IT IS 2008 ALL OVER AGAIN
Updated: Feb 12
I was creating my Masterclass for this week and it caused me to think back to 2008.
More than likely you did not know me in 2008. At that time I was not traveling the world speaking with my own business, but instead I was working in corporate America following the orders of my manager. 2008 was a great year until about September when I was laid off from my job and found out I was $50,000 in debt.
That part of my story you know if you have ever seen me speak on stage, read either of my books, or follow me on social media.
What you don’t know is the fear I had during that time.
The sleepless nights.
The chest pains.
The deeper story of my 2008 is that in one phone call I lost my salary (60% of our household income), a car, and healthcare. I had a one year old at home who needed his one year old check up and my health insurance was gone. We had only been in the house for a year and majority of the income that paid the mortgage was gone!
My back was against the wall and that wall was attached to my back until I landed another job four months later. After I started receiving a paycheck again I was able to take the steps to pay the $50,000 of debt off in two years.
Why do I share all of this with you?
It is because we are right back in 2008 again. We are in a recession and people are losing jobs at a record rate. The culprit this time is a virus and not the bad behavior of banks, but the financial threat is same.
In fact the financial threat may be even greater because it is happening fast, and touching multiple industries.
Even hospitals and higher education institutions are laying off people.
No one is safe.
The night that I was laid off I made a promise to myself that “I would never be in this position again!” The position of worrying about my finances.
During this recession my life looks a lot different than 2008.
This economic downturn is not affecting my finances. I am sleeping great at night and making financial moves to put me in an even better position once this is over.
The reason I am in this position is that in 2008 I realized there were winners and losers.
I was a loser, because the world was on sale and I could not take advantage of it. I was in survival mode while others were able to take advantage and make a lot of money.
Today looks a lot like 2008, but the opportunities are even greater and more widespread.
I’m not talking about the stock market and foreclosures.
I’m talking about student loans, unemployment benefits, payment delays, travel deals, paycheck protection program, and much more.
There is a lot of devastation during this time, but there are also a lot of opportunities.
If I had the opportunities being presented today in 2008 I would have been able to pay off the debt faster and build wealth at the same time.
I went deeper into those opportunities in my Masterclass this week. I shared strategies to take advantage of this situation so that you come out better financially when this is all over.
Those attending the Masterclass learned :
1. How to maximize their stimulus check so the money is not wasted
2. Learn the strategies to pay off their student loan debt faster
3. Know how the new unemployment benefits work and how while finding a new career they could still build wealth
4. Understand the ins and outs of the Paycheck Protection Program so that they could take advantage of it as an entrepreneur/ small business owner
5. Understand where to put their money during this time so that they come out of this in a better financial position
My goal was to help those who feel financial anxiety to develop a strategy and plan during this time to come out better financially in the end.
During this time it is possible that thousands of dollars will come through your hands. Those that know the strategy will be the ones who will keep most of that money when the flow stops. This is 2008 all over again with a recession, but there are also opportunities.
Big opportunities ready for the taking.
What will you do?
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