Prosper When Others Panic

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We’ve had day after day of sound bytes from Wall Street and economic analysts. It’s all doom and gloom with the only hope being a government bailout. Or, at least that’s what they say.

It’s easy to get drawn into that negative drama. It’s something to talk about, email about, IM about and above all, lose sleep about and worry about. But, is it true? Is the sky really falling?

How many people have you heard about that found their strength only after they hit adversity? Our true qualities aren’t revealed when things are easy, they shine through when things are hard. Leaders are born when they lead. And when times are tough, like now, leaders are needed more than ever.

It take strength, it takes passion, it takes belief and sometimes it takes the ability to borrow the faith of another when yours has run out. Go out of your way to seek the company of others who have the strength to stay positive when things are tougher. One of those places is the First Class Lounge Forum. If you want to hang out with forward-thinking business owners and investors, come join us at the Forum!

It’s said that the answers we get are only as good as the questions we ask. In this time, it’s never been more true.

What Questions Do You Ask?

I bet you’ve heard the old adage “Be careful what you ask for.” That is never more true than when others are happy to share their unhappiness with you. So, especially now, be careful what questions you ask.

Instead of waking up in the morning and asking something like, “Well, what can go wrong today?”, what would happen if you woke up and asked “What can I do today to make today the best day of my life?” Now imagine asking yourself that every single morning and with each day striving to surpass the best things that happened the day before.

I’m going to give you a couple of other questions to consider. Let’s say that the prognosticators are right. We’re in for a big economic downturn. That means there are going to be a lot of opportunities ahead for people who know how to act, and can do it with strength and confidence.

What special skills and abilities do you have that you could use to create more wealth, more cash and provide something that is wanted or needed in the lives of others? Now consider what do you do now to pay the bills? If you’re getting paid, chances are there are some special abilities that you have and, while you might hate the circumstances (working too hard, lack of freedom, can’t stand your boss), there is probably something you can do to make massive amounts of income. Or, if you have a business already, you might have already discovered that unique talent, skill or knowledge that you and your team possess.

Now, consider, how can you turn that into a business? Better yet, how can you turn it into a business that has multiple streams of passive income? For example, are there IP rights that can be carved off? Are there communities that can be formed around your knowledge (creating passive income from advertising that you put on the site)?

What opportunities exist in real estate in your area?

These are examples of the type of questions that will focus you on finding solutions, not all the things that can go wrong.

Reduce Your Biggest Expense

And this is the time to concentrate on reducing your single biggest expense – the amount of taxes you pay.

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