You know I’ve been talking about the economic downturn we’re in for AGES now… That’s because I’ve survived four recessions now, and I can see ’em coming...
I think most people simply cross their fingers and hope for the best each time.
But I’ve been through 4 major recessions and here’s what I believe:
The recession will get deeper.
It will be a very long, ugly, and nasty recession… but there’s something you can do about it.
#1 Assess your situation
Where do you stand with your liabilities and assets?
If you own or operate a business, you have a balance sheet.
This includes a complete list of assets and liabilities.
It should be the same with your personal life.
Most people don’t have a balance sheet for their personal lives… when they should.
It would include an honest inventory of your assets and liabilities.
Then, it needs to be updated constantly because it changes.
#2 Get rid of your liabilities
This includes people.
Because who you’re surrounded by can be an asset or a liability to you.
You do not want to drag these people through this recession…
Because they’re going to drag you down.
You need to move fast in the cycle… and then you can go back and pick them up later.
There is no way around this.
Your money is attached to the people in your life.
If you have good people around, you have a better chance of creating assets.
If you have bad people around you, you’re going to end up with liabilities.
You’re going to end up buying stuff you don’t need…
Trying to please people you don’t need to please…
And they’re going to drag you to places you don’t need to go.
How do you know the difference between a person who is an asset or a liability?
It’s simple.
They’re either for you or against you.
There’s no gray area here, folks.
And so I’m going to leave my liabilities for a second so that I can do the third step…
#3 Gather your assets
I want to gather good quality assets that people are dumping in this cycle…
So I can expand and create wealth for myself.
This can include people, businesses, and real estate.
I’m not being crude when I’m talking about people in this manner.
You might have seen me appealing to people who’ve been laid off by big tech companies on my social media.
That’s because recessions and layoffs are a GREAT time to scoop up fantastic talent out there.
I have also seen first-hand how it’s easier to buy 10 businesses and turn them around in this down cycle than it is to build a business from scratch.
There are also so many opportunities to learn how to scoop up great real estate right now…
Especially properties from owners who are tired of having to deal with yet another recession.
And no matter what kind of asset I’m looking at…
I always focus on one thing: CASH FLOW.
That’s right, a time like this is the BEST time to be on the hunt for cash-flowing businesses and real estate.
There you have it – 3 simple steps to thriving in a recession:
#1 Assess your situation
#2 Get rid of your liabilities
#3 Gather your assets
Which one will you work on today?
And if you want my help with all 3 steps, book a call with my team now and they’ll get you in the room with me at my upcoming 10X Business Boot Camp in Arizona.
Be Great,
Grant Cardone
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