298: How to Thrive in any Downturn with Jonathan Slain

In This Episode You Will Learn About:

-How recessions aren't always based on the economy

-Taking advantage of a recession for your benefit

-Putting yourself in a liquid position

-Doing the work before you need to

-Eliminating a personal guarantee from your bank

-Setting a spending limit before a recession

-How your dollars go farther during a recession

Resources:

-Learn more: recession.com

-Read: Rock the Recession: How Successful Leaders Prepare for, Thrive During, and Create Wealth After Downturns

-Twitter: twitter.com/RockRecession

-Facebook: facebook.com/RockTheRecession

-LinkedIn: linkedin.com/company/rock-the-recession

-Instagram: instagram.com/rocktherecession

-Money Principles: thetruthaboutmoney.com

Show Notes:

I'm sitting down with Jonathan Slain, author of Rock the Recession and founder of Recession.com. He is the foremost expert on how to get ready for any kind of downturn, because downturns are always guaranteed. It's never "if," it's "when." And it makes more sense to be prepared to thrive in a downturn than it does to struggle.

You're going to love Jonathan's story of why he's so passionate about teaching people not just how to make it through, but to take advantage of all the opportunities that present themselves during a recession while other people are going backwards. He talks brilliantly about why marketing is so much more effective during a recession and that you should be doubling down because you will be able to stand out. And you'll love his focus around generosity, and his advice on what you should do around giving during a recession.

Question Highlights:

-What were you doing when you hit your recession, and how did you get out of it?

-Why is a recession a really good opportunity for some people?

-How do you put yourself into a liquid position to take advantage of a recession?

-What are the four steps for preparing for the next recession?

-Should we give more or less during a recession?

Guest Bio:

Jonathan Slain and Paul Belair founded Recession.com to give entrepreneurs a free tool to assess their recession readiness at Recession.com/Ready.

Jonathan Slain spent the Great Recession huddled in the fetal position on the floor of his office. He borrowed $250,000 from his mother-in-law to survive. Jonathan paid his mother-in-law back and is now a highly sought-after consultant (and, yes, he's still married!). Jonathan leverages his experience in investment banking and as an entrepreneur on the keynote speaking circuit because he doesn't want anyone else to have to borrow money from their mother-in-law in the next recession.

Paul Belair wasn't scared when the Great Recession hit. He invested $1 million to purchase a business and just five years later sold it for over $70 million dollars. He achieved an American dream exit by using the Recession Gearbox model outlined in this book to create an intentional recession preparation plan. Paul is a CPA and an MBA, and currently serves as chair of the Young Presidents' Organization Construction Industry Network.

Follow me on social media @ChrisWHarder on Instagram and check out www.ForTheLoveOfMoney.com