How To Become A Millionaire During A Recession

How to become a millionaire during a recession. Well, we've been in one for years now. So we're recording this at the end of 2024. Effectively, July of 2022 is when we officially hit a recession. And this lovely administration has the highest interest rates, the highest inflation rates, tax rates, misspending of money, in my opinion. So I have to say that because there's just there's so much going on that's effective. You say, well, how do I make money in a recession? It is honestly the greatest time, right? The greatest businesses were designed during a chaotic period called a recession because there's all sorts of new problems that have emerged that the world needs. And the greatest entrepreneurs that make the most money solve the biggest problems. So if I'm you, I'm saying, well, what problem could I solve that I could put a business around and then take that money and start investing in things that are a little more recession proof than what you've done to yourself in the past? So let's talk about what you do with your money during a recession. Let's talk about the strategies that during a recession will yield some positive results. And last, let's talk about the pitfalls and how to avoid them. So what do you do with your money during a recession? Well, the first thing I would tell you to do is you're going to have to look at your liquidity. Like what do you need based on how much do you make and how much do you spend? Which is so interesting. We are at the highest consumer credit card debt in the history of the United States, which is fascinating to me because it's being highly encouraged with interest rates being the way they are, the cost of that money. And that's just the cost of money. So the amount of money people are spending because they can't pay off their credit card balances every month and keeping it zero, it's insane. They're spending more on interest in credit card debt than they are overpaying taxes. So between those two, they're getting killed financially. So what do you do? You start looking for recession problems. So what are the problems you could solve that you put a business around? And I would love to help you and coach you. If you want a one-on-one session with somebody on my team, click on the link below, go grab a one-on-one session. Also grab the first three chapters of My Millionaire Maker. I'd love for you to really dig in and understand gap analysis and sequencing and how we assess where you are and what we can help you do, given what you've done to yourself. Because we kind of meet you where you are and we take you where you go. Even though I have this beautiful new wand, and I'd love to say I have a magic wand, but this is a money wand. I'm going to call it, I just made that up. This money wand is to kind of tap you on the head and keep you going in the right direction. It is not because I'm going to do all your work for you and I have some magic formula. Now, the truth is I have magic strategies. They come with a magic team, but they're not free and they just don't come to anybody that's casual. If you're serious, we're serious. This is for the, I'm going to say the strong at heart, those who really want a better life for them and their families and want to build a legacy. This isn't for the clicking here and just, you know, dabbling people. Dabbling people, good luck. In a recession, really good luck. So let's talk about a few businesses. I think direct sales businesses are phenomenal. They are typically recession proof because they're all about you. And the companies that I'm in are consumable based. So the consumable base means that it's something that you're going to need and use for 30 days, right? You're going to eat it. You're going to use it. It's a lotion. It's a potion. It's whatever. And then you got to go again. So I have a QR code in the link below with eight different affiliate and direct sales opportunities. Those are just extra ways to make some money. I'd be focusing on making money. I'd be focusing on what you're spending your money on. Is it a tax deduction? Are you just spending freely as a sole proprietor? It's a huge strategy that you've got to get your structure right. And then out of that, how much you're making and how much you're spending. You want it to, again, I'm going to go to liquidity. So liquidity is how liquid is your money. So I use a software that you can liquidate in 48 hours. And during the time that it's not in a liquid form where I'm going to use it for really, I need cash. You put your money in a CD. You usually have a timeframe on that. So it's not that liquid. Usually put it into three to six, you know, one year CD terms. So don't do that or do those in supplement to higher interest earning accounts. So when I flip, you can earn above the S&P 500. I know I have people that are doing accounts at 15, 18, 22%. And so you want to lean in and they're AI driven. So they're driven by the market, but they take you out into cash. So you want to manage and really pay attention. How liquid do you need to be? I have people who've lost their jobs during this great recession and are living on their money. Not a great idea. Again, back to money rules. What do you want to do? I'd say you want to make a lot of money, keep your structure in a way that you get the lowest tax basis. And then you got to learn to invest. So let's go to number two. What are the strategies to yield high profits? Well, iFlip is one of them. And a lot of us use that. Believe it or not, insurance is a huge one. Done our way, infinite banking. It's actually a great recession-proof tool. There will always be real estate deals, good ones, interesting ones. There are going to be businesses. And since COVID hit in 2020 that are consistently failing, I'm helping somebody pick up a mail center. I'm helping someone pick up a pressure wash business. I'm helping someone. I just texted me over the weekend. It has a broken down like dog grooming business. So you're going find a lot of business owners didn't know how to market. They didn't know how to stay sustainable during this post COVID period. And there's going to be some great buys in the broken down businesses. You say, well, I don't know how to fix them up. Well, I do. So come forward and let's talk. So again, grab that one-on-one session. So we're going to have a conversation. What do you want? There's really a trifecta that happens in this formula of becoming a millionaire. It's how you make it, it's how you invest it, how you're structured for the lowest amount of tax legally that you have to pay. So before I continue on, I want you here five days a week, subscribe to my channel, click that notification button. When I pop into your phone, actually watch the video all the way through. You don't know what I'm going to talk about. You say, well, I already know about this. Do you really? Cause you never know. I'm not that scripted. I pretty much free form these on the knowledge and experience that I have. So I might take it a different direction. So watch all the videos and come up with a plan. What do you want? And what are you going to do about it? Because if you're just whining and crying about what is not happening to your life, not getting help is a, I think the definition of insanity. So the biggest pitfall is what I call emotional investing and emotional entrepreneurialism, which means your friends are agreeing, but your friends aren't any better off than you are. You need to have a coach and a mentor just like in any other specialty area of your life. I mean, every pro athlete, everybody that's a top, top, top performer in life has a coach and a mentor. You've probably had them in fitness. You probably joined some weight loss program, you know, whatever kind of like those coaches, you need a business and money coach. And we're a one-stop shop for all those areas. It's me and 28 financial experts. So you're going to need to learn about money, learn about debt. Arbitraging debt is a great and speedy way to become a millionaire. I made so many people millionaires. I shouldn't say I made them. I supported them to become a millionaire by arbitraging good debt during this period of a recession. It's actually one of my favorite strategies. It's a little more advanced than the beginners. So let's get you out of beginning state. So I get into the game, get out of the bleacher seat, down the playing field, say, this is for real. Let's get going. And before we walk out of this recession, which let's just pray that's going to be at least in the next year or two, it's going to be a long walk out. The disaster that's happened to this country is quite significant. So are you going to stand there and be a victim about it? Or are you going to lean in and learn and say, I'm going to put a plan together. Watch your rash decisions and do not rely solely on the yourself or what I call the bathroom wall. The internet is not where you get information. Anybody can write anything about anything. Watch hugely. Biggest pitfalls we see are the rising scams on the internet and they're getting more and more sophisticated. So just be very mindful, stand back from some things and just say, is this even common sense? Because sometimes common sense can get you through and it just makes sense. If you don't know what else to do, always ask me, go to askloral.com, A-S-K-L-O-R-A-L, ask a question, make a request. We'll be back tomorrow with more content.