How to get rich during a recession

Today we talk about the coming recession and how to prepare for it as an investor.?There's a tremendous amount of fear surrounding economic downturns, and much of the financial anxiety is justified.??

In fact, the worries are so great that we hired my therapist wife to run a financial anxiety support group for students in The Black Business School.

However, there are some things you can do as an investor to make sure you're ready.??

The biggest mistake is to clam up, sell everything and hide.?A recession doesn't mean that you withdraw from the economy, it just means that you have to participate in a different way.??

The companies that do well during recessions tend to be built differently from those that do well during economic booms.?Good financial literacy training helps you know how to adjust so that you can do well in any situation.?? That's what I am addressing today on my podcast (You can also find it on Spotify by searching for "The Dr Boyce Breakdown").

What most people don't realize is that there are many fortunes that are made during tough economic times.?This is when assets are cheap and liquidity is rare.?That's exactly when financial experts swoop in and buy assets at bargain basement prices.??

Secondly, the stock market is a forward looking indicator, meaning that when the economy does poorly this time around, there's a very good chance that the stock market will be booming again.? So, the growth in your stock market investments may be the economic balance you need when the rest of the economy is struggling.

What does this mean??It means the money is everywhere if you look for it.?But you won't see it if you're constantly afraid.? Don't follow the crowd, follow the experts. I meet with my students every Tuesday. Join us here.

Dr Boyce Watkins is a Finance PhD and founder of The Black Business School.?He’s also the author of the books, “Financial Lovemaking,” “Black American Money” and “The 10 Commandments of Black Economic Power.”?