Today, we’re going to talk about something I really don’t want to talk about. However, I feel like the time has come that we need to talk about the big “R” word… Recession! I’m hearing a lot of chatter about the economy, a recession, inflation, etc. Honestly, I am a bit out of touch with the details – if you want to know the trends and what’s coming, this is not the podcast for that.
What I do know about is MINDSET.
When I hear “Recession,” I feel fear. I feel worried. I feel unsafe.
My family was hit hard by the last recession, and all I know is, I don’t want that to happen. At the same time, I can’t control what happens. There’s so much information out there, but the reality is, we don’t know what’s actually going to happen.
In today’s podcast, we’re going to discuss how to prepare for the recession. This has very little to do with money, but rather about MINDSET.
Here’s my tips for you:
1.Turn off the voices that make these times more scary
- I don’t need other people projecting their money opinions on me.
- There’s nothing like provide a middle-aged man wrong. It’s the best fuel to my fire.
- I don’t want advice from people with money mindset issues.
- I do not have those money beliefs anymore and I do not want to get drug down.
- We can’t change it, so why crumble in fear.
2. Adjust your mindset to a growth mindset
- There are so many ways to make money.
- I’m excited to embrace changes and innovate.
- There are so many people around me willing to help me.
- I am creative. Filled with so many ideas.
- I have so many amazing clients.
- Ultimately, focus on what you can control.
3. Brainstorm all the ways you can make money
- Stay diversified. Side hustles. Multiple income streams!!!
- Etsy, Drop Ship, Fivver, Assistant, Content Creator, Affiliate Marketing, Courses, Coaching, Digital Downloads.
- Write out your revenue sources.
- Put them into your calendar on when to focus on what.
4. Use what you have
- Use and expand upon the skills YOU HAVE.
- Invest in coaches or programs to help you grow the skills that you already have.
5. Know your basic living expenses
- Know how much you NEED to live so you have a floor goal to work for each month.
6. Bolster the emergency fund for 3-5 months
- I was NOT prepared to survive in the covid months.
- I was the BREADWINNER.
- When covid hit, I was refunding thousands of dollars a day for canceled weddings.
- There was no other money coming in.
- I had a savings for ONE month. So, the only way out was to innovate.
- Now, I keep a much bigger emergency fund.
7. Do not panic! Let a recession be an opportunity!
- This isn’t long term. How can you grow, change, pivot?
- How can you make this GOOD for your business?
- 2020 broke my business in the BEST way. I’m a different leader. I attracted growth mindset. I did the work. I gained more tools, skills, etc.
8. Know you are not alone. Whatever happens we are in this together
- You’re not the only one struggling! We all are!
- We’re all going to help each other out.
This may not be the Recession episode you were hoping for or wanting, but I just want you to know that you don’t need to be scared. Whatever happens will happen. We’re going to be okay!
Episode 112. The Recession Episode That Won’t Make You Puke