The United States is in a recession (2 quarters of stock market loss) and the crypto and stock markets are going down in a nice long dip.

People with money in the stock market or in crypto are not happy if they are leaving their money in and watching it fall. However, most people don’t have assets and are living paycheck to paycheck.

So this is for you!

This was me, back when I had no assets during the housing crisis. I didn’t have a house, I didn’t have any savings. I didn’t feel the housing crisis except to notice that there were businesses that were shutting down, and waiters and the service industry professionals said there were less people eating out and hence less income for them.

If this is you, then this blog will teach what you need to know to get wealthy during this recession.

#1 Start Saving In Inflation Assets

The reason you have nothing at this time is because you aren’t saving any of your money. This is a good time to start, as while you are learning how to save, the market is declining and once you have mastered saving, the market will be ripe for investing in inflation assets.

If you work at a job, and you get a match in your 401K, then you can start saving the match. So if your company will match 5% then put in 5% of your pre tax income, and they will match it. That’s free money to you, or a 100% gain! That’s a lot better than the 20% drop so far in the stock market!

If you don’t have a match, then you can just start with a savings account, and put aside a percent of your income. Usually you can talk to someone in your Human Resources department to get your check split, so that some goes to one account and some goes to another.

#2 Optimize Your Income

Now is a great time to make more money!  How do you optimize your income?

If you are working in a job, then you can be better at your job.  Improve your efficiency and your accuracy.  Become better at what you do, and more valuable.  That’s what I focused on when I was deep in debt with hardly any savings.  I started saving and then I just focused on being better at everything.

This will make you more valuable to your company and to outside companies who might want to hire you with a better salary.  On the other hand, let’s say your company isn’t doing well and has to start laying workers off.  If you are awesome at your job, you will be less likely to be laid off.

In addition, being better at what you do will help you adapt no matter what happens in any economic environment.  You can use your skills to do a side hustle.

When I was working a job I learned how to do internet marketing, blogging, sales and small business management.

My husband has done various MLM companies, ride share and also contracting out various services.

This is a great time to get great at what you do and explore other options.

#3 Learn How To Find Deals

This is a great time to learn how to find great investment deals.  In recessions the stock market is in decline and that’s a great time to look under the hood of your favorite companies and see if they will thrive during a prolonged recession.

You can look into real estate, though back when I had no cash, it was hard to purchase real estate.  I have heard there are very low down payment requirements for first time buyers, so you may be able to find a good deal for your first home purchase, and do some house hacking.

My brother has been good with Crypto for many years.  With this crypto crash maybe it’s time to get educated on the big wide world of crypto.

You can focus on becoming an expert in new technologies, like electric vehicles, self driving cars, carbon offsetting, 5G and whatever comes next.

This is a fun time to look for good deals!

#4 Check Your Net Worth and Cash Flow Opportunities Daily

If you want to be wealthy, you need to learn the skills of the wealthy.  The only way to measure your wealth is to know what your Net Worth is.  When I first calculated mine it was negative, so don’t be scared and just do it.

Calculate it regularly.  I do it monthly.  Grant Sabatier in his book Financial Freedom recommends you check it daily.  However often you check it, as you can see, it’s important to check it.

Next, check your cash flow.  How much did you earn and how much did you spend?  What income streams do you have?  Are they diversified so if one dries up do you have another?  Are there ways for you to streamline expenses? 

Don’t worry if you’ve never done this before, just take it one step at a time.  The good thing for you is that the only way to go is up, so anything you do, and baby step will help you!

#5 Get a Coach – Mentor

It’s really important to get educated and have someone help you! There are plenty of people with positive a Net Worth, and depending where you live, there are plenty of millionaires.

Find a friend who is good with money and ask them to be your mentor as you become wealthier.

You can also hire a coach, my services can be found by CLICK HERE.

I would choose a mentor who is an expert in a field that you want to learn about. For instance, if you want to invest in real estate, then you need a mentor who is good with real estate. If you want to learn about stocks then find a mentor in that.

Final Thoughts

You are a part of the majority if you are in this recession and have no money. I was there, I totally get that. So what do you do?

You have nothing to lose and this is a great time to learn about investing and developing the basic skills to become wealthy – keeping track of your Net Worth and Cash Flow and also regular savings.

My suggestion to you is make it fun, explore what you like and go for it!