435: 4 Strategies to Thrive in the Next Recession

Achieve Your Goals with Hal Elrod

Hal Elrod

Education, Self-improvement, Business

4.8 • 1.5K Ratings

🗓️ 22 June 2022

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

If you were to lose half or more of your income in the next few months, what would you do?

I ask you this question because that's exactly what happened to me during the Great Recession of 2008, and many financial experts are forecasting that the next recession could be right around the corner.

Today, I want to share with you the four (4) things I did in 2008 to turn my financial situation around and literally double my income (in only two months) at the height of the Great Recession, so you can be prepared to do the same.

In today's podcast, I want to share the story of my financial journey. Then, I want to present four strategies you can use to thrive during a recession, what I'm doing now to prepare for a potential economic downturn, and how you can use these same techniques to thrive no matter what happens!

KEY TAKEAWAYS

How a listener's critical comment inspired me to record today's episode.
My financial journey from painting decks at 9 years old to becoming a full-time entrepreneur.
Why it took me many years to establish a meaningful passive income—and the experiences that taught me the value of thinking outside the box.
Why my coaching business fell apart in the wake of the Great Recession and led me to the concepts and ideas behind the Miracle Morning.
The ONE question I asked in 2008 that I'm asking again now.
How optimizing your mindset, learning new strategies, asking for help, and getting creative can help you establish new sources of income, even during a major economic recession.

Get The Full Show Notes

To get full access to today's show notes, including audio, transcript, and links to all the resources mentioned, visit MiracleMorning.com/435

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I would love if you could subscribe to the podcast and leave an honest rating & review. This will encourage other people to listen and allow us to grow as a community. The bigger we get as a community, the bigger the impact we can have on the world.

To subscribe, rate, and review the podcast on iTunes, visit HalElrod.com/iTunes.

Connect with Hal Elrod

Transcript

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0:00.0	Hello and welcome to the Achieve Your Goals podcast, the show that empowers you to wake
0:06.1	up to your full potential and achieve your biggest goals and dreams.
0:09.5	I am your host, Hal Elrod, and I invite you to join us each week as we share actionable
0:14.2	strategies to take your life to the next level, as well as interview world-class experts
0:19.0	and entrepreneurs who have achieved extraordinary goals themselves and we ask them to give you
0:23.8	a peek behind the curtain and teach you exactly what you need to do to do the same.
0:28.2	Ready?
0:30.2	Welcome to today's episode.
0:33.0	This is Hal Elrod and we are going to talk today about four strategies to thrive in the
0:38.5	next recession, not just survive the next recession, but to thrive in the next recession.
0:43.5	And when is the next recession, depending on who you listen to, right?
0:46.4	Some experts would say it's upon us, some would say it's right around the corner, regardless.
0:50.8	What I'm going to share today are the four strategies that I implemented in 2008 when
0:56.5	the Great Recession was upon us, the Great Recession to put it not lightly, it kicked
1:01.8	my ass.
1:02.8	I lost over half of my income, the bank foreclosed on my home.
1:06.3	As a result, I got pretty depressed and I really felt hopeless.
1:10.2	However, in the midst of clarity, a moment of clarity, I turned things around in a very
1:16.4	short period of time.
1:17.4	In fact, it was less than two months that I more than doubled my income in a declining
1:22.7	economy, meaning it's an important distinction that this wasn't after the recession ended
1:27.9	and the economy was on an upswing.
	...

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