called a liquidity trap. and as any hunter knows, there is always a way to get out of a trap The way to escape this one is, of course, print more coupons. As long as people feel they have enough coupons, they'll go out and spend them.

That's why in 2008 and more recently during Covid, the government handed out so much easy money to individuals and businesses. This cut the decline in markets short of course the stock prices to jump to massive. New Heights It was just like a no lose casino. Now there's a lot of debate about this between two different types of people.

Doves and Hawks Doves want to give free and easy money to people while Hawks are against it. Each policy has its pros and cons. For example, if you print too much money, you could have inflation like we're seeing right now. If you don't print more money, then the economy can completely shut down for a very long time before the money starts flowing again.

So it's always important to stay aware of developments in the economy. I'd Also recommend men taking the time to study basic trading indicators. Even if you don't have time to look at the detailed economics, you can still look at a chart and try and figure out what the market is trying to tell you by studying the trends. As a caveat to this, while I wouldn't recommend day trading or trying to time the markets, a basic understanding of technical analysis can make you a smarter investor.

Thirdly, generate Mass reliable cash. Hopefully you've saved up enough money to get you through the hard times. I Always save three to six months of my expenses when I was building my wealth for rainy days as they always come. but if not, you might still be able to earn from a side hustle.

Granted, it's not as easy to earn money in this environment, but if you can find the opportunity, a side hustle can be very lucrative. I Like to think of business like taking a pill. Suppose you have a massive headache, you might feel like you'd pay all the money in the world just to get rid of the pain. It's the same with the economy.

During recessions, a lot of people are in pain. Maybe A side hustle that helps people turn out unwanted items into extra cash would do really well. I actually started to buy back used products from some of my customers who needed the cash just like GameStop do I Knew cash was hard to get and I used my savings to buy products when they were cheaper. Certain businesses or sectors do better in a recession than others.

For example, the US business is Dollar Tree and Walmart do especially well during a recession as people are hunted for bargains more than ever talking about. Bargains Public.com are actually giving away a free stock worth all the way up to a thousand dollars when you fund your account. If you want to pick that up I'll leave a link in the description below. In all honesty, your job is probably the best insurance against a recession.

Your boss will most likely be looking to lay off workers so it's not the time to be slacking. You don't want to end up putting money into a business only to realize you can't get any bigger and your income is capped fourth cut back on your expenses. You probably know a few gym Bros who get nice and bulky only to end up on a vegetable and chicken diet for three months in order to shred the body fat again during their bulking phase. Well, it's the same in life.

Now's the time to figure out what really matters to you. I Read an interesting fact that 80 of the results in any business are produced by just 20 percent of the workers. It's called the Pareto Principle and I Found it fascinating during recessions. I Would sit in my office and think about things in my business that weren't pulling their weight, products that never sold, and people who were on the payroll but didn't contribute.

It helped me to really focus on the things and people that matter to me and my business. Nobody likes the idea of throwing away or getting rid of things, but if you ask me, people need to. How many things around your house do you actually use every day? We're always told to buy buy, but minimalists believe that having less is more and they're actually happier because of it by making Cuts in my business and budget. When times were tough, it helped me laser focus and free up a lot of time.

So all in all, recessions are the perfect time to trim the fat fifth. Diversify your Investments now before I Go into this next point: If you're holding any stocks, crypto, or anything else you believe in long term, then it's important not to sell right? Diversification is very important. and I don't mean just spreading between stocks and bonds. I made sure I had some gold, silver, and real estate as well Ray Dalio created something called the all-weather portfolio.

This is kind of like an all-terrain vehicle that can perform in snow, rain or shine during times of Crisis. The Dalio strategy greatly outperforms the classic stock and bomb portfolio. You can buy almost any commodity nowadays still oil or even avocados. I Read an article that said Bill Gates was actually buying up Farmland back in 2021.

Assets that produce something of value like Farms are almost always going to stay in demand. nowadays. there's a lot of options out there for retail investors that just weren't available back in my day. For example: Fine Art Did you know that historically Contemporary Art prices have outpaced the S P 500 over the last 26 years? You see in comparison to other asset classes, contemporary art has a near zero correlation with traditional equities.

So when external factors like geopolitical conflicts and inflation Hammer your stock portfolio, your art investment may be less affected. And with platforms like Masterworks, you can invest in legendary art without spending Millions to do so. And because we're discussing Fine Art Investments Marta Works have kindly sponsored this section of the video I know I'm No Art Expert But don't just take my word for it. The Bank of America says art remains an attractive inflation hedge and can be an important part of a diversified portfolio, especially in 2023.

Look at the data: UBS Reports import and exports hit record Levels by the end of 2022. with experts saying demand is extremely resilient. Masterwork files multi-million dollar paintings with the SEC splitting them into shares and I've linked all of their filings in the description with over 600 000 users Masterworks Painters have sold out in minutes, but you can get Priority Access by clicking the link in the description. Sixth, don't be greedy.

It's easy to think that when things are going well, they'll continue to do so, but this is a huge mistake. I Have a lot of friends who reinvested their earnings back into their businesses, hired more and more people, and try to expand as quickly as possible. But then when the economy went into a slump and their cash flow dried up, they got destroyed. There's an old saying on Wall Street that goes: Bulls make money Bears Make money but peace gets slaughtered.

The last question I Always ask on my podcast. Strike it big. it's winners enough enough. That is a good question and the most common answer is never do you want to expand on that a little bit yeah I mean sometimes people take on way too much debt to try and grow faster and faster, but aren't prepared for what follows.

It's like if you're driving a Lambo and slam on the brakes and go flying through the front window. That's what a recession can feel like That can help businesses grow, but taking on too much can be fatal. If you want to know how to use a crypto crash to get rich, then I'm going to leave a video right up there, but don't click on it just yet. Make sure to subscribe if you want to grow your well.

Okay, I'll see you over there.