Today on the Cardone Zone Grant Cardone brings news of a coming recession. It’s been 8 years since the last major recession and Grant says we are in another one. When there is cranes in the air, beware. Stay away from real estate right now. Sell your house. It’s too late when the hurricane hits. When the contraction happens its too late. When everyone is running to the door nobody can get out. Go to the door now. This will be deep, ugly, and long. It will effect you. Intel laid off a bunch of people this week. This will continue. Boeing is cutting jobs. There is 1.3 trillion dollars in college debt in this country. Grant went to the bank to get a bunch of money out and it took him 3 meetings and a week to get his money out. What will you do when there is a bank run and you can’t get your money out? How to protect yourself from recession: Get prepared.
1) Don’t wait for it to get here operate like it is here now. Out work everyone now as though the contraction is fully here.
2) Stop ALL spending except on those things that can increase income. Do NOT spend to consume; spend only to increase income.
3) Keep your firewood dry and add to it. Accumulate cash—wood for your fire—at all cost and spend nothing, preparing to invest when real assets get cheaper (they will). Prepare to steal when the market capitulates (throws up). Build your fire so big others stare in amazement.
4) Do whatever it takes to increase income. Take on other income opportunities to increase your monthly income and save it all.
5) Learn ‘how’ think rather than ‘why’ think and act like an entrepreneur. That means sales, marketing, negotiating, follow up, and branding.