7 Money Generating Tips During A Recession

1. Understand and Evaluate Tip 1 – Can you do better with your money than to put it in a savings account? If not, then you should look into High Yield Savings accounts that are now making over 2% and increasing. Keep in mind that the S&P has fallen over 20% since November of last year.
2. Understand and Evaluate Tip 2 – You create wealth. Did you know that you make yourself the hero or the villain of your own story. You might think it’s the economy or money printing or China or the US but it’s all YOU. Outside factors do not matter. If you are doing poorly or awesome with money comes down to you, as you are the only constant factor in your life experience. Look around you, are some people doing well with money while others are not? They are the constant in their life story. Are you building yourself up or tearing yourself down with your self talk about money?
3. Understand and Evaluate Tip 3 – Learn from others who are creating wealth. Find others that are creating wealth and learn from them. I read a new book every month on wealth and finance to learn more about how to create it. The last book I read was Ray Dalio’s How to Deal With the Changing World Order.
4. Understand and Evaluate Tip 4 – Know your money, where it is going and what you are doing with it. It’s like zen, if you can slow down to actually see your spending, earning, giving and so on, you can make better choices. Are you spending a lot on convenience food when you also have health issues or obesity?
5. Understand and Evaluate Tip 5 – Practice daily gratitude to create wealth. – There were studies on monkeys that showed if you gave one monkey one banana, they would be happy. If you gave one monkey two bananas and took one away, it would be angry…even though it also got one banana just like the first monkey. We are going through the same thing right now, with the Federal government tightening monetary policy (read more and you will understand what I’m talking about) money is being taken out of the economy (which is affecting the entire world) which depresses asset prices. They are fighting inflation. Most people in the US and around the world have no savings, and they are not being affected by this and they need prices to go down.
6. Understand and Evaluate Tip 6 – Buy Assets and Sell Liabilities – I learned this from Robert Kiyosaki from Rich Dad Poor Dad, poor people have liabilities. Middle class people buy liabilities thinking they are assets. Rich people buy assets and sell liabilities. Assets are things (businesses, property, stocks, etc) that make you money. Liabilities are things that take money away from you (your house, your car, your boat, etc).
7. Understand and Evaluate Tip 7 – Take Action Towards Generating More Money and Wealth in Your Life – All of what I said doesn’t mean a thing unless you actually take action and do it. If you do it you will generate more money and you will create financial freedom. If you don’t, then you will stay the same as you are today. If you don’t know what your Net Worth is I bet you would be shocked that it is has probably been exactly the same for years. You need to take action to change that. If you have difficulty taking action on your own, and need a group to help you discipline yourself, then I recommend you CLICK HERE, watch the free video and join our exclusive finance freedom mastermind.

Conclusion

You can and will make money during a recession if you follow the tips I mentioned above. It’s time for you to change your destiny. Share this with anyone you feel wants to generate money during a recession!