The BIGG Successs Show
Recession Progression
Hear tips on how to survive and thrive during a recession. Listen to the show & read the summary here.
Welcome to The Big Success Show. Today we'll talk about how to survive and thrive during a recession. The Big Success Show with George and Mary Lynn. Marilyn, let's just pretend for a second. I told you that you could eat whatever you want, whenever you want, as much as you want with no consequences. What would you do? Oh, my gosh, I need a lot more french fries. More french fries. Oh, lots all the time, but in the real world, yeah, obviously you can't do that for any period of time because you have to go on a diet. Well, exactly. And the thing is, recession is nothing more than the economy going on a diet. You know, it's a natural part of the business cycle. Things start going well. We all get exuberant, we get over exuberant, then we get a little bit stretched on the consumer side. We tend to get a little too much debt on the business side. A lot of times it has to do with over investment in assets like inventory. But the point is, it's just evolutionary to get rid of some of these successes. And so today we're going to discuss how to survive and thrive in a recession. That's right. Let's start with how to survive. And the first thing is to develop a contingency plan. So to do that, you've got to start by asking yourself, what if some examples? What if I get laid off? What if I have to work longer hours because other people got laid off? What if my time gets cut back? What if my benefits get cut? Yeah. And if you own your own business, what if my business takes a hit? You know your situation. You know what could happen. Think of the most likely scenarios and then figure out what you would do in that situation and then start doing what you can. Now, for example, why put off updating your resume and doing some networking until you need it, do it now. Yeah. And you know, Marylin, most people do the opposite. They wait until they absolutely need it. That's when they start to do it. You'll survive by staying a step ahead. Another thing you could do to survive and I don't necessarily like this one. Watch your spending. Oh boy. Yeah, it's not necessarily the fun thing to do, is it? But it is necessary. You know, business is cut and cut and cut to get through a recession. Well, we all need to take a clue from that. In particular, try to avoid making long-term commitments and taking on more debt. When times are uncertain, wait until you're more certain of what your situation's going to be before you make those major purchases. And the third thing to do to survive in a recession is to wait it out. Don't panic specifically with your 401(k) or your IRA. Yeah, and it really applies to any long-term investment. You know, we're talking generalities here. You need to handle the specifics, but in general, time is on your side. If you've got five or more years until you'll need the money, stay the course because historically that's been the best thing to do. And if you have that kind of time, the odds are with you. Otherwise, you might want to check with your financial planner to figure out your strategy. Absolutely. And now we're ready to thrive. This is a lot more fun. Ah, yes. The first way to thrive is to take advantage of low interest rates. For example, refinance that mortgage. Yeah, you know, and you have to analyze the specifics of your situation once again, but interest rates do tend to go down during a recession for you business people. You know, your business loans, don't forget that they may have prepayment penalties, but it very well may pay to refinance them even with those prepayment penalties. And then take what you're saving in payments and get aggressively passive. We did a show on that not too long ago. We've got a link to that on our blog. You might want to take a listen to that. And another way to thrive is to keep investing in yourself. Once again, let's take a clue from businesses. Businesses that thrive after a recession are usually the ones that maintained a long term perspective during the recession and kept right on investing. There's lots of opportunities coming out of a recession. Lots of jobs need to be filled. So position yourself to thrive. Take a class of 10 seminars to develop your skills more, go to conferences for your field to make great contacts. Yeah, and you never know one of those contacts may lead to your next big opportunity. Big with two G's coming up. One more suggestion on how to thrive during a recession. Today we're talking about how to survive and thrive during a recession. One more thought on how to thrive. Look for great deals. And Marylin, I'm talking about during a recession. A lot of times you'll find those once in a lifetime opportunities. Yeah, it's a real buyer's market. But now how do you find those once in a lifetime deals? Well, you're probably not going to see it advertised. So put yourself in touch with the right people. You know, it comes down to network, network, network, and know this. You'll most likely find it where you least expect it. It's an accidental discovery. The result of your active searching, actively looking for it. You can get a written summary of today's show at big success.com. We also have a link to that show we mentioned earlier, getting aggressively passive. You'll find some great tips there on how to make your passive income work for you. And before we go, let's get our big quote for the day. A quote today comes from an author we haven't heard from for a while. Arthur in known. Oh, is that right? Yes. And he said or she said, "Abending the road is not the end of the road unless you fail to make the turn." So keep your eyes on the road and your hands on the wheel. Be ready for detours so you don't have to come to a screeching halt. And next time we're going to ask the question, does it pay to blame others? To cover, how do I say this delicately, Marilyn, to cover your backside? Oh, CYA, huh? CYA does it pay? We'll find out. And until then, here's to your big success. The Big Success Show at B-I-G-G Success.com. WOW, WOW, WOW, WOW, WOW. [MUSIC] [BLANK_AUDIO]