Booming in the Bust: How to Make Money in a Recession

On Saturday I went to an event with Loral Langemeier, Joel Comm, Harry Dent and David Bussau speaking.

The event was amazing! Harry started out with a great presentation about how a Great Depression is Great and how it creates a level playing ground for entrepreneurs. He also talked about how and why they happen and how it's not about all the little indicators many economists use, it's about population trends and what people are doing with their money. At the moment in the western world the people who have been driving spending- the Baby Boomers- are in the time of their lives where they slow down spending. And the younger generations don't have the population to sustain the spending of the baby boomer's past. So as a result you have deflation which in such a big impact results in a recession. He predicted this recession years ago, as have many others, and has many predictions for the near future. For example when he moved to Miami a few years ago he chose not to buy and decided to rent knowing what would happen to the real estate market in the coming years. Since then some parts of Miami have dropped 80% in value. He also talked about how to use the current times to our advantage and what to do. It was truly mind opening. Find out more about Harry here www.hsdent.com/

Loral spoke about maximising your time, not wasting time with people that will drag you down and masterminding with people that will help you succeed. Specifically her speech was targeted to making money no matter what.

Joel Comm's was totally motivational. He was sincere and you could see that he really believes in what he does, and that anyone can do it (his mother even). He spoke about the internet and different ways to make money on the internet. Specifically he talked about using youtube, linkedin, facebook and twitter to get traffic and credibility and connect with people. He also talked about adsense and how he makes loads of money with it. And his IFART iphone application that has sold half a million units world wide! All in all it was a great talk, his was one I enjoyed the most. His website is http://www.joelcomm.com/

The last of the day was David Bussau, an entrepreneur who went from an orphan to creating Opportunity International, a self sustaining micro finance organization with the vision of ending poverty in this generation. It was inspirational and heart warming to see the change we can make once we "be the person God made us to be" as he says. I wrote like crazy during his talk, one of my favorite things he said was "Just be yourself because everyone else is taken". He was inspirational and truly touching. Visit Opportunity International here www.opportunity.org/ Oh and his organisation creates a job every 20 seconds of the day for people in developing countries.

We also got a chance to form mastermind groups which I have spoken about before and are a great way to hold yourself accountable to others in taking the actions necessary to make money. The emphasis of the day was definitely on taking action.

I got great insights and learned from those who have paved the way before us and network with like minded people. I also got a chance to interview two millionaires and set up an interview with a third. Great!

Making Money in Turbulent Times

I think when we go through a financial crisis the response as a society is "someone help us! Give us some money! Save our businesses or the company I work for! Save my house!" And so we see lots of government bailout schemes and stimulus packages to save the people from themselves.

The fact of the matter is the position of the economy is due to people's living outside of their means. At a national level and on an individual level. If we want to save the national economy, then we must take care of our personal economy.

Government Bailouts and Stimulus Packages do have short term results but they do not fix the underlying problem. It is people's lack of information about money, not knowing how to manage money and not knowing how to make money when they want or need to. Think about it, 99% of people are dependent on their boss for their income. If your boss doesn't want, need or can't afford you anymore, what happens? You have no income. You have to go look for another person to be dependent on for your income.

Of course, there is a place for employment, it is necessary in the post industrial revolution world, but if it's not the only source of income then when companies hit hard times, it doesn't matter, we can just go out and make more money anyway. We can weather the storm while we rebuild our reserves.

I think the real answer to situations like the one the world is in at the moment is education. We've all heard that "knowledge is power" but what does it really mean? I'm not talking about going and getting another uni degree so we can go depend on another employer for a slightly higher salary, who might not need us anyway, I'm talking about simple but effective training on how to really manage money. What options are there to really multiply our money? How can we increase our income without increasing our workload? How can we make money work for us?

The point is we have to be proactive as individuals if we want to make more money, and thrive in financial turbulence. When we become proactive as a community, as a country, then we will have a nation that prospers.

Get a FREE video about making more money with one of the world's best teachers today

Ways to Make Money (and wealth)

Now that I've decided how much money I want to make the next step is to get an idea of how I'm going to earn it.

If you don't make much money now, don't worry because it is not a limit on your future earning potential. The amount of money you make today will not stop you from earning more money tomorrow. It might take a little bit of time, but it is possible.

One piece of advice Bob Proctor gives is to think of the wealth you want and ask yourself:

"What service can I give that is worthy of that amount of money?"

Money is a result of solving someones problem, or filling a need. When you help people, they reward you, usually with money. Think about it. Fast food chains help people by giving them food quickly, it's convenient, it's fun for the kids, and what do their customers give them for it? Money! The guy who fixes your car solves your problem of your car not working, what do you give him? Money. If you want wealth, learn to how solve people's problems.

Some questions to decide what to do to make money:

1. What need do I see for a product or service?
2. What do I enjoy doing that can be turned into a source of income?
3. Who do I know that has achieved the amount of money I want, and how did they do that?
4. What money making opportunities am I all ready aware of?
5. How can I make the most of my current situation to create wealth?

Making money can be easy. Once you look for ways to make money you'll be surprised at how many wealth building opportunities are around you.

“Opportunity is missed by most people because it is dressed in overalls, and looks like work.” - Thomas Edison