Caffeine Cast: The Impending Looming Recession, THIS is What You Can Actually do About it [Business, mindset, entrepreneur, disruptors]
In today’s Caffeine Cast, Rob discusses the impending looming recession and what you can actually do about it. Learn how to take the strategic view of planning for the worst, but always do your best. The recession could be here next year, or it could be here in five years. The reality is none knows so be careful about what you read in the media and what you deem to be true.
Remember if a recession comes there is always an upside. Asset prices will come down, yields will go up and there will be plenty of growth in certain markets. There’s an equally balanced upside opportunity. You just need to find it in the recession.
KEY TAKEAWAYS
- Monitor prices and track forecasts. Compare and contrast this to prices and peaks before the last drop or recession.
- Plan a contingency for reducing your business costs. Are you able to quickly reduce your fixed costs and lower your variable costs? Remember to reduce marketing spend as a last resort.
- Get factual information and don't listen to fact news or uneducated predictions
- Don't sit on your hands and do nothing. De-risk your business and ensure you have more than one income stream.
- If you can ride out any drop in prices you're probably not going to be affected by the recession. If you're forced to sell during a recession and as a result, lose half your capital value then that will harm your worth.
- Care more about the income stream of your property rather than the value. If you're not forced to sell it you don't need to worry about the immediate value
BEST MOMENTS
“There's a lot of talk about the looming recession but when all is said and done, more is said than done”
“Ignore anyone who is claiming to accurately predict the recession because what caused the recession last time is probably not what will cause it this time”
“Never count on one income stream and de-risk your cashflow”
“If we knew what caused it we could predict it and plan for it, so that we can negate it.”
[Business, mindset, entrepreneur, disruptors]
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “Disruptors”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979