Millionaires are made in Recession
The past year wasn’t fun, “turbulent times” is putting it mildly and we’re not down from the rocky trail just yet. I agree that there has been stress and panic but there is good news too: this is when to take off.
Yes you heard me right! Millionaires are made in Recession…..
So how do we explain a Recession?
According to the Oxford Dictionary. recession is a period of temporary economic decline, during which trade and industrial activity are reduced. Generally identified by a fall in GDP in two successive quarters. In simple terms when the economy stops growing..
The media will tell us that we are out of the recession but beware that we should be in our bag ALL the time. Mindset is everything. Recession-proofing your life means securing a heavy nest egg, diversifying your income streams, and not panicking.
When should i Recession proof my life?
The answer is right now! There is nothing but opportunity waiting for you. Don’t let anybody lie to you millionaires are made in recession. They find an opportunity and they take advantage of it. Real estate have proven over time to be the right path to wealth. 90% of all the billionaires I have read about all own a piece of real estate. You are on the right path if you spend a large chunk of your life acquiring real estate.
Do you believe that there is a Difference between being Product Rich and being Rich-Rich…?
Let me explain, if you own lavish material things without an investment portfolio or generational wealth in your name or a money tree growing somewhere. if you don’t then my dear you are product rich and not Rich-Rich. You don’t have passive income. something that is funding that lifestyle.
How to Recession Proof your Life.
Below are a few major keys for recession-proofing your life.
- I hinted at this earlier, but this point is worth repeating. Build an emergency fund with enough money to cover three to six months of living expenditures – but don’t stop there!
- Invest in yourself by taking courses and taking advantage of opportunities to learn new skills that can make you more valuable and knowledgably as a future millionaire in the making 🙂
- Diversify your income streams by having multiple streams, so you’re not as reliant on one source. This is where real estate comes in.
By following these tips, you can help protect yourself—financially and otherwise—from some of the more damaging effects a recession might have on your life.
Stay updated Learn How to Be a Successful Real Estate Investor The Best Types Of Real Estate Investments
Victoria Chebem
January 26, 2023Educative Piece 👏
admin
January 26, 2023thank you.
Chisom
January 26, 2023Interesting Read!!
admin
January 26, 2023thank you
Ama
January 26, 2023An interesting read 🫱🏽🫲🏾
admin
January 26, 2023very insightful well done!!
Davis Nwagbara
January 26, 2023Wow! More millionaires are made in recessions. Just getting to know this. Thank you for this knowledge.
Emmanuel Umweni
January 28, 2023Now I know this, so I am ready to position myself