Want to get rich this recession instead of just watching your portfolio crash? In this post, I will break down 3 things you can do to make your income recession proof.
With the stock market hitting an all time low, inflation hitting an all time high, and weird things happening in markets all around, I think it’s clear that we are heading towards a recession. But that doesn’t mean that you have to suffer or go financially broke — even if you lose your job!
To keep it simple, we will break it down into three sections: industries, side hustles, and investments. That way if the recession gets real bad, you will have some information on what you can do.
The last major recession happened in 2008. At the time, I was a sophomore in college and didn't know what I was doing! I came home from the summer and what was going on in the world finally dawned on me. Some of my friends and family had lost their jobs and homes. It was the biggest crash since 1929.
That being said, the top 1% made saw opportunity in this time of struggle. Big name companies such as Pinterest, Airbnb, and Instagram were founded in 2008! Now, you don't have to create the next biggest company to survive the recession. This is simply proof that incredible opportunities exist even when everything seems to be in chaos.
It seems odd, but there are actually industries that thrive during recressions! For example the pet industry, discounted retails, childrens goods, and of course, the alcohol industry! If you're stuck in a dead end job and want to make sure you still have a job at the end of the recessio, I highly recommend picking something up in one of these industries.
That being said, working for a company during a recession is one way to stay afloat but not a way to get rich. Thats why you need to learn about side hustles!
Affiliate marketing is my favorite side hustle that I make the most money from. I love it because I can promote any product on the internet and I don't have to worry about customer service or product inventory. I just told you about the industries that thrive during a recession. Pair the two and you could be an affiliate for a brand like Kuranda — a brand that makes dog beds. I usually make 5 to 6 thousand per month from products like this!
To apply for affiliate programs, go the the brands website, navigate to the affiliate or brand ambassadors page and sign up! It’s as easy as that. If you don't get accepted, simply reach out and explain that you are just starting out and would love to promore their product. Most of the time, this will do the trick!
During tight financial times, people will be looking for cheap deals. You can drop ship almost anything from a site called Aliexpress. I do not practice this side hustle anymore but I used to make bank from it! Drop shipping is essentially finding products, flipping them, and selling them for a higher price online. The only difference between affiliate marketing and drop shipping is that with drop shipping, you have to take care of the customer and make sure their order gets delivered.
Investing during a recession is one of the easiest ways to build everlasting wealth. The only hard part about this strategy is the mental barriers that come with investing into a market that is going down. Don’t be scared of the stock market going down! It feels like you should pull everything out and liquidate your 401k. Resist the urge! Instead, look at it like everything is on sale and invest more!
Lets day you purchased $10,000 worth of stock the day before the stock market crashed in 2008. At this time the S&P was sitting around $1,200. That means your money would be worth $5,400 after the crash. In todays numbers, you would be up 199%! That $10,000 would now be worth almost $20k!
Most people that try to time the market never get in. The absolute worst thing you can do is not invest and sit on the sidelines! You must invest a long term mindset. Dollar cost averaging, or investing a set amount every day/week/month, is a great way to invest in all seasons of the market while taking the emotion out of investing.
Now you know 3 different ways to get rich during the next recession. I wish you the best of luck!
Peace and God bless.
I make new content every single week, so be sure to subscribe to my Youtube and follow my Instagram @brambilabong and TikTok at @AdrianBrambila. I also have tons of resources and courses on my website that you won’t want to miss. Head over to www.adrianbrambila.com to learn more about what I do and how I live a financially free life.