3 Simple Steps to Build Wealth Even in a Recession
They say the recession is over but chances are most folks don't feel like it is.
Building wealth in a recession isn't even on most people's mind.
3 Simple steps will help you not only rebound during a recession but actually allow you to build wealth at the same time.
3 ways to build wealth during a recession work even when you are not in a recession but pulling it off now will ensure incredible growth in the future as the economy rebounds.
First develop a new stream of income, second pay off debt and finally reserve some of your cash flow.
First develop a new stream of income.
Currently it's all you can handle to pay your current bills so develop a new way of making money or save more of your money if possible.
For many people that is not possible, so focus on new income.
Either you get a part time job or more preferably start your own business.
I've written several articles on choosing a new stream of income so I will reserve that at the moment I'll just say people still buy thing in a recession other than food and water.
Things that work well in a recession are products or services with a high profit margin.
I can share that with you personally later.
Second when you create a new income stream you have to start paying off debt fast.
Either use Dani Johnson's approach or Dave Ramsey they are both proven and work well.
Bottom line is this if your net worth is not going up but you own more stuff then you are going into debt and not wealth.
Owning more stuff does not directly relate to a measure of wealth.
Once you start a business that becomes profitable or start a part time job you must working becoming debt free to build a solid foundation for future wealth creation.
Finally, you must reserve some of your cash flow.
Usually if you run a business it takes money to make money but you must reserve some of your cash flow to grow your wealth.
Remember putting money back in to your business always is making you a slave to your business.
Your business must be more than just a glorified job.
As you collect additional income you must invest a portion of it wisely long term.
Bonds, Stocks and real estate are all good ideas.
It is those types of long term investments that allow you true retirement and long term freedom.
Remember a business is never a retirement plan.
The financial resources you gain from that business become your retirement.
Building wealth in a recession isn't even on most people's mind.
3 Simple steps will help you not only rebound during a recession but actually allow you to build wealth at the same time.
3 ways to build wealth during a recession work even when you are not in a recession but pulling it off now will ensure incredible growth in the future as the economy rebounds.
First develop a new stream of income, second pay off debt and finally reserve some of your cash flow.
First develop a new stream of income.
Currently it's all you can handle to pay your current bills so develop a new way of making money or save more of your money if possible.
For many people that is not possible, so focus on new income.
Either you get a part time job or more preferably start your own business.
I've written several articles on choosing a new stream of income so I will reserve that at the moment I'll just say people still buy thing in a recession other than food and water.
Things that work well in a recession are products or services with a high profit margin.
I can share that with you personally later.
Second when you create a new income stream you have to start paying off debt fast.
Either use Dani Johnson's approach or Dave Ramsey they are both proven and work well.
Bottom line is this if your net worth is not going up but you own more stuff then you are going into debt and not wealth.
Owning more stuff does not directly relate to a measure of wealth.
Once you start a business that becomes profitable or start a part time job you must working becoming debt free to build a solid foundation for future wealth creation.
Finally, you must reserve some of your cash flow.
Usually if you run a business it takes money to make money but you must reserve some of your cash flow to grow your wealth.
Remember putting money back in to your business always is making you a slave to your business.
Your business must be more than just a glorified job.
As you collect additional income you must invest a portion of it wisely long term.
Bonds, Stocks and real estate are all good ideas.
It is those types of long term investments that allow you true retirement and long term freedom.
Remember a business is never a retirement plan.
The financial resources you gain from that business become your retirement.
