How to Survive & Get Rich in the 2026 Recession
Episode Stats
Harmful content
Misogyny
1
sentences flagged
Toxicity
3
sentences flagged
Summary
In this episode, I talk about how to prepare for a recession and how to get rich in a recession. I talk through the 5 simple steps I took in 2008, 2009, and 2010 and how you can do the same in this recession even if you're starting at zero.
Transcript
00:00:00.000
All the indicators are now pointing to a recession.
00:00:06.580
and everyone's hopes to get rich are slowly dying.
00:00:27.200
to take advantage of this window of opportunity
00:00:35.320
Starting with step number one, run your numbers.
00:00:38.700
Don't stare at the light coming straight at you
00:00:43.080
Most people would rather stick their head in the fricking sand
0.97
00:00:46.380
and pretend like the rest of the world isn't getting crazy.
0.77
00:00:58.360
Everybody else sees the same stuff you're seeing.
00:01:03.100
to do the thing you know you should probably be doing.
00:01:22.700
So yes, continue to read books, invest in your education.
00:01:27.520
Don't cut those things because those make you better.
00:01:32.400
But all the other stuff, these elaborate vacations,
00:01:35.180
these crazy dinners, these splurging on clothes,
00:01:40.320
and subscriptions to things they haven't used in months.
00:01:46.300
Just pull back, understand where you're bleeding cash
00:01:56.540
and canceling the things that you don't even recognize,
00:02:04.440
where the money's coming in and where it's going out
00:02:10.440
That brings us to step two, build your three-phase plan.
00:02:21.680
when it was gonna happen, how bad it was gonna get.
00:02:30.620
Those were the people paying for their software solutions.
00:02:33.180
And here I was having to help guide them through the fog.
00:02:37.020
So it doesn't matter if you're running a business
00:02:45.320
That three-phase plan allowed them to move confidently
00:02:48.520
without being wasteful and then come back swinging
00:02:52.740
So this is how you build your three-phase plan.
00:03:00.420
maybe you gotta cut those nice-to-have expenses.
00:03:02.820
Phase two is maybe there's some challenges in the business
00:03:13.640
And at that point, I call that the ripcord method.
00:03:15.860
That's where we have to decide without delaying
00:03:22.660
or some other decisions, but you have to make the decision.
00:03:27.060
so that you can make the decision without the emotion
00:03:29.440
because in the moment you might decide to hold on
00:03:37.000
These are the steps that were taken now that this happened.
00:03:52.300
that decision allows both of us to absolutely push as hard as we can because we know worst case
00:03:59.140
our kids get to hang out with their cousins we get to full reset to build it'll take probably
00:04:03.540
six months to get back where we're at and from that we get to learn the lesson and move forward
00:04:07.820
and then the best part about this is it allows us to build without fear that brings us to step three
00:04:13.020
monetize your assets recessions don't kill businesses ignoring the untapped value does
00:04:21.260
You have your time and you have your resources.
00:04:23.520
I'm talking about looking at all the things you own
00:04:32.460
You might decide to put one of your extra cars on Turo.
00:04:38.340
I met a guy the other day who is a mortgage broker
00:04:40.660
and he was driving our Uber and he had no problem saying,
00:04:43.380
hey, things are slow right now, I'm driving Uber.
00:04:57.640
and you're worried about having to lay people off.
00:05:03.740
What if you created workshops with those people?
00:05:06.620
where you get some income, they make some money.
00:05:13.480
either your time, you might start moonlighting,
00:05:17.060
or your resources, you might decide to do a yard sale
00:05:20.120
that'll allow you to stay in it without having to reset.
00:05:29.280
The ones that did a full reset to try to build from zero,
00:05:35.080
hey, we're gonna protect what we've created so far.
00:05:39.040
but we're not gonna get kicked out of the game.
