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How to Create Wealth during a Recession

Jim here!

In times of economic volatility, two quotes are often repeated over and over again:
Warren Buffett – “Be fearful when others are greedy, and greedy when others are fearful.”

And Baron Rothschild – “buy when there’s blood in the streets.”

With the markets down from the start of the year, recession fears on top of Covid and everything else, these are certainly fearful times…

How to Create Wealth during a Recession [Financial Imagineer] – “When it comes to creating wealth, there’s no such thing as a bad time – only good opportunities disguised as bad times. So instead of being afraid of a recession, use it as an opportunity to create wealth. Change your goggles, instead of using your fear glasses, look for opportunities!” A good mix of the mental/psychological and the tactical.

Work Less, Earn More: Why High Performers Live a Good Life [Darius Foroux] – “You don’t have to spend the rest of your life feeling exhausted from work, waiting for the weekend, and barely making ends meet every month. Instead, there are smart choices we can make now to set ourselves up well for later. But that means we have to do hard things today, and that’s exactly why not everyone is earning more.”

After two weeks at the beach, in which I ate fried chicken more times than I had in several years (it was delicious), I had to share this fun gem:

Americans Can’t Kick the Fried Chicken Bucket [Eater] – “Save the flat cardboard plane of a pizza box or the Chinese American oyster pail, perhaps no meal in America is as recognizable by its physical vessel as the fried chicken bucket. Consider the bucket’s design: the cylindrical shape, the waxy exterior, the white paper top with four small half-moon openings — there, ostensibly, to let air and moisture escape and keep the chicken as close to its post-fryer crispness as possible. The bucket’s chameleon skin can be altered with the branding of any bird-slinging business but always portrays one unequivocal message: Hot fried chicken in here.” There was no bucket though and it wasn’t KFC, but a local joint that was amazing.

Tomorrow, as we do every Wednesday, we’ll have our good friends at the Plutus Foundation share their gems of the week!