I recently read an article on Business Insider about how Michael Burry, the famous investor who called The Housing Crash, thinks āthe mother of all recessionsā is coming.š§āš»
Like most people, whenever I read articles like that, I feel a tinge of panicā¦š±
āOh no, what if heās right, I need to start getting my house in order NOW.ā
But hereās the truth:š¤
While we should always be antifragile and prepared for a downturnā¦
We also canāt live our lives in fearā¦
The article made me think back to early 2018 when I did my first RMBC Eventā¦
At that point, pretty much everyone thought that a recession was ādueā (and many had been saying that since 2016 at least)ā¦
So a major downturn felt like a foregone conclusionā¦
And during my two-day event, I even had a portion about how to safeguard your business when a recession hits.
We also canāt live our lives in fearā¦
Especially when literally nobody can time the market or predict its movements with any degree of certainty.
The article made me think back to early 2018 when I did my first RMBC Eventā¦
At that point, pretty much everyone thought that a recession was ādueā (and many had been saying that since 2016 at least)ā¦
So a major downturn felt like a foregone conclusionā¦
And during my two-day event, I even had a portion about how to safeguard your business when a recession hits.
Turns out, instead of a recession, we saw three more years of insane economic growthā¦
Now, does this mean there wonāt be a recession in the next 6 months? Or the next year? Or the next two years?
No clueā¦
And the truth is, you donāt have a clue eitherā¦
And neither does your really smart friend who studied economicsā¦
Or that guy you follow who predicted two of the last three crashes.
So given all of thisā¦
The best thing you can do is keep on plugging awayā¦
While remembering that an insane number of millionaires were born during the Great Recessionā¦
Just like in the Great Depression.
Iāve actually spent a ton of time studying the companies that thrived back during the Great Depressionā¦
And you want to know what their #1 secret was?
They basically just decided to pretend the Great Depression didnāt exist.
In other words, they didnāt stop advertisingā¦they didnāt constantly talk about how tough times wereā¦they didnāt panic fire a bunch of employeesā¦
Instead, they just carried onā¦
And fortunes were made.
Knowing this history helped to inform my decisions at the start of COVID as well.
Last spring, when everyone was starting to freak outā¦
I made a decision:
āIām just going to run all of my businesses as normal and operate under the assumption that COVID wonāt negatively impact them. Iām going to advise all of the members of Copy Accelerator to do the same thing. If I see really strong evidence to the contrary, Iāll adjust at that point.ā
Well, no contrary evidence ever surfacedā¦
Instead, I had one of my best years ever from a financial perspectiveā¦
And so did the vast majority of people in Copy Accelerator.
Granted, weāre fortunate to be in digital marketing/eComm and not restaurateursā¦
But the point remains:
If weād freaked out, we would have missed several months of incredible sales and growth opportunities.
So yeah ā my advice is to not worry too much about what the pundits say.
Are you a feeble feather who gets tossed around by the changing winds?
Or are you an anchor, someone who is strong and steadfast no matter which way the currents pull?
I like having the attitude of someone who is unf*ckableā¦
Meaning: bring it.
Whatever it is, Iāll find a way to thriveā¦
And itās not just a machoism thingā¦
Itās the same mindset you need to bring to your life and your business every day too.
Ā
ā SPG
P.S. This post originally came from an email I sent to my private list. If you want to see more stuff like this from me, you can apply to join my list using this link