Most advisors recommend you pull back in a recession, and, to an extent, they’re probably right. Maybe you can find ways to cut your monthly costs. I’m not very good at that, but I try.
What works best for me seems to be raising revenues. Plus, if I’m helping clients buy a business or some real estate, I like to do that in recessions when sellers seem a bit more reasonable.
The idea is simple: buy when everyone else is selling and sell (if you want to) when everyone else is buying. Mind you, easier said than done. But as an example, I’m currently helping a nice couple buy a cash-flowing mini-storage operation for low-seven figures which we reckon will be worth over $5 million after this recession ends.
Anyway, I wrote a mini-handbook that addresses some of these matters (actually quite some time ago) but it still seems relevant today. If you’d like a free copy, you can download it from Dropbox using the link below. Let me know if it helps you.
Here’s what the handbook covers:
- How to boost your income and reduce your costs
- How to get a free home
- How to raise cash and build in a recession—what Conn Smythe did in the Great Depression (1931) to erect Maple Leaf Gardens in Toronto by issuing “scrip”—lessons for today
- How cities and towns did it too—like Calgary issuing the “Calgary Dollar” and Peterborough with their “Kawartha Loon”
- Why Fast Money Wins: Revisiting and rethinking Robert Kiyosaki’s Rich Dad Poor Dad lessons
If you need any business or real-estate coaching, or some realtor help buying, selling, or increasing revenues from your properties, reach out and let me know.
Kindest personal regards,
Bruce
Bruce M Firestone, B Eng (civil), M Eng-Sci, PhD
Real Estate Investment and Business coach
Ottawa Senators founder
ROYAL LePAGE Performance Realty broker
613-762-8884
brucemfirestone.com
https://www.linkedin.com/in/profbruce
• MAKING IMPOSSIBLE POSSIBLE
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