By all accounts, the pandemic is far from over, and if you are lucky enough to be employed right now, you probably shouldn’t be too financially complacent. Last quarter, U.S. GDP, dropped 32%, the biggest quarterly decline in American history. While some people think the economy will miraculously bounce back when we have a vaccine and the pandemic is over, I’m not so sure. There are millions of businesses that will close for good in the coming months and there will be a lot of people unemployed. I think the worst of our recession may still be in front of us. I’m not trying to spread doom and gloom, but trying to encourage caution. I would advise everyone to reduce their long-term financial obligations and remain as liquid as possible. Real estate is almost always a good investment, but it is not the most liquid, so make sure if you invest in real estate, you have plenty of liquid assets that you can tap into if you need them. Small landlords are getting hurt right now because a lot of people are not paying rent. Cash is king, so it doesn’t hurt to keep some money in cash, and if you invest in a business, invest in something with a relatively low-cost structure, especially if you are closer to retirement than you are to getting started. Low cost, high-margin businesses are always the best for smaller entrepreneurs – especially in times like now. Stay liquid, my friends…
NAHREP shares data at conferences to build a more accurate narrative about the Latino community from an economic perspective. Sharing that data with attendees, influential business leaders, and media at the event helps achieve that goal while arming them with information that can give them a competitive advantage with their businesses.
The best businesses and the most successful people don't just perform a task and make money. They solve a problem or facilitate an opportunity. Uber, Tesla, Apple, Netflix, and Microsoft approached their business with that mindset. They were designed to solve humanity's most significant challenges and opportunities. However, even the smallest companies can develop solutions that people care about.
There are two types of people in the world: those who add stress and those who subtract stress. Simon Sinek says...if you must choose between loyalty and productivity, always go with loyalty.