2020 was an intense year for many people...
This past year is definitely one for the history books.
I want to share my personal lessons that I learned from this past year that could impact you and the way you approach 2021.
Video Version:
1. Turmoil Creates Opportunity
This isn't a new concept.. In fact when you think about when the real estate market crashed over ten years ago, there was still opportunity to be had. Renters were able to get good deals and Real Estate agents were, too.
In times of turmoil, there is opportunity.
When you think about 2020 - the stock market sold off SO heavily in the beginning of the year.
But if you didn't panic, the majority of the stock market has rebounded and is at all time highs.
And if you weren't in the stock market, it created a huge opportunity to buy stocks at a reasonable price and make some serious money.
A lot of young investors or new investors have been able to get into it because of the big swing up near the end of the year.
2. A Bad Year is Not a Bad Year for Everyone
We of course are very sympathetic to those who have lost their job or whose companies suffered.
Thankfully though it was not a bad year for every industry - for example, Amazon and Apple did very well this year.
It was a good year for some people no matter what spectrum who you were on the playing field.
The question I want to ask myself is: How can I ensure I pivot to make sure I am recession-proof or have more skills in order to transition when needed?
3. Prepare for Any Season
With respect to this point, unfortunately there are companies out there who didn't see the need to have an online or social media presence.
When the pandemic hit, they were not prepared to have to reach their clients solely online.
These businesses got caught off guard.
Same with the stock market... when it crashed, it was great opportunity to get in at a reasonable point.
But if you didn't have the education or knowledge about trading, unfortunately you were probably not ready to take advantage of the ride back up.
4. Get it While the Getting is GOOD
I know a lot of company owners that were doing really well, so perhaps they didn't pay their taxes in advance or pay off their equipment etc... and instead had more "fun" with that money.
They believed it would always be good - and then boom a pandemic.
If you were managing your money properly and putting some aside for an emergency account, you likely found yourself stressed.
You want to take advantage of opportunity while it's there.
And I think the "good" will be GREAT in 2021 as the vaccine and other elements start to role out.
5. Preparing for "Down Time"
If you follow me on Youtube, you saw that I was able to make $400K in one trade last year.
Usually, I would put that back into the stock market.
But instead, I decided to pay off the rest of my mortgage.
I had the foresight to be able to reduce our debt (actually became debt-free).
Sometimes in life, it's about not losing more money and removing stress, instead of making more money.
Taking the stress off of paying the house was HUGE for me and my family.
Sometimes you need to take care of things to ensure a more secure, less stressful future so just in case something bad happens in the future, you are prepared.
6. Bad Things Happen to Good People
The pandemic didn't care who you were as a person with respect to the fact that it effected us ALL.
Sometimes people think when you are a good person, you won't get affected by bad things.
You have to recognize that no one is immune to unfortunate circumstances.
You can't use it as an excuse to ignore some of the other things, like preparing for the future or 1-5 lessons learned above.
7. Tough Times Don't Last - Tough People Do
We have seen the economy close, open back up, close back up...
If you are able to survive and take advantage of some of the tools such as PPP Loans etc... You may be doing okay.
But you have to be tough.
If you can weather the storm, you will survive.
The vaccine is coming, travel will come...
Just keep mentally tough to keep your eye on the prize and get to the other side.
Let's make some money together in 2021.
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