262: The Next Recession

When is the next recession going to happen? A Recession is defined as 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. By the time the media calls it a recession it's already too late—it will be after the fact and you have already been affected. To be honest, I'm looking forward to the next recession because I'm prepared for it. You want to expand in a contraction. To do so you must learn how to make more money and that requires either specific high paying skills or an entrepreneurial approach to wages. Contractions are not something to be scared of but rather opportunities for those properly prepared for them.

1) Don't wait for it to get here operate like it is here now. Out work everyone now as though the contraction is fully here. 2) Stop spending except on those things that can increase income. Do not spend to consume; spend only to increase income. 3) Accumulate cash. This way you can steal when the market goes down. 4) Learn 'how' think rather than 'why' think and act like an entrepreneur. That means sales, marketing, negotiating, follow up, and branding.