How to Get Rich in the NEW Recession (2025)

0:00 All the indicators are now pointing to a recession. Tariffs are ripping through the economy. Markets are volatile. And everyone's hopes to get rich are slowly dying. The world is going to change forever. But this isn't my first rodeo. I've gone through three major recessions in 2000, 2008, and 2020. And I was able to build wealth despite the whole market slowing down. And I don't want you to be left behind. I'm going to share the five simple steps that I'm personally following to take advantage of this window of opportunity and how you can use these same steps to get rich in this recession, even if you're starting at zero. Starting with step number one, run your numbers. Don't stare at the light coming straight at you and get hit by the train. Most people would rather stick their head in the freaking sand

0:46 and pretend like the rest of the world isn't getting crazy. If you take one thing away from this video, it's control the controllables. Hard times make hard decisions easy because nobody's going to be upset at you. Everybody else sees the same stuff you're seeing. And it might be the first time that you give yourself permission to do the thing you know you should probably be doing. When you're faced with uncertainty, you need to make precise bets. You absolutely have to cut the fat without damaging the muscle. It means make decisions to understand where your money's going, but don't cut things that'll make it harder for you to get reset afterwards. So, yes, continue to read books, invest in your education, yes, continue to invest in your health. Don't cut those things because those make you better. They're the engine of your growth. But all the other stuff,

1:33 these elaborate vacations, these crazy dinners, these splurging on clothes, like some people are paying for memberships and subscriptions to things they haven't used in months. They don't even know they're paying for them. It's like death by a thousand memberships. Just pull back. Understand where you're bleeding cash that you shouldn't be. Clean up the holes. Cancel the memberships and focus on you. Just processing your credit card statement and canceling the things you don't even recognize. Probably a good move. Run your numbers. Create that spreadsheet. Update the spreadsheet so that you know where the money's coming in and where it's going out. And then just make decisions if that's the right thing for you based on what's happening right now. That brings us to step two. Build your three-phase plan. When 2020 hit, I had the privilege of coaching thousands of software CEOs through this uncertain

2:19 market. We didn't know what was going to happen, when it was going to happen, how bad it was going to get. Many of my clients actually had their client, whole businesses shut down. Restaurants, gyms, retail stores. Those were the people paying for their software solutions. And here I was having to help guide them through the fog. So, it doesn't matter if you're running a business or you're running a household. Make decisions without emotion before you have to make the decision. And that's what I taught them. That three-phase plan allowed them to move confidently without being wasteful and then come back swinging once things turned around. So, this is how you build your three-phase plan. Phase one, this is where you may not get that bonus you expected. And then you just got to start thinking about maybe you got to cut those nice to have expenses. Phase two is maybe there's some challenges in the business and

3:05 everybody's got to take a salary cut. Maybe it's temporary, maybe it's long-term. That's when you start cutting anything you don't need to live. Phase three is you lose your job. And at that point, I call that the rip cord method. That's where we have to decide without delaying what we're going to do in that moment. And it might not be pretty. It might mean moving in with your parents or some other decisions. But you have to make the decision. The key is to make the phase plan so that you can make the decision without the emotion because in the moment you might decide to hold on and that's going to create a lot more pain when you just have to acknowledge what it is and already have made the decision. These are the steps that we're taking now that this happened. So for example, my brother and I, we made an agreement a long time ago that if one of us goes crazy and for whatever reason goes bankrupt and they have no more money, essentially we're allowed to sleep at the other person's house. I mean, we used to joke on the couch, but

3:51 now obviously we all have guest rooms. That decision allows both of us to absolutely push as hard as we can because we know worst case our kids get to hang out with their cousins. We get to full reset to build. It'll take probably 6 months to get back where we're at. And from that, we get to learn the lesson and move forward. And then the best part about this is it allows us to build without fear. That brings us to step three. Monetize your assets. Recessions don't kill businesses. Ignoring the untapped value does. You really only have two things. You have your time and you have your resources. I'm talking about looking at all the things you own and saying, "How can I make this make me money?" Like I said, you might decide, "Hey, I'm going to move in with my parents and rent out our house." You might decide to put one of your extra cars on Turo. It's your call what level of cutting or resourcefulness

