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I lost $237,000 during the previous recessions, so today I’m revealing exactly how these mistakes were able to happen. Hopefully by watching all the way through, you’ll be able to do a lot better than I did.
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MISTAKE 1: DOUBLING DOWN
There’s a common belief that successful people keep going and never quit, it’s the whole hustle hard concept, working 24 hours a day, 7 days a week. But what if I was to tell you that this is completely incorrect, especially during a recession.
MISTAKE 2: FALLING FOR SCAMS
During a recession people have less money, therefore scams are at an all time high. Many are desperate and some are willing to do anything to get ahold of your money. With the rise of buying products online during the pandemic, lots of scammers have not only embraced the internet, they’re actually thriving on it.
MISTAKE 3: NOT VALUING IDEAS
Even during recessions there are people making huge amounts of money, and the only thing separating you and them is a couple of good ideas and some action.
MISTAKE 4: INVESTING WITHOUT UNDERSTANDING
During the pandemic many people started investing, as stocks and crypto were going to the moon, and at the same time the governments were handing out free money.
This led to a lot of people believing investing was as simple as throwing your money in and watching it grow, without any dips. However when you apply the same thinking during a recession, you can end up getting burnt.
MISTAKE 5: NOT FOCUSING ON MAKING MONEY
During times of economic slow down, it makes sense that people are in panic mode. When the cost of goods are rising, you feel lucky to even have a job, because all the people around you are getting fired. This causes people to become very cautious, and shifts their focus from making money to conserving money. The issue is that job security and the overall