The signs are there. Interest rates are rising, gas prices are surging, and the deficit is blowing up. A recession is right around the corner. This is the time to start thinking lean, and avoid any new long-term liabilities. For self-employed people this is especially important. People who own their own business are by definition, optimists. If they weren’t, they wouldn’t be self-employed. Optimistic people always think things will be great in the future. Latinos are optimists. I’m an optimist. However, this can be part of the reason we lag the population in terms of wealth. Here are a few tips that can help you prepare for the recession:
- Pay off credit cards and reduce your fixed liabilities
- Start saving more
- Remain liquid – if you have all of your wealth in real estate, you could be vulnerable, especially if you have a mortgage
- Avoid any new liabilities
- Attend conferences and network more – new business opportunities (or jobs) are out there
Conversely, fortunes are made during recession. Assets and companies are sold cheap during recessions and fortunes are made when the economy turns back around. Remember, cash is king. Lets get it right this time!
Professional investors know that the best way to make it big is to believe in something that almost everyone disagrees with - and be right. That could be a business idea, an investment opportunity, or a cultural trend.
NAHREP has reasons for both optimism and concern about a second Trump term...
With the presidential election only three weeks away, partisans on both sides are taking off the gloves with rhetoric that vilifies their opponents and fires up their minions. Most people believe that our country is more divided than ever. Indeed, the days when liberal and conservative candidates can debate their views respectfully seem like a distant memory. At the risk of oversimplifying things too much, let me cut to the chase about what is driving the divisions in the country.