Two Strategies For Surviving an Economic Downturn

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I just finished up the Advanced Pre-emptive Tax Strategy Workshop in San Diego and am finally getting a little time to reflect on the lessons for me and my own personal action steps.

There is a lot of talk about the current, or looming, economic downturn. How about you? Are you worried about it? Here are two strategies that I saw at the workshop that seem to be pretty bullet proof.

The first is to have the right attitude. I was blown away when Bill Shopoff talked about the amount of money he made and he lost. One of my favorite lines that he said was, “Are you okay with me using big numbers?” What a great question! That’s because I’ve seen other people freak out when he shows how he made $100 million on a real estate deal. I’m proud of the TaxLoopholes crowd, though – they sucked it up and decided they could handle making $100 million …

But, of course, there is the other side. He talked about how he also had lost $5 million. That conversation isn’t nearly as fun for most people and didn’t slow Bill down for a second. In fact, he told us that he LOST money overall last year. Whew! He has a private jet, phenomenal beach house in California and he lost money. How would you handle that?

The key ingredient to his success is courage. With courage, you can handle it when the market adjusts. With courage, you can be innovative and think of new solutions. With courage, you continue to honor commitments and still give from your abundance (even if it isn’t as obvious right now).

The other lesson I got was during the TaxLoopholes Game. One of the teams had the most phenomenal streak of bad luck that I’ve ever seen. I kept going back to check them. I thought they had to be doing something wrong because it seemed statistically impossible for them to get every single bad card, right in a row. They asked for advice and the only thing I could think of was to tell them to “play faster.” It worked! They kicked the bad luck streak and had 3 or 4 cards in a row that were amazing. They won the game!

If your business isn’t working like you think it should, play faster! Get rid of the bad partner fast and let it go. Cut the product that isn’t selling. Change what you’re doing if it’s not working and do it today! You’ll be surprised at the results that you can get.


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