The economy versus “YOUR economy”: How you can focus and explode your wealth even during a recession or even a depression!
Several years ago I was working as the marketing director for a small dental corporation that had several locations around the greater Sacramento area. Our company had started a new training program to help increase business growth, train employees to be better salespeople, and ultimately increase profitability.
As the marketing director I was sent to a marketing workshop training in Atlanta, Georgia that was put on by a company called “The Scheduling Institute.”
The Scheduling Institute is a consulting firm that was founded and is lead by a really cool guy named Jay Geier. They focus on dentists, chiropractors and plastic surgeons and help them explode their business by teaching them the business skills that most practicing doctors need help with.
This is a great niche because if you think about it… most dentists and doctors went to extensive schooling to learn just one thing: their area of practice. They go to dental school to learn to work on teeth. They go to medical school to learn to be a doctor. They do not go to school to learn how to start, operate and grow a business.
While I was at this marketing workshop in Atlanta, not only did I learn a lot of valuable things that helped me grow the dental business I was working for, but I picked up a lot of value that I have been able to implement in my own financial life! Jay Geier actually put on the workshop/seminar by himself and I really learned a lot from him. I learned a lot of things were never taught to me in business school.
Although the workshop was mostly about marketing specifically, he did have a few sections of the course that were on business and personal finance.
During this portion of the class, Jay talked a lot about the difference between “the economy” and “YOUR economy.” There is a BIG difference. There are things that are simply out of your control that you can do absolutely nothing about. He would say “so stop worrying so much about them!” The best thing you can do is to focus on everything that you have COMPLETE control over… “YOUR economy.”
Below is a picture from the binder which was provided to us at the workshop that helps describe what he was talking about…. And this picture is now pinned up on the wall in my office so that I can refer to it on a regular basis (all credit given to Jay Geier and The Scheduling Institute).
This graphic really had a big impact on me. During that time we were in the low point of the great recession and this was like a beacon of light that really got me motivated and inspired. There are things that each of us CAN do… no matter what the economy or other outside factors are doing.
This training course was years ago… but I recently just watched a Grant Cardone “Cardone Zone” Youtube episode where Grant spoke on something very similar to this topic. Definitely check out the video when you are done reading, here is the link: https://www.youtube.com/watch?v=-bCouiGFR-A
The point is… it is very easy to get distracted or dragged down on all of the doom and gloom of what is going on around the world. Living in California, I constantly visualize myself leaving the state someday soon to a more business and tax friendly state.
The problem is that all of my family and my wife’s family live right here! We would be leaving everyone if we left. I want my son (and future children) to be able to grow up around his grandparents! Because of this, it constantly puts me in a negative mood and I get extremely frustrated with the political bullshit of California…. and that’s a big problem. I don’t need any negativity! All that that does is drag me down. All negativity needs to be shut down immediately, I don’t have room for it in my life.
When I begin to feel this way I try to just focus on “MY economy.” I think of specific actions that I CAN do that will improve my situation. As we saw on Jay’s graphic above, I CAN focus on things such as:
- My thinking
- My family
- Daily transfers (paying myself first)
- Positive mental nutrition
- Positive habits
- My vision
- Not making excuses
- Investing in things that will increase my income
- Building the best team possible
- Investing in myself
- Leadership opportunities
- Family experiences
- Calendar (specific timeframes on my goals)
These are all things that, no matter what is happening in politics or the economy, I can personally control and continue to improve. With this kind of mindset, you can literally become unstoppable!
In the Grant Cardone video I mentioned, Grant talks about how a recession is nothing more than a psychological effect on a population. If we enter a bad recession and see a very high 20% unemployment…. We are still forgetting to realize that 80% of the population is still employed!
Your odds of getting laid off or fired are just 1 in 5. Most people are still alright. They are still paying their mortgages. They are still picking up take out food every now and then. They are still going to the grocery store every week. Yes, people don’t spend as much money and so the entire economy does slow down, but that doesn’t mean that YOUR economy has to slow down!
In fact, during a recession is a great time to expand your wealth! It is a commonly known fact that there were more millionaires made during the great depression than in any other time in history!
This is because a recession/depression means that assets go on a fire sale! Businesses, stocks, real estate… everything becomes extremely cheap! If you are always focused on “YOUR economy,” when the economy starts to slow down or tank, you are in a perfect position to jump on these opportunities left and right! It is actually exciting.
Get focused on “YOUR economy” and start caring less about all of the things that are outside of you control!
Credit given to Jay Geier and The Scheduling Institute for the Infographic: https://www.schedulinginstitute.com/
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