4:38 you get. I met a guy the other day who is a mortgage broker and he was driving our Uber and he had no problem saying, "Hey, things are slow right now. I'm driving Uber. It helps me have a little extra money so we can pay for our vacation to go visit the family once a year." and also gets me out of the house and my wife is really happy, you know, and he kind of joked about that. But you might decide to do the same thing. You might have a business and you have a pretty big team and you're worried about having to lay people off. Well, what if you allowed people to consult with your team? What if you monetized their knowledge? What if you created workshops with those people? You could work on arrangement where you get some income, they make some money. You might decide to rent some space. I don't know what it is, but there's something about your life. either your time, you might start moonlighting, you might start focusing on online, or your resources, you might decide to do a yard sale that'll allow you to stay in it without having to

5:24 reset. When bad things happen to people, it's not that the bad thing happened, it's how they reacted. The ones that did a full reset to try to build from zero, they lost all that momentum. The ones that decided to say, "Hey, we're going to protect what we've created so far, it may not thrive, it may not grow, but we're not going to get kicked out of the game." And then from that place, once the market comes back, you get to ride it up. That's what differentiates the winners from the losers. Most people think having courage means making decisions when you're not scared. The truth is is courage requires you to be scared and make a decision either way. That brings us to step four, sharpen your axe. In 2020, when everybody was looking at the world and wondering what was going to happen, a lot of people retreated all the way back. And what I did instead is said, "Hey, what works? What do I know will be true in the future? I may not be able to grow, but I

6:10 can prepare I can get stronger. So, I got ready. I sat there and said, "Okay, how do I invest in myself? How do I personally get better? How do I ensure that I'm building a strong foundation to be able to build from?" The reason this works is that compounding growth only works if you have something to compound. So, that's why you have to get better so that you have a stronger foundation to be able to push from. You've never gotten better when things were good. I've never gotten better when things are good. I've only experienced real growth when there was pressure. In my kids' room, there's this poster with a diamond. It says no pressure, no diamonds. It's kind of like the butterfly. Did you know when the caterpillar goes into the cocoon and it's struggling to get out of the cocoon, if you came along, you tried to help it out, you would actually deform the butterfly. It would probably kill it because it needs to go through that

6:57 process of struggle and challenges so that it can come out as a butterfly. So right now, the best thing you could do is actually embrace the challenge and understand you're just solidifying the foundation. You're sharpening the saw. You're getting ready for the next step. When gets tough, you got to get tough. Most people will just go through challenges. I want you to grow through challenges. The idea of saying, look, I can't help that this world is doing what it's doing and these situations are happening and this decision was made and it affects me and I can go through that challenge and change or I can grow through it so I can come out the other side better. And that brings us to step five. When skies clear, strike hard. The greatest returns come from the biggest downturns. When crowds retreat, wise men

7:44 advance. It's just like this time I went rally car racing and the instructor said, "In like a lamb, out like a lion." And I was like, "What the freak does that mean?" Turns out when you come into the corner, you want to be super slow, super calculated, and then turn into the turn. But as soon as you get the apex, you power on aggressively. So, you have your plan, you adjust, as soon as you see the clouds part and the sun shines through, you attack it. You move full force. You take advantage of the opportunities. You ask for a raise, you ask for new opportunities. You push. You got to get in the jetream. I don't know if you know this. It's faster to go from one side of the country to the other side because you're in the jetream. You're in flow. This has always been true and Warren Buffett talks about all the time is that markets are markets. They go up, they come down. If it's down right now, trust me, it will go up and

8:31 you want to be the person ready to take advantage of. Think about it. You take a world-class entrepreneur, you take everything away from them. You drop them in the middle of the Amazon jungle. You come back in 5 years, I know what you'll find. You'll literally find a person with the team and they built this whole temple and the whole thing's going. Why? Because winners win. I want you to be one of those people that come in like a lamb prepared and out like a freaking lion. You want to be cautious because the key is you got to protect your psychology. You don't want to be scared. You don't want to get on the defense. You don't want to be thinking that the whole sky is falling. And the same thing when things turn around, you don't want to be too quick to react. So, I always try to find two data points, three data points of positivity that tell me now's a good time to move forward. If you wait too long, everybody else saw the same thing and they've already taken advantage of it. So, you have to be

9:17 early. That's why I'm so excited to share this with you because I know it could absolutely transform your life. But all that being said, this is the key. Don't freeze. Make decisions. Control the controllables. Control when you work out, what food you put in your mouth, what you focus on. Those are things, not the news, not your social media, not eating for comfort. You can control the things only you control. Make the list. Dump it out. What can you do to attack the list? Hit it hard. Progress in any part of our life equals fulfillment. Forward movement. There's trillions of dollars exchange every day in this economy. My invitation to you is go get some. So, if you want to learn how to build a business from zero to a million, click the link and I'll see you on the other