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How To Take ADVANTAGE of the Recession (Wealth Generation). What’s happening right now is the black swan of 2020.’ A rare, unforeseen event that carries potentially severe consequences.
BUT, there are massive opportunities right now, if not one of the greatest opportunities of your lifetime as riches are made in recessions. These opportunities aren’t just tied to the stock market like everyone is discussing.
So facts are, we’ve triggered a bear market which typically happens when there’s a 20% drop from an all time high and this happens along with a recession usually every decade.
As bad and hopeless as everything SEEMS to be, the fact is: there are business and financial OPPORTUNITIES right now. So let’s break it down. There’s obviously a MASSIVE surge in time spent at home, which means changing consumer behaviour such as:
1. More leisurely time
2. More time consuming entertainment and surfing the internet
3. Increase in online shopping, which has been seen in China already
4. A boost in people working from home
5. Stocking up on toilet paper (joking, please don’t)
The second thing we need to think about is: the rebound, which WILL come.
When everyone has deprived themselves of activities such as socializing, going out to the movies, restaurants and just overall financial spending…the urge to do all these things will come back stronger than ever.
Overall, customers will spend again. Right now, established businesses are adapting and offering their audiences value in this time of uncertainty, winning their loyalty and when normal life resumes and they do spend again, it’ll be with them.
Well now’s no better of a time to DIVERSIFY your income, because the ones that hurt the most during a recession are the ones who failed to diversify.
Many of you have thee fortune of having more TIME right now. You’re stuck at home, many events and entertainment options are shut down and I highly recommending picking up a new skill right now, skills that can be MONETIZED. Wealth can be taken away from you but a skill learnt is a skill learnt.
There are SO many ways to generate income online. You could:
– Start freelancing and selling a skill, lets say design skills
– Start a website and monetize it through Adsense, affiliate marketing or brand deals
– And my personal favourite way is create your very own ecommerce store to sell products across the world. Particularly using a third party supplier so you don’t need to manage the inventory or the shipping at all!
If you want to learn about how to do exactly this, feel free to check out my tutorials on my channel that teach you how to do this: https://www.youtube.com/channel/UCgDqL4yzXb4BflimZaxL4Vg