Anyone studying the lives of the very rich will quickly discover they all have one thing in common – they used recessions to not only make their fortunes in the first place, but get even richer with every brand new recession that comes along.
Much like now, 2023!
How Does a Recession Work?
During tough economic times, the stock market typically experiences a downturnand most recently, it’s been a big one for the markets.
Especially for assets like tech stocks.
As any investment course will show you, this market downturn leads to decreasing asset values for many individuals and businesses.
However, for those that have the resources and money available, they take advantage of the lower prices and make more investments, lapping up the stocks that are at rock bottom prices.
Now you may think that is risky, what if the stock price doesn’t go back up?
Well, the smart investor knows full well that the market always recovers. You only have to take a quick look back through history to learn that.
The wealthy trader keeps following this strategy of buying during a recession because they know it will pay off in the long term.
So here we are, 2023, another recession, and people are getting rich while others suffer.
Want to know how you can become one of the rich ones?
Just follow this plan:
Investment Mastery’s 4-Part Plan for Getting Richer in a Recession:
#1
You MUST Invest Money, NOT Spend It
When the markets are declining, like right now, the stock market literally goes on sale!
Use this time to educate yourself on HOW to invest.
- Learn to understand the markets and the economy
- Learn what stocks do, why they do it, and how you can use the patterns they run in a downturn to give you an eventual upturn to grow your wealth
- Companies you could never have got near to buying shares in last year are now highly affordable – we’re talking Apple, Amazon, Netflix, Microsoft, Spotify… the list is endless!
That is why it is always important to stay aware of economic and market developments, which is what we do here at Investment Mastery [check our YouTube channel and our weekly Trades of the Week show]
You also need a proven strategy.
Even if you don’t have time to look at the detailed economics, you should learn to be able to look at a chart and try and figure out what the market is trying to tell you.
If you understand there is a strategy to this, you’ll be able to take that money you didn’t spend and invest it wisely.
#2
You Have To Work Harder AND Smarter!
When you study how self-made millionaire’s made their fortunes, you will realise their riches didn’t just get handed to them on a plate.
They worked damn hard to achieve that wealth.
And they don’t hang their heads in defeat when economy’s crash, they do the complete opposite.
They double down like there is no tomorrow by working harder than everbut smarter than ever too!
This means if you educate yourself in ways that make you smarter than you were yesterday and work hard you will leapfrog yourself into a financial future that you have only dreamed of.
Rich people don’t sit and dwell on the bad times.They reflect quickly, get back up and work harder and smarter than ever before.
They focus on the opportunities available now and accumulate stocks and shares en masse because they have declined so much they are literally on sale.
#3
You Must Learn In Order To Earn
Another thing you will discover about self-made millionaires is that most of them have no traditional or formal trading and investing training or education.
Which is great, because it means YOU too can be like them and learn some untraditional things to make some untraditional money.
That is what trading and investing is really, non-traditional ways of making money.
It’s not something you are taught in school, is it? Or at home.
These are things you learn outside of the norm, for instance, when you enrol on investment courses.
One thing to start doing for sure is learning more about MONEY.
And how this economic downturn is an OPPORTUNITY, not a threat to you.
The other great thing about learning how to invest is in the stock market, or even the crypto market, is that it’s a vehicle that doesn’t require huge upfront capital to get started.
#4
Focus On You, Not Just Your Money!
We have been looking at how to use the recession to get rich financially.
But there is another way of getting rich in a recession, and that is by enriching our lives. Making them more fruitful.
And not just our, but our family members too.
This is very important.
So make this year and the current recession about focusing on yourself.
- On your mindset
- On your family’s mindset
- On your family time
Because if you don’t have your “why” in place, the reason you want the money, then you will never be able to make the money you want.
If you focus on yourself and your personal well-being,your mental well-being, the money will come with all the other steps outlined in this 4-Step Plan.
Just don’t forget to reconnect with the YOU in this process and the reason why you are actually doing this.
If you are present to your why all of the how’s will be easier than you imagine.
So, take this year to not just focus on the money.
Make money the priority, but also put you as a priority too.
You can do both!
Summary:
If you want to get rich, grow your wealth, you can make a great start by learning how to use the recession to make money.
You can begin that education right now with us, at Investment Mastery by subscribing to IM Insider.
It’s totally FREE and gives you so many ways to learn about trading and investing with access to expert coaches, mentors, online trading courses, workshops, books, forums and exclusive access to our private Facebook members group.
