An Upcoming Recession? – Episode 326

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[00:01] Welcome to the Prosperity Podcast. On this episode of the Prosperity Podcast, we’re going to be talking about the noise, the chatter, the fear of an upcoming recession. We’re going to see if it’s going to happen, when it’s going to happen, and how to prepare. How does that sound? Well, it sounds awesome. And I just have the best news in the whole wide world. And that’s that we may not need to worry about it at all. How about that for a little carrot on the stick? Yes, yes. So we’ve talked in the past about certain things that you can do to prepare, including like have some food stored and water and batteries and make sure you’ve got multiple incomes and you’re really on target at your jobs or businesses, etc. And now I want to talk about

[00:50] the monetary side of it and also the mindset side of being prepared for said recession. Okay, good. So the monetary side and I think this is one of those episodes where a lot of people are tuning in because they respect the advice that you have, the insight, and as well, I’m sitting on the edge of my chair wanting to hear. Oh, I cannot wait to share what I just learned about last week, which is a book by Peter Zain, Z-E-I-H-A-N, and it is called The Absent Superpower. Now he has another book called The Accidental Superpower, but the Absent Superpower is the more current one. And if you’re not a reader, you can go onto YouTube and search his name, Peter Zain, Z-E-I-H-A-N, and the specific YouTube that I think would be

[01:48] helpful to you is called the Gulf Power Economic Symposium Number 21, Gulf Power Economic Symposium Number 21. And in his book and his talk, he’s a very interesting speaker, supports literally with more graphs and math than I’ve seen in a long time, the fact that America will remain a superpower and that it’s absent on the world stage because for the last couple years, we have been energy independent, meaning we have not had to go outside our borders to get energy, oil, gas, the things that run our economies. And lest you think, oh my gosh, we’re all about green, like oil’s dead. No, no, no. You cannot motivate big things to move with solar and wind power. Cars, absolutely. But anything bigger than that, no. Knowing that we are energy independent, super, super helpful,

[02:58] knowing that there is enough shale in our dirt and rock in America with an ocean on either side and a river system that is amazing, will give you so much confidence, not only in the ability for the United States to withstand a recession, but the ability for the dollar to remain the economy’s measuring stick of choice. In other words, the dollar will continue to be what everybody worldwide wants to use for their monetary system. That is so true. You know, as, as attractive as it would sound to have a Zimbabwe hundred trillion dollar bill in my pocket, I’m happy to keep the dollar that we have right now. Absolutely. And what’s so fun about Peter’s work is it really just gives us confidence. And I hear questions a lot of like, what’s going to happen if the dollar

[04:02] fail? My cash value of life insurance is stored in dollars. How am I going to deal with that? And so Peter absolutely has proof that I want our listeners to go get for themselves so that you’re not taking the confidence from my words, but from his words, that the dollar is there to stay and we don’t have to worry about it failing in the sense that people are bringing up. And so because of his very high mathematical and graphical proof of this point, I think that there’s a lot of confidence that we can get there. So now turning to the recession from a mental standpoint, the biggest suggestion that I can give you because the dollar is being supported or not, you know, that’s one issue us going through recession. That’s another issue. Just choose not to participate.

[05:00] There is so much mental aspect of recessions that is out there. And quite frankly, the press right now, late in 2019 is trying to get us into a recession mentally. And so if you as a person, you as a business owner, you as your family choose to take a stand on that and say, I’m not going to participate, my business, this team is not going to participate in that recession. So we have, as we’ve been speaking here, the strength of the dollar, one subject recession, yes or no, another subject stock market prices, another subject, and all of these things have a mental atmosphere, a mental standpoint to them that we can focus on what we can control. We cannot focus on what we cannot control. We should not focus on what we cannot control.

[05:59] So as an example, working backwards, we can’t control whether stock prices are up or down. They’re going to do whatever they’re going to do in their wandering fashion. I’m going to keep using that word since you said it was cool. And we can choose whether or not we’re going to focus on them. Same deal with recession. The press or some certain statistic might say that we’re in one, but you focus on what you can control, which is your mindset and your team’s mindset, including your families and whether or not you participate. And I do not say this lightly because this is the mantra that I went into the 2008 and nine debacle, I guess we could say with, and it worked. It helped pull us and everybody that we touched out of the mental

[06:50] quagmire that was so prevalent in those times. And then what follows our financials, sometimes our health and how we do in terms of serving others out in the marketplace, which is what business is all about. Absolutely. So here I’m going to self admit I was a complete moron on something that I should have known. And it’s totally related to this conversation about the recession. As I was doing some research, I read, and I didn’t know this, but you probably do, Kim. Do you know the period in time of history? And we’re talking years and years of history that we have both in America and Europe for where we came from. What period of time had the most millionaires created? Oh, wait, no nine. Oh, wait, no nine. Okay.

