How I Made a Lot of Money During The Last Recession and What You Should Do Now
So, I often get asked how I make my money. The bottom line is that I have been in the insurance industry for more than two decades. You might be thinking that the insurance industry is a typical, boring one that has no opportunities or is stagnant. That couldn’t be further from the truth. To be honest, as with everything else, it is what you make it. We made it fun, we made it exciting and something that people want to be a part of. It’s the culture that people want.
So, long story short, I missed the opportunity during the first recession that I experienced in 2001. I missed out on the dot com bubble. The bubble that had created many millionaires and billionaires. I saw a lot of people making a lot of money, but not me. So, I thought that I need to find a career where I can make a lot of money, keep my expenses low and save money so that I can be prepared during the next chance.
That next chance happened in 2008-09. I was making money in sales, I was making money in the insurance industry, I was stacking my stash. I was making and saving money. I was also making wise investments. I was making smart choices about everything like my car, my house, etc.
I even capitalized on random opportunities. I made money on a car, I made money on a house and I used the money to launch the next evolution of my insurance career. I even went on TV and said that the next generation of millionaires is going to be born in the current recession in 2008. So, a lot of people are asking me how I will make money in the current recession of 2020. Well, to do that you have to keep some important things in mind.
1. Learn A New Skill Set
The importance of this cannot be stressed upon enough. The more skills you have the more opportunities you can capitalize upon in the future. You never know how you can benefit from any of your skills. Maybe a collection of skills will come in handy to establish the business of your dreams.
The current crisis is the best time to learn a new skill. The whole world is on pause for you to learn something new and to enhance what you already know.
2. Understand Business and Tax Laws
It is important to understand laws to be able to take advantage of them. Right now is the perfect time to learn about these so that you can start taking advantage. It might seem boring or difficult, but it is things like these that help you make smart decisions.
3. Establish New Relationships
Just because you are not meeting people physically, that doesn’t mean that you can’t establish new relationships. There are tons of places online where you can establish meaningful relationships with people that can help you out in your journey. You need to create your network and you need to start from the bottom. It will be a slow process but over time, it will reap huge benefits.