Before I get into the good news, I have some personal news. I made an audacious goal.
I have always had it in mind but I never out a figure to it or announced it. Now seems to be the best time to announce it and take it seriously.
The goal is to make 10,000 new millionaires over the next 10 years. This means that by the year 2030, a minimum of 10,000 millionaires will emerge inspired or influenced by me. You can take a look at davidolarinoye.com
This is what is in the middle of what many are calling mass hysteria. First, I do not buy the idea of shutting down the business world to curb a virus. As you can see, it is still spreading regardless. But I want to point something out to you if you still have any iota of fear.
The rate at which people are recovering from the virus is amazing! Over 95K people have recovered. In fact, I heard that those dying from the virus are those who have weakened immune systems. This includes the old and elderly.
There is no cause for a total crippling of the world economy, which they have done. I will keep my opinions to myself. But all I just want you to realize is that it is not as bad as they want you to think. If you are really concerned, watch the recoveries and not the spread.
Well, this has triggered a recession whether we like it or not. And the economy won’t recover this year, I guess. The various governments have injected cash into the economy again, hence devaluing their currency. This means if you have some money saved up, it just got further diminished in value.
Whenever there is a recession, there is an opportunity. The landscape of the business world changes after every recession. And it is changing again right now before your eyes. So, are you going to be a spectator or are you going to be an actor?
I shared a post in January suggesting that people should take out their gains from the stock market. It wasn’t popular. In fact, someone mocked it. But well, here we are.
So, what can you do now to take advantage of this period?
If you are into stocks, this is the time to buy. Don’t bulk buy. But buy gradually and systematically. We may not be at the bottom yet.
This is the time to get into debt. I hear the interest rate is now zero in the US. Don’t sleep on this opportunity. Take money from the bank. Debt is real money now. Cash is toast.
Expand your business. This could include buying out your competitors or buy similar businesses to yours. You can even buy businesses not related to what you do but you see prospects in. If you have the opportunity to buy a business located in a choice area (or location). Do it. Use the money you borrowed to do it.
Come up with new ways to serve people. Now, the lifestyles of people have been altered. Their everyday routine is off balance. If you want people to include doing business with you in their everyday routine, this is your chance. Do it before people resume their lives again and get used to another routine.
Don’t watch CNN. Trust me on this one. They are designed to minister fear. If you need facts, search online and search for recovery facts too. Give the good news a chance. But eliminate bad news.
Finally, seek financial guidance to carry out any of the insights I have shared with you. This is not financial advice. I have to say that. But it is a perspective that you should think about during this period.
The last time we had these lows in the market was 2008. This is 2020. The next time we get something like this will likely be in the 2030s.
See the opportunity. Be smart.