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3 Powerful Tips for Profiting from Recession by Tony Mase
As you might imagine, I've been asked a lot of questions
lately that really boil down to "how do you make money in
'this' economy?"
My answer is always the same...
The same exact way you make money in *any* "economy"!
It's that simple. :-)
Personally, I think it's a *HUGE* mistake to change what
you're doing every single time the financial wind blows,
just as I think it's a *HUGE* mistake to chase after "fads"
and/or the latest "hot trends". With any of these, the same
exact thing usually ends up happening. Just about the time
*you* figure out what "it" is and how to "profit" from it,
it's over with and once again you're in the "wrong" business
or profession.
That being said...
In my opinion, the best way to "profit" from this so-called
"recession" is to learn from it and apply its lessons in
such a way as to never again be adversely affected by one.
To that end...
Here are three powerful tips for profiting from "recession":
Powerful Tip #1 - Choose the *ONE* business or profession
you want to be in.
When you think of Bill Gates, what do you think of?
Software, right?
When you think of Warren Buffet, what do you think of?
Investments, right?
When you think of Michael Dell, what do you think of?
Computers, right?
When you think of Donald Trump, what do you think of?
Real estate, right?
When you think of Sam Walton, what do you think of?
Discount stores, right?
When you think of J. K. Rowling, what do you think of?
Books, right?
When you think of Ray Kroc, what do you think of?
Fast food, right?
When you think of Wayne Huizenga, what do you think of?
Garbage, right?
When you think of Oprah Winfrey, what do you think of?
Television, right?
When you think of Tiger Woods, what do you think of?
Golf, right?
Besides having "a lot" of money, what do *all* these "rich"
folks have in common?
Simple...
They *ALL* made their "money", at least initially, in *ONE*
business or profession, the *ONE* business or profession
they most wanted to be in, and they stayed in that *ONE*
business or profession regardless of what the "economy" was
or wasn't doing at any given time.
Need I say more? :-)
Powerful Tip #2 - Avoid speculation and debt.
There's an old saying in the stock market that goes
something like this:
"The best way to make money in the stock market is not to
lose any money in it."
Well...
Along the same line...
In my opinion...
The best way to profit from a "recession" is to avoid being
leveled by one.
If you stop and think about it, there are essentially two
groups of people who bore the brunt of the most recent
financial "panic":
1. Those who gambled (which, unless you know *exactly* what
you're doing is what it really boils down to) in something
they knew absolutely nothing about (but, unfortunately,
thought they did), usually in one of the financial markets
and/or real estate.
2. Those who lived on credit.
My advice?
Simple...
Don't you be one of them! :-)
Powerful Tip #3 - Develop multiple sources of revenue within
your chosen business or profession.
If you have only one source of revenue from your chosen
business or profession (a "job", for example) and that
source of revenue dramatically decreases or suddenly comes
to a dead stop...
To put it bluntly...
You're screwed! :-)
Whereas...
If you have multiple sources of revenue within your chosen
business or profession and one or more of those sources
dramatically decreases or suddenly comes to a dead stop...
Though it may be an annoyance or inconvenience...
It's no big deal...
As you still have income coming in from your other sources
of revenue.
Just as there's more than one way to "skin a cat", as they
say, there's more than one way to make money in *ANY*
business or profession.
Your job, if you *really* want to profit from this so-called
"recession", is to find and develop them.
In closing, I'd like to leave you with this passage from an
editorial Elizabeth Towne, publisher of Wallace D. Wattles'
classic masterpiece "The Science of Getting Rich", wrote in
the very early part of the last century commenting on what
was the most recent financial "panic" of her day at the
time:
"It is the man who lives on margins that goes down in the
bad-times waves."
"While the man who deals out real benefits for the dollars
he collects; who lives within his means; who banks where it
is solidest, not where wild cats and high interest rates
coax, and associates with those who do likewise, finds
himself standing on the rocks watching the wreckage of
credit schemes whirled by and down on the bad-times tides."
That was true over one hundred years ago...
And it's still true today!
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