Many pundits are predicting a recession and if you’re afraid, let me tell you why don’t need to be.
Patricia McDade was my mentor for 10 years and so much of her advice has changed my life for the better.
As an example, she once said that it does not matter what is happening in the economy, it is up to me to choose the actions so I can thrive.
There are three possible ways for you to respond when times are tough. By the way, the word “responsibility” has most of the word “respond” in it. You are responsible for how you respond not only to a recession but to almost everything in life.
What are those possibilities?
1. You conduct business like you always have done it, ignore the recession, and things could go from bad to worse. You might need to lay off some employees, and you don’t do it.
2. You recognize things are difficult so you work harder, put in more time, exhaust yourself, get irritable and create problems at home.
3. You recognize you are the captain of your ship. It doesn’t matter which way the wind is blowing, you set your sails in the direction of the destination that you want. You look for opportunities and not problems.
Option 3 above does require you to upgrade your thinking, improve your mindset, seek solutions, and/or support from others.
While others are running in fear, you can be looking for opportunities to grow.
In 2008, when we had the mortgage meltdown in the U.S., my wife and I found a 15-unit property for sale that has turned out to be a cash cow for us.
As Warren Buffett says, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.“
Which possibility do you plan to act on?
To Your Prosperity,
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