Issue #249

Sent to members on February 8, 2019

Think there’s a recession coming?

Recession Coming? Here’s What To Do…

I pay attention to some economics websites out there. Cuz I’m weird. 😉

But, there is a growing consensus that we may be in for some economic adjustment. A recession. It has nothing to do with politics or who is in office now, either. This was in the cards already. It’s a cycle combined with some seriously dumb things done by the central bank.

Anyway, this isn’t about economics. And no, The Edge is not going to get into talking about the economy. 🙂 Don’t you worry.

But, truth is, if there’s an economic downturn, it will have an impact. All of our businesses (or future businesses) are like boats on an ocean. That ocean is the wider economy and, like any ocean, there are currents moving about. And it can affect the motion of our little boats (our businesses).

I have a lot of people who come to Blog Marketing Academy looking to start a full-time online business. Some want to set up a side gig. But, anything we build will be another little boat in this ocean.

But, if you see shifts in the currents, what do you do?

There’s an old saying in hockey that says that the player skates to where the puck is going. Not where it is, but where it’s going.

We must do the same thing with our businesses and our own personal finances.

And if there’s a slowdown coming, what do you do?

Accelerate into it.

Pour the coals on that fire and light a fire under your butt… and accelerate right into it.

That’s what I’m doing and what my wife and I are doing as a family. I do think we’re going to see some… interesting things happen in our national economy in the next few years. But, there’s not one single ounce of me that is sitting there acting like there’s nothing to be done about it.

We’re responding by just increasing our priority level on some things and basically accelerating right into the face of it.

Just like in the last recession, there will be people who feel it pretty heavily, those who don’t really notice it, and those who do incredibly well during it. Which one you are going to be depends on your actions.

How do you accelerate right into it? Here’s a few ideas:

  • Work on increasing your skills to make you more adaptable.
  • Put increased priority on building new income streams
  • Pay off debt and increase savings (which becomes easier with more income streams)

What you don’t do is sit there and operate like everything will always look the same. We know it won’t. You’ve got to think ahead.

Skate to where the puck is going. Not where it is.

And if you see a shift in the currents, you accelerate right into it.

Time to shift into a higher gear on creating that online business? Then, now’s the time to accelerate.

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– David

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