“An investment in knowledge pays the best interest”-
Benjamin Franklin
Thanks, Benny. Really wish I would have found this quote before stashing money in the current dumpster fire that are stocks and crypto.
I know these are hard times. I don't live under a rock. While I am in a decent position economically, the headlines definitely scare me a little here and there.
I am not a trust fund baby, this business, the money I have saved and invested came from my time invested. Time I traded for cash that seems to be worth less and less daily.
I won't get into how much my portfolio is down, and we don't talk about crypto. But I will get into the reality that hard assets are currently very risky.
There are very few options right now where you could invest your money and get a guaranteed, life long return.
One of them is knowledge
In the last few years, we were living large in the US. We have printed crazy amounts of money, it was circling around in forms of cheap loans, cheap interest, stimulus checks…
I mean, people got rich off of a worthless digital coin with the face of a dog on it!
It was easy to make sales, people had all sorts of fake money and were not afraid to use it. But times have changed.
I am sure a lot of you have noticed the slowdown, and this will only get worse before it gets better. Have you noticed a lot of the volume resellers complain about crazy slow sales this year, low profits etc?
Here's the thing, a lot of people are getting trampled by the highest inflation in the last 40 years. Gas prices are insane. Food is crazy expensive, so the people that were shopping the lower cost goods earlier, who could splurge here and there are now having to decide between filling their gas tank and buying chicken.
A lot of people no longer have that disposable income. But here's the thing… people are still spending money. Everyone is aware that these are hard times and our purchasing power has gone down, but some people can and will still shop.
I always think of my cousin and her husband. They are both mid 30s, they have dual income, no kids, no mortgage and very little debt. Yes they complain it is way more expensive to fill their gas tank, and they are being better about silly spending, but they can still shop and eat out.
The question we must ask ourselves as business owners is, who still has money (client profile) and what are they spending it on (consumer spending habits)?
I can help you answer that.
I have seen sales slow down a bit this year in terms of units, but my average profit is WAY up and I am having the most profitable year to date (not counting my consultation income).
It is more important than ever to get structured, be organized, and be strategic. Money is no longer being thrown around like it was in the last few years. Consumers are scared and they are being selective.
It is imperative that you learn to read and understand data so you can make more informed decisions on sourcing and pricing.
Unless the headlines just scared you out of the business and you are about to fire sell your stuff and bounce, you are going to spend the money anyway. Will you keep spending it on the same product and get the same results?
Or will you invest it in a course that could help you make unlimited profits (as long as you stick to the plan and stay accountable, duh)
Knowledge is the only investment that can guarantee an unlimited payout.
What you learn now will pay off of forever. As you put the knowledge and research to use, you will get better and better at the game of business.
I am not saying you will not be in for some lows, we all are, it is unavoidable. But now is the time to learn to run on numbers and facts, before feelings and emotions take over and you panic sell your stuff and quit, or get completely burnt out for very little pay.
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