[07:46] Do you know the other time that it happened as well? The depression in the late twenties. That’s it. Now with the news, with the people that are scaring us, think to say that absolutely not. They’re not going to say that that’s when the most millionaires were created during times of difficulty. The people that thought with prosperity, the people that had cash reserve, the people that were entrepreneurial, they made it. It happened. So I think we are in a way, we’re trying to say the news might be purporting this recession and some people might experience that personally. I don’t think it’s going to happen. I agree with you, Kim. It’s such a wonderful freeing environment to just choose to let that go,

[08:36] to actively not participate. And not participating doesn’t mean sitting on the sidelines and wishing it would get over. Active non-participation is a mental game. And sometimes it must be played daily. Absolutely. It must be played daily. So as you get done speaking, as you’ve done at events or you’ve met with other people, I would imagine oftentimes they want to get that personal advice from you saying, Hey, I’ve heard that the market’s going to crash. What should I do? So if one of our listeners came up to you and they had a question like that, what’s the quickest, most surefire advice that you could give to them? Focus on your thinking first. Make sure that you feed your thinking every morning with

[09:24] inspiration, whether it’s spiritual or just some type of mental slash inspirational information. Start there. Do not start with news. Absolutely. And don’t end your day with news either. Well said. And then I think the next is you become very much a product of what you are. And so if you’re trying to grow a garden, you probably want to put the very best nutrients into the ground and you probably want to take care of your plants. I would imagine that our brains are a little bit more important than a garden. Absolutely. And it’s so fun to be able to water it and feed it. And then I think too, people are looking for a specific cash idea. And that is to have cash, like store more cash, save more money. The act of saving as a verb, that will give you peace of mind and

[10:20] financial freedom with which to go forward, whatever the case may be. Because as we know, if we do end up in a recession, then there will be opportunities and you want to be ready to take advantage of them. Absolutely. Well, listeners, thank you for listening to a way that you can become more prosperous. Now, one of the things that you can do as well to become more prosperous, again, as we’ve mentioned, is making sure that you have the right thoughts and you’re consuming the right information and you’re around the right people. One of the things that I do, and I know Kim is an avid learner as well, is we’re always trying to sharpen our minds and learn the most things that are relevant to either our

[11:04] business or whatever it is that we’re interested in. And depending on who you are and how you learn, I would imagine as listeners on this podcast or audio and video learners, one of the things that I love is that new video course you created. It’s academy.prosperitiesforprosperity.com. And it’s that course about whole life insurance. And it’s like the 101. It’s like the most fundamental bedrock information. Would you help our listeners understand what that course is about? Absolutely. It’s been a fun one to create because it’s specifically for people that already own whole life insurance. And so much of the information out there on the web is to try to get you to buy whole life insurance. And that’s awesome. But what about when you own it?

[11:51] How do you learn more about it? How do you relearn? Because sometimes it’s easy to forget. And how do you really be confident about what you already own? This is what the course is designed for. So whether you bought whole life from us or somebody else, I really encourage you to get into this video course and benefit from the wisdom that is there from a person who has owned whole life insurance for almost 30 years. Wonderful. So we’ll make sure to put a link to that inside the show notes. We really want to share the message of prosperity. And regardless, if you think that there’s going to be a recession in the economy or a recession in your household, we both believe that you can turn that around and create some more

[12:36] prosperity. And we invite you to learn a little bit more through that training course that Kim created. So we’ll put a link inside the show notes. And before we part, I would love for you to share one more gleaning thought that will help maybe some of the children listeners. So adult listeners, what could they share to their children so that they prepare to recession proof themselves? Well, I think that’s a great question. You know, who knows what kind of comments the children are hearing at school because many times their teachers may not understand at all. And they’re just parroting what the teachers heard in the press. So the gift that I think we can give our children is to help them understand that there are economic cycles

[13:27] and you can explain this very simply, depending on the age of your children. The Tuttle Twins books are a great source if you feel like you need some help in that area. So maybe we can include a link to those as well. And because children don’t have a good sense of time, they may think that this thing called a recession is just going to last forever. And you can help them understand that it’s often part of a business cycle up down wandering around. Right. And so that may help them because they don’t have a good sense of time, understand that it’s actually a very short period of time. I think most recessions last something like 18 months or something like that. And then also again, to reiterate the value of savings of deferring enjoyment. We all know the marshmallow test

[14:20] with the children that were able to defer enjoyment and how they got more because of it. That’s a good skill that children can be taught as well. And I’ll just even share how our family has handled it. And I’ve shared it before on the podcast previous is the whole idea of lean years and green years and getting the children involved. Like this is a lean year, so we’re going to make decisions this way. This is a green year. So we’re going to make decisions this way. Or you could go lean months and green months if that’s easier for you. Wonderful advice. So listeners will make sure to put all of those links inside of the show notes. And we want to thank you. Sure. Gratitude for listening and participating here

[15:00] in this podcast with us. Thank you for listening to the Prosperity Podcast to take control of your money and have it work for you. Visit us at partnersforprosperity.com. If you liked this episode, make sure you subscribe and leave a review.