URGENT Message – How to Be Money Smart During Times of Fear l Coronavirus
More than a couple of weeks ago, the stock market saw its worst day in the history of the Dow Jones as it pummeled over 1100 point drop due to the coronavirus pandemic threat. The following Monday saw the best day in the stock market. What I am talking about is that this is the opportunity for many people to make a ton of money in the marketplace.
Fear sharpens listening. Most people don’t usually pay attention to finances. What most people are paying attention to are their retirement accounts, their career, their jobs, the security of their cash flow, and so on. This opportunity in the markets is where those people who weren’t paying attention to before are starting to pay attention.
So, here’s the thing. Our company was actually birthed in the midst of a recession. Today, over ten years later, 13,000 of us are across the country. That’s because we realized early on that the best time to start a business, ironically, is in the middle or during fear. It is said that most people run away from the noise but builders and entrepreneurs have a habit of running towards the noise. They run towards opportunities.
So, when we are thinking about what’s going on in the marketplace today, think to yourself “what am I not doing about money where there are people obviously making money in the marketplace and what I am not doing that I could be.” You have to ask yourself what you are not doing with your education, your awareness, your knowledge, and your follow-through when it comes to the area of finance.
Many of you have a great job, many of you have a great business but in the area of finance, we struggle. You need to ask yourself why that is the case. If you investigate it further you will realize that most people miss out when people are commonly operating in fear. That’s because they jump on the bandwagon of fear as well! Instead, you should be studying how you can profit in such a situation.
After missing out on the dot-com bubble crash and making a huge mistake during the 2008 housing crisis, I learned my lesson. So, we picked a very old and boring industry to make a lot of money in. That is, of course, the insurance industry.
The current scenario is one of extreme fear like in the past many times we have seen. People are fearful of their lives, their career, their finances due to the coronavirus. But with that, there are also some opportunities inside of fear. And that is the difference between becoming a multi-millionaire and having the same old life a few years down the road.
In the past recessions and market crashes, we got to know in hindsight that the next generation of millionaires was actually born during that period. The same opportunity is open at the moment. The millionaires of the future are actually being born during this time of fear.