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I’m getting ready for the next recession. I see it happening in the next three or four years. It’s coming. It’s a great time to build a business. It’s the best time. I started this business in 2009.
I had a situation with banks. There used to be so many things you could do with banking. Due to the Patriot Act, if you deposit more than $10,000 or withdraw more than $10,000 from the bank, they fill out a form about it. I was blown away. Given what is coming, you are going to need to develop a strong relationship with some banks.
You need two or three different banks. You need a relationship with these banks so that when you walk in, they know who you are. They need to know you so well that they don’t have to check your ID when you cash a check. At Chase Bank, they want to check your ID unless the teller knows you.
I did take time out of my day to watch Comey testify. It was very disturbing. I also noted that while Comey was testifying, the House was passing the crazy bank deregulation bill. It happened at the same time. They slid that through. The provisions in this bill will make the last recession look like a picnic.
I look at it and it’s changed my behavior. You can start a company in a recession. Everything is on sale. If your credit is jacked, you need to clean it up as soon as possible. If you have no money saved, you need to change that as soon as possible.
You’ve got to act like the wealthy who make moves when everybody else can’t. Let’s get clear, there are a lot of distractions in the news right now. While people are watching the news, there are important things happening that can be missed.
I’m prepping the people who work for me to get ready for the future because when this thing hits, I don’t want to let people go. I want to be able to move them around to what’s working at the time. I plan on growing during this recession.
For me to grow during this recession, I have to know it’s coming. I have to preserve capital. Number 3 is, I have to develop several different business plans to adjust to possible changes.
When a recession hits, discretionary income drops for many people. The Fed is getting ready to raise interest rates, which is very interesting. Every time the interest rate goes up just a hair, a lot of people are unable to buy a home or afford a car. Every time interest rates go up, people are cut off.
People are looking for a business to make money, which is understandable. But too often, they don’t really give a damn about the business. I’m going to tell you from experience, if you go out and start a business just to make some money, sooner or later you’re going to hate it.
What we’re going to do is guide you into building a business that you appreciate, respect and like. It is hard to start a business. It really is. It also takes a lot of time. Why create a business that you will hate? Why work with people you don’t like? That makes no sense to me.
I’m thinking about starting a political channel. I’m trying to think of a good name. If you have a suggestion for a good name, put into in the comments.
The good news is that what Trump does will not impact me. I have my own business. I chart my own course.
What I am doing now is building a traditional business. When you go to B School for Hustlers or Mack Daddy Media, you’ll see me talk about this stuff. What people don’t seem to understand is that certain marketing and sales skills are evergreen. They just don’t change.
By watching these channels, you’re going to get to see me get to 15 revenue streams. I’m not going to work with Amazon. I’m going to do my own thing. I’ll probably order some stuff from China. You’re going to see me start the media company. You’re going to see me do Kindle and an ecommerce site.
Mack Daddy Media is an agency. Because of these other income streams, I won’t have to take client work. I don’t have to. This kind of goes back to my philosophy of creating a business so you don’t have to work with people you don’t like. I’m not going to build a business doing something I don’t like.
We’re going to talk about these principles on Glendon Cameron, which is another YouTube channel. You may want to check it out. I’m going to talk about personal development for hustlers.
My personal development is very different from other people’s personal development. It’s not that their way is wrong or mine is right. Mine is very different and very effective. Mack Daddy Media and B School for Hustlers are two of my other channels. I am Cameron is currently my political channel. I’m probably going to change that and do a dedicated political channel and a blog. Then, I am Cameron will probably go to stories and vlogs.
You’re going to get to see me build these channels out. The channels, the blogs, and YouTube will explode with content. That’s what you’ve got to do if you want to be heard in this noisy world.
I’m currently working on an ecommerce site. I am looking at a lot of these ecommerce sites side-eyed, because it is not as easy as people would have you believe. I didn’t think it was going to be easy, but the challenges and the things that have happened have been mind boggling.
Question: Is email marketing still important?
Answer: Email marketing is very important if you’re selling a physical or digital product. Don’t let people fool you. Email marketing is not dead. At one point YouTube was my #1 way of making money. Then the email list became #1. They kind of switch.
To get ready for the recession, you’re going to have to get out of debt. You’ve got to get your credit straight. You’ve got to start stacking cash. If you build up your business before the recession hits, then one dollar will be able to buy you three dollars’ worth of stuff. If you get ready for it, you could literally develop generational wealth in the next recession.
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