Entrepreneur, wealth mentor, and bestselling author Kevin J. Donaldson is offering urgent wealth-sustaining advice for ordinary homeowners in light of the upcoming recession. According to experts, the chances of a recession happening in the next three years is quite high, and Donaldson believes Americans need to prepare for it now.
A 65% Chance
In early December 2015, researchers from JP Morgan and Citigroup in separate studies agreed that there’s at least a 65% chance that the United States will plunge into another recession within the next three years. JP Morgan, in particular, believes the recession can happen in as early as 2016.
“Ordinary homeowners and wage earners suffered the most when the 2008 recession hit,” Donaldson says. “Now, in as little as a few months, we have a 2 in 3 chance we’ll go through an even worse recession. That’s like rolling the dice on the financial futures of 300 million people – and we’ll be okay only if we roll a 5 or 6. If we roll anywhere from 1 through 4, we’re in trouble.”
Donaldson urges Americans not to put their financial future at the mercy of a dice roll. With the country’s financial situation in a worse spot than it was before the 2008 recession hit, it’s likely that the next recession will hit harder and last longer. That’s why Donaldson is giving some precious wealth advice to help as many homeowners as possible weather the upcoming financial storm.
Donaldson’s advice for homeowners and wage earners is to “keep your day jobs, but grow something on the side.” He especially suggests to make that “something on the side” a home-based business, particularly one that sells a product or service that people will still need even in the middle of a recession.
“Home businesses that sell products and services that people always need will be able to ride out any economic downturn,” Donaldson says. “What’s more, home-based businesses will not be as directly affected as stocks, 401(k)’s, and real estate when a recession does hit. What’s more, having a home-based business will keep you busy and earning even if you lose your day job.”
Donaldson advises to consider starting a business in the home security, travel & luxury, and health care industries, which tend to keep humming even in bad economic climates. Donaldson’s mastermind group, Real Wealth Solutions, Inc., guides ordinary wage earners in the creation and sustaining of home-based businesses around these industries.
Another piece of recession-proof financial advice Donaldson is giving to homeowners is to learn entrepreneurship, particularly the new methods of doing business.
“Many principles of wealth-building are timeless, and they apply to doing business now as they did during the Industrial Revolution,” Donaldson says. “But now, with some of those principles actually contributing to economic crashes like the one in 2008, it’s time to take a different approach – one that brings one’s community along towards economic prosperity.” (This approach is outlined at length in Donaldson’s book, 10 Secrets of the New Rich.)
Donaldson believes that earnest preparation and establishing reliable side businesses will allow ordinary homeowners and their communities to insulate themselves from the upcoming recession’s worst effects.
About Kevin J. Donaldson
Kevin Donaldson is an entrepreneur, speaker, business coach, and bestselling author. He is the founder and CEO of Real Wealth Solutions, Inc., a mastermind group whose advocacy is to teach ordinary people how to start sustainable, successful small businesses from home, enabling them to enjoy more control, stability, wealth, and happiness in their lives.
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