In his blog post “How to Make Lots of Money During a Recession,” Steve Pavlina gives the upside of a down-turned economy. All in all, I agree with Steve’s sentiments.
Here’s the truth, folks. You can make money whether the economy sucks or everyone’s riding high on a great wave of money. And if you don’t know that you can make lots of money no matter what’s going on in the world around you, it’s time to re-educate yourself about how money works.
When the economy’s heading south, the best thing you can do is sit still. If you’re employed, hang in there. Don’t offer to leave in lieu of a nice severance package, don’t start a business that no one wants, and don’t listen to the media.
The worst thing you can do is make hasty decisions based on what others are doing. Truth is, the crowd usually gets it wrong.
Ways to Not Freak Out or Be a Freak During a Recession:
- Turn off the television.
- Ignore negativity from family, friends, acquaintances, and anyone else who spews bad vibes.
- Stay balanced and peaceful.
- Create your own reality.
Steve says, “We can live without…gas-guzzling SUVs for a while. Those non-essentials can be put off.” Obviously Steve Pavlina’s never been to Texas. Bigger is better here, whether you’re rich or poor! (Not that I disagree with Steve – SUVs and pick-em-up trucks on Texas roads do nothing but guzzle what little gas we have left on this planet. Just try taking those big, ugly toys away from the Texans that own ’em. Them’s fightin’ words!)
I’ve heard, first hand, from middle class folks who lost their jobs in 2007 and 2008. These were good people, working in the high-tech industry in Austin, with families, mortgages, car payments, and credit card debt. Add to that no income, no severance pay to speak of, and no more health insurance. The result was a group of ashamed, bewildered people who were down on their game. Things like losing your job wasn’t supposed to happen to them. After all, Austin’s a happening place with plenty of money, right?
It’s very true. Central Texas continues to attract businesses, and people from around the nation are flocking to Texas. Doesn’t mean there won’t be some companies that have to pull back and tighten their belts due to over-expansion.
I hope that by now the people I met back in 2007 to mid-2008 have started their own businesses and are doing fine.
I know the recession happened. I’ve heard how hard it’s been for plenty of folks over the past five to six years. I still don’t see it, however. Maybe it’s the area where I live, maybe I see what I want to see, or maybe the reality I’ve created is bomb-proof. Not sure where the insulation comes from, but I truly believe that if you don’t buy into it, it’s not going to happen. Or at the very least, you’ll be minimally affected.
What to do During a Recession:
- Fill the void and provide what people need and want.
- Remember that no matter how bad times are, some people still have money and are spending it.
- Be creative and think from a higher place.
There are holes everywhere that need to be filled. There’s always a way to make money, and it makes me sad to see people thrashing about and agonizing over not having money. I don’t know, call me overly ambitious I suppose, but if I wanted money, it’s never been a problem. If I told myself there was a cap on my income, then I had problems with money. When I felt unworthy and undeserving of having money and nice things, guess what? I had no money and I didn’t have nice things. And those little opportunities to make money in different ways were non-existent.
When I’ve looked for ways to make extra money or start a new job, the path was always wide open. All I had to do was make up my mind that things would be a certain way and so it was.
Manifesting Money and Providing Value
Steve isn’t shy about the fact that he’s against manifesting money. Course, it’s easy to say this when you’ve got plenty of money. I disagree on this point, too, simply because manifesting money and financial abundance doesn’t mean your focus is only upon separating cash from people’s wallets. I think that you can focus on manifesting financial abundance and money AND deliver quality, value, and good will.
It depends on your personality and what you’re about.
Steve is absolutely right when he suggests businesses that don’t offer value for their customers will find themselves without any customers.
I think having money goals, and very clear ones at that, are the foundation of creating money. For me, knowing how much money I need in order to create a better lifestyle or simply pay the bills is imperative.
Focusing on money to the extent that you mistreat others through manipulation or lies or tricks is wrong, however.
Being at Peace No Matter Your Financial Situation
Steve speaks from the heart when he says, “If I could learn and apply this lesson while going bankrupt and having less than $100 in the bank, surely you can apply it today.”
Since I walked away from my healthcare position and into the world of self-employment, I’ve had the mindset that being self-employed would work for me. No. Matter. What. In spite of some speed bumps, self-employment has worked for me, and is infinitely better than being someone’s employee.
And I think this is what’s carried me through the past six years. Guts, determination, and a clear vision of where I was going and what I wanted to do.
How can you find peace when everything around you is falling apart? Sit still! Like I told you in the first few paragraphs of this post, sometimes doing nothing is the only way to go. It’s especially the best way to go when you’re tempted to do things you’ll regret. Or engage in non-productive activities that lead you away from your goal instead of moving you towards it.
Some people find peace through mundane activities like doing dishes or cleaning the house. Others find meditation or deep breathing to be relaxing and balancing. However you get to a place of peace, do it and stay there. Balance is how you move forward and make good decisions for your future.
When you’re broke and bill collectors are nipping at your heels, the urge to hide and panic is real. Hiding isn’t going to solve your money problems, but work will. Panicking doesn’t help you work efficiently, so forget about being a freak. Go about your business as usual and make money. This economy offers a multitude of solutions. The money may come quickly or it may come slowly, but I promise there’s a variety of new ways to create cash flow into your life.
Where Steve and I Disagree
Steve says recessions are necessary and that they weed out businesses that aren’t needed. Steve also says it’s better for thousands of people to be out of work than to continue to work for businesses that are antiquated. I disagree with this – it’s never better for people to be looking for work when they could be productive. This latest recession is living proof of what happens when people get laid off or fired – we have millions of people who’ve existed solely because of unemployment benefits and state programs like Medicaid, food stamps, and WIC. While I agree that some companies are dinosaurs that need to get with the times, people out of work isn’t good for our country, and it’s not good for the economy.
As I see it, people who are out of work are looking at employment the wrong way. Just the other day, there was a woman who was discouraged about finding a job. I hear this complaint again and again. Thing is, this woman, like so many others, has marketable skills. She has a good education. She knows and understands people and this woman knows her way around the online world. Why not start a company using the skills she has? That’s exactly what I told her, and I hope she takes my comments to heart. There’s no reason why she shouldn’t be able to start a viable, money-making business.
People want to be employees. It’s a sickness in the American culture. What blows me away is that people still crave being an employee – people who are perfectly able to freelance or start companies. I, too, used to think this way, but I moved with the times out of necessity.
You must move with the times if you want to succeed. Being an employee is dangerous in today’s world where nothing is permanent. Starting your own business or freelancing is the only way to fly, as I see it.
And folks, that’s how you make lots of money during a recession.
- Figure out what you want to do.
- Determine if there’s a market for it.
- Create a product/service that delivers high value to your market.
- Rinse and repeat.
- Move with the times. If the market changes, change your business model.
What have you done to make money during the recession?
If you want to read Steve’s post, you can find it here.