The economy is slowing down and many people believe we are headed for a recession. This is good. If you’re smart, and you are, you can use the downturn to your advantage and come out stronger than ever.
New Innovations, Ideas, And Opportunities
The 2008 financial crisis is remembered as one of the worst economic disasters in modern history. Yet, it is also directly responsible for creating tens of thousands of new millionaires.
Bitcoin and crypto currencies were created as a response to the crash.
Additionally, many concepts such as digital nomadism and E-commerce became popular at this time. Also, books like The 4-Hour Workweek entered the mainstream, as people realized how fragile the traditional job market was.
Another recession will usher in new ideas and innovations, the likes of which are simply unimaginable today.
Back To The Basics Opportunity
The Italians say “From the stars to the stables.” While the Chinese phrase it as “Rags-to-rags in three generations.” But both sentiments are the same.
Getting too comfortable leads to your downfall.
I’m no Protestant Work Ethic advocate, but easy money often leads to laziness. Trading options, yield farming, and borrowing at ultra-low interest rates makes you feel like a super genius. And it also discourages you from doing seemingly “low ROI” activities — like starting an actual business or learning a new skill — because you can make more shuffling numbers around a screen.
If stocks and crypto are down, you can focus on creating other streams of income. Likewise, there are many cheap forms of entertainment — like reading or exercise — get overlooked in good times.
Market downturns are a great back to the basics opportunity.
Cheap Assets With Massive Upside
Gold bugs and market doomers love to worry about “Economic Reckoning” or “The Big Collapse.” In reality, plenty of investments will be unaffected by a recession in the long-term.