Do These 7 Things To Get Rich In The Next Recession
Published: 2024-07-15
Status:
Available
|
Analyzed
Published: 2024-07-15
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Recessions are a period where more millionaires are created compared to other economic times.
"more millionaires are made during recessions than any other time"
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Real estate in Michigan and Metro Detroit experienced over 90% price reductions after the 2008 crash, presenting an investment opportunity.
"I started investing in real estate after the 2008 crash when Real Estate in Michigan and Metro Detroit was selling for more than 90% off"
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The speaker purchased stocks during the 2020 pandemic downturn.
"I made videos talking about how I was purchasing stocks on the way down"
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The stock market has reached new all-time record highs.
"we saw that the stock market is now breaking new all-time record highs"
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Individuals should aim to save $2,000 initially and then build up 3 to 12 months of living expenses as emergency savings.
"start by Saving $2,000 as soon as possible and then you want to have somewhere between three months to 12 months worth of emergency savings to protect you"
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It is important to have 'opportunity savings,' which is cash set aside specifically for investment opportunities.
"you also have to have some opportunity savings that's cash sitting there waiting to be invested"
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A recession is predicted to occur approximately once per decade in the US, a pattern expected to continue.
"the United States has seen a recession pretty much every decade for the last century we know that a recession is coming"
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To improve financial education, one should study market trends, read company earnings statements, and analyze press releases.
"start by studying what's happening in the markets listening and reading to earning statements by different companies listening and reading the Press statements put out by companies"
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Real estate in Michigan and Metro Detroit was available at over 90% discount after the 2008 crash, with a specific example of a condo purchased for $8,000.
"I started investing in real Estate after the 2008 crash when Real Estate in Michigan and Metro Detroit was selling for more than 90% off my first investment was a condo that I purchased out of foreclosure for $8,000"
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Despite widespread fear during the 2020 economic shutdown, purchasing stocks as the market declined led to significant gains as the market subsequently reached new all-time highs.
"I made videos talking about how I was purchasing stocks on the way down I didn't know what was going to happen but I was getting floods of comments from people saying why would you want to go out and buy stocks when the economy is collapsing this is not the time to purchase and then of course we saw that the stock market is now breaking new all-time record highs"
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The most financially prudent way to buy a car is with cash.
"the best thing that you can do is buy a car with cash"
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It is recommended to start with $2,000 in emergency savings and aim to build a cushion of 3 to 12 months of living expenses.
"start by Saving $2,000 as soon as possible and then you want to have somewhere between three months to 12 months worth of emergency savings to protect you"
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It is advised to aggressively pay down credit card debt and payday loans, and to avoid them entirely.
"working to pay down credit card debts we going to pay down your payday loans avoid payday loans at all costs avoid credit card debts at all costs"
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Financial education should include learning how to analyze investments such as stocks, index funds, ETFs, mutual funds, and rental properties, including underwriting deals.
"you also want to understand the financial education which is now how do you analyze an investment what's a good stock versus a bad stock what's an expense ratio on an index fund or a mutual fund or an ETF how do you analyze these types of funds how do you analyze a rental property how do you underwrite the deal to see if it's a good deal for you or not"
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A recommended approach to living within one's means is to earn $1,100, spend no more than $750, invest at least $150, and save at least $100.
"make $11,000 and then you spend no more than 750 you're investing at least 150 and you're saving at least 100"
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The ideal approach to car ownership is to purchase vehicles with cash to avoid monthly payments.
"the best thing that you can do is buy a car with cash that way you don't have to worry about the payments"
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Owning investments is the key to building wealth.
"the way you do that is by owning Investments"
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Payday loans, credit card debt, and home equity lines of credit used for non-income-generating purchases should be avoided.
"avoid payday loans at all costs avoid credit card debts at all costs and those whole acurity lines of credit that you're using to buy things that aren't making any money"
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Money is required as a tool to facilitate the growth of existing money.
"you need money to grow your money"
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Living within means involves spending no more than 75% of income, investing at least 15%, and saving at least 10%.
"living within your means means you make $11,000 and then you spend no more than 750 you're investing at least 150 and you're saving at least 100"
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Acquiring assets necessitates having money available for their purchase.
"in order for you to own the assets you need money to go out and purchase them"
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Wealth is initially generated through work or business, and then grown by investing a portion of that income into assets like stocks and real estate, rather than spending it all.
"the way that you make it is you go to work you build a business you have an income now when you get this income you don't spend all the income then you take this money that you don't spend and you go and you invest it into stocks you go and invest into real estate"
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Continuous investment is recommended, rather than waiting for a recessionary period to begin investing.
"you don't need to wait for a recession to start investing but you keep investing your money"
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