Worried About Recession 2023? 3 Steps To Take Now

Worried About Recession 2023? 3 Steps To Take Now

Here is the complete transcript of the podcast

Welcome, welcome back to Success with Srini. And today on the podcast, we are talking about the economy, something that I want to talk about as soon as possible because every media outlet is already talking about this, wherever I go, my go-to social media opens up, newspaper sites everywhere, people are talking about this economy. Obviously, when I log into my ETrade account, I’m seeing the chaos. So I don’t want to be left out on this podcast. And I don’t want you as a listener of this podcast to be left out. So what I’m going to do here is I’m going to share with you the mindset, my mindset, and how I am going to be dealing with this economy, if it’s going to become chaotic in 2023. And that’s exactly what the financial markets are showing. That’s what the experts are saying that it’s going to be a bad year. So this economy is going to be in recession, starting 2023 is what they are saying.

Now, if that is the truth, then how should you prepare for it. And now I cannot tell you how you should prepare for it. So I’m going to see myself in your shoes, and explain how I would prepare for it or how I will prepare for it. So here is what is happening. We are slowly going away from a wants-based economy to a needs-based economy. So companies are laying off, Twitter laid off, Facebook laid off, that’s what we are seeing and flight. Just last week, I read that Apple iPhone 14 production has been reduced. I think the demand is going down looks but I’m not sure. But anyway, so there are indicators. And there is activity going on in the opposite direction in the market. So how should you prepare? How will I prepare for this, there are three things I would do first and foremost I will pay off debt, or whatever debt, credit card debt gone, loans gone, or any kind of a loan that you paying on any interest you’re paying gone. Now, if you can pay off your house, and do it if you can do it. So that has to go. The second thing I would do is build up a cash account. In some circles, this is known as an emergency fund. So I have to build up cash. And we build up cash for about 18 months. Typically, that’s how long a recession could last. So 18 months is a good situation to be in. So 18 months of cash. And the third thing I would do is make myself credit-worthy. I’m not saying credit score. I’m saying creditworthy. In my world creditworthiness means that if I take an idea, if I go to an investor, they will find me credible, and I’m going to invest money into my venture.

That’s what creditworthiness to me is in my world. In your world, it could be something different, you got to find out what it is. And if you think your credit score is going to help you then yeah, try to do something to raise your credit score. I’m not a big fan of credit scores myself. But if that’s what it is, that’s what it is, in my world. creditworthiness means that when I go to an investor ask for investing in a project and an idea in a startup in a concept, they are going to invest. So I’m going to do everything that I can to raise my levels. So that I can I can become more creditworthy for investors, and for partners. That’s what I’m going to do. So these are three things I would do. Now, when the economy contracts or when the economy goes down, I see opportunity there, myself. So this is the time to invest in businesses. So you buy businesses because businesses are going to be affected in a big way. People are going to exit people are going to retire depending upon where they are at that time. But this is the time when you can find great discounts. So I’m going to buy businesses, I’m going to buy cash flow businesses, and I’m going to buy them at a discount So I see opportunity, personally where I stand. So I’m looking forward to 2023. With an opportunity mindset, I’m looking, I’m taking advantage of a buyer’s market. Buyer, in my case, is a buyer of the business, and investor, the position that I take in my mind. For a long time, this was all about sellers, now is the time for buyers.

So I want you to start taking yourself seriously, I want you to start thinking about opportunities that are going to present themselves for you. Incredible. In 2023, I get a question, you know, what industries should I need focus on where is which industry not going to be affected? Now, historically, here is what we know. food, beverages, household products, and items, those things, will continue to stay in demand. So if I’m starting a business, or I’m going to buy a business, or I’m going to buy stock of a company, then these are the areas where I’ll focus on. And others also, you know, somebody was telling me the other day, you know, this is the time to get into the medical industry, you know, do something within that space. Yes. Could be, and I’m not, you know, yes, ever since COVID has happened. You know, we know that market, that industry is hot, that industry is going to grow, it’s here it’s going to stay. And regardless of whether there was COVID, or not, historically, we have seen in every recession that the medical industry has stayed constant. And in some cases, has grown, too. So there are specific industries, the legal industry is one. So there are industries that are going to be there, there are markets that are going to be there. But then what you need to think about is, what do you want to do? Can you add an income stream for yourself in this new reality? Can you start positioning yourself as a buyer or an investor, for all that, you need money? And obviously, there is not much money left in the market, you can’t go and take loans and things like that. So the money has to be created from someplace. And I’m going to give you a hint right now, the last time something like this happened. When I saw this happening, I went to the seller and had the seller, become the bank. So they finance the transaction. Because they want to retire, they want to leave. So let them finance the transaction. And I just simply take over, those opportunities are everywhere. I’m telling you, they’re everywhere. So if you’re thinking about going along these lines, I’m going to share with you two resources. The first resource is Craigslist.

There are businesses that are being sold right now, on Craigslist. I bought a business on Craigslist in 2016. And I ended up making $100,000. I bought it for $4,000. Then the secondary source, obviously, is bizbuysell.com bizbuysell.com. Go check it out, we’ll be amazed by the number of businesses that are being listed right now in the zip code that you could buy, and you possibly could buy with no money. And I’m not claiming that I’m not advising you to do that. I’m not an advisor. But if I were, as I said, that’s the disclaimer, if I were in your shoes, I wake up tomorrow in your shoes, and this is your 2023 let’s say I’ll be doing that. Okay, I’m going to stop here. I don’t want to drag this out any further. This is not a how-to-buy-a-business podcast. This is a successful podcast. So I got to stay very clear about what this podcast is. But nothing hurts, right? Of course, buying a business is also about success.

Making money is also about success. Anyway, so my idea was to inspire you. My idea was to kind of put that, that seed of thought into your mind. And I’m expecting that you’re going to take this and you will push this forward. Okay, I’m going to stop here. Have a wonderful, wonderful Thursday, and tomorrow is the weekend. I’ll be here and we’ll talk. I don’t know what it is. Stay tuned. Bye now.

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