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3 Powerful Tips for Profiting from Recession

By Tony Mase

Republish: EasyPublish™ Published: 04Jul2009 Word count: 690 Viewed: 532 time(s) Get Free Content For Your Site

As you might imagine, I've been asked a lot of questions lately that really boil down to "how do you make money in 'this' economy?"

My answer is always the same...

The same exact way you make money in *any* "economy"!

It's that simple. :-)

Personally, I think it's a *HUGE* mistake to change what you're doing every single time the financial wind blows, just as I think it's a *HUGE* mistake to chase after "fads" and/or the latest "hot trends". With any of these, the same exact thing usually ends up happening. Just about the time *you* figure out what "it" is and how to "profit" from it, it's over with and once again you're in the "wrong" business or profession.

That being said...

In my opinion, the best way to "profit" from this so-called "recession" is to learn from it and apply its lessons in such a way as to never again be adversely affected by one.

To that end...

Here are three powerful tips for profiting from "recession":

Powerful Tip #1 - Choose the *ONE* business or profession you want to be in.

If you take a close look at practically anyone who's ever gotten what most folks consider "rich", you'll notice they made their "money", at least initially, in *ONE* business or profession, the *ONE* business or profession they most wanted to be in, and they stayed in that *ONE* business or profession regardless of what the "economy" was or wasn't doing at any given time.

Need I say more? :-)

Powerful Tip #2 - Avoid speculation and debt.

There's an old saying in the stock market that goes something like this:

"The best way to make money in the stock market is not to lose any money in it."

Well...

Along the same line...

In my opinion...

The best way to profit from a "recession" is to avoid being leveled by one.

If you stop and think about it, there are essentially two groups of people who bore the brunt of the most recent financial "panic":

1. Those who gambled (which, unless you know *exactly* what you're doing is what it really boils down to) in something they knew absolutely nothing about (but, unfortunately, thought they did), usually in one of the financial markets and/or real estate.

2. Those who lived on credit.

My advice?

Simple...

Don't you be one of them! :-)

Powerful Tip #3 - Develop multiple sources of revenue within your chosen business or profession.

If you have only one source of revenue from your chosen business or profession (a "job", for example) and that source of revenue dramatically decreases or suddenly comes to a dead stop...

To put it bluntly...

You're screwed! :-)

Whereas...

If you have multiple sources of revenue within your chosen business or profession and one or more of those sources dramatically decreases or suddenly comes to a dead stop...

Though it may be an annoyance or inconvenience...

It's no big deal...

As you still have income coming in from your other sources of revenue.

Just as there's more than one way to "skin a cat", as they say, there's more than one way to make money in *ANY* business or profession.

Your job, if you *really* want to profit from this so-called "recession", is to find and develop them.

In closing, I'd like to leave you with this passage from an editorial Elizabeth Towne, publisher of Wallace D. Wattles' classic masterpiece "The Science of Getting Rich", wrote in the very early part of the last century commenting on what was the most recent financial "panic" of her day at the time:

"It is the man who lives on margins that goes down in the bad-times waves."

"While the man who deals out real benefits for the dollars he collects; who lives within his means; who banks where it is solidest, not where wild cats and high interest rates coax, and associates with those who do likewise, finds himself standing on the rocks watching the wreckage of credit schemes whirled by and down on the bad-times tides."

That was true over one hundred years ago...

And it's still true today! :-)

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