00:05:41.080
And then from that place, once the market comes back,
00:05:45.100
that's what differentiates the winners from the losers most people think having courage means
00:05:50.120
making decisions when you're not scared the truth is is courage requires you to be scared and make
00:05:54.140
a decision either way that brings us to step four sharpen your axe in 2020 when everybody was looking
00:05:59.620
at the world and wondering what was going to happen a lot of people retreated all the way back
00:06:04.360
and what i did instead is said hey what works what do i know will be true in the future i may not be
00:06:09.640
able to grow but i can prepare i can get stronger so i got ready i sat there and said okay how do
00:06:15.080
do I invest in myself? How do I personally get better? How do I ensure that I'm building a strong
00:06:20.440
foundation to be able to build from? The reason this works is that compounding growth only works
00:06:26.000
if you have something to compound. So that's why you have to get better so that you have a stronger
00:06:29.940
foundation to be able to push from. You've never gotten better when things were good. I've never
00:06:34.780
gotten better when things are good. I've only experienced real growth when there was pressure.
00:06:39.500
In my kid's room, there's this poster with a diamond. It says no pressure, no diamonds. It's
00:06:44.680
kind of like the butterfly. Did you know when the caterpillar goes in the cocoon and it's struggling
00:06:49.220
to get out of the cocoon, if you came along, you tried to help it out, you would actually deform
00:06:53.100
the butterfly. It would probably kill it because it needs to go through that process of struggle
0.68
00:06:58.580
and challenges so that it can come out as a butterfly. So right now, the best thing you could
00:07:03.820
do is actually embrace the challenge and understand you're just solidifying the foundation. You're
00:07:09.140
sharpening the saw. You're getting ready for the next step. When it gets tough, you got to get tough.
00:07:20.800
I can't help that this world is doing what it's doing
00:07:38.460
The greatest returns come from the biggest downturns.
00:07:45.620
It's just like this time I went rally car racing
00:08:11.540
you ask for a raise, you ask for new opportunities, you push. You got to get in the jet stream. I
00:08:16.980
don't know if you know this, it's faster to go from one side of the country to the other side
00:08:20.400
because you're in the jet stream, you're in flow. This has always been true. And Warren Buffett
00:08:24.320
talks about all the time is that markets are markets. They go up, they come down. If it's
00:08:28.360
down right now, trust me, it will go up and you want to be the person ready to take advantage of.
00:08:33.120
Think about it. You take a world-class entrepreneur, you take everything away from
00:08:36.500
them. You drop them in the middle of the Amazon jungle. You come back in five years,
00:08:40.320
I know what you'll find. You'll literally find a person with a team and they built this whole
00:08:44.600
temple and the whole thing's going. Why? Because winners win. I want you to be one of those people
00:08:49.640
that come in like a lamb prepared and out like a f***ing lion. You want to be cautious because
0.99
00:08:54.860
the key is you got to protect your psychology. You don't want to be scared. You don't want to
00:08:58.680
get on the defense. You don't want to be thinking that the whole sky is falling. And the same thing
00:09:02.540
when things turn around, you don't want to be too quick to react. So I always try to find two data
00:09:07.620
points, three data points of positivity that tell me now's a good time to move forward. If you wait
00:09:13.420
too long, everybody else saw the same thing and they've already taken advantage of it. So you have
00:09:17.140
to be early. That's why I'm so excited to share this with you because I know it could absolutely
00:09:21.780
transform your life. But all that being said, this is the key. Don't freeze. Make decisions.
00:09:29.300
Control the controllables. Control when you work out, what food you put in your mouth,
00:09:33.300
what you focus on. Those are things, not the news, not your social media, not eating for comfort.
00:09:39.420
You can control the things only you control. Make the list. Dump it out. What can you do to attack
00:09:44.400
the list? Hit it hard. Progress in any part of our life equals fulfillment. Forward movement.
00:09:51.060
There's trillions of dollars exchanged every day in this economy. My invitation to you is go get
00:09:55.960
some. So if you want to learn how to build a business from zero to a million, click the link