The Recession Mindset | The Mindset Mentor Podcast

Welcome to today's episode of the Mindset Mentor Podcast. I'm your host, Rob Dial, and if you have not yet done so, hit that subscribe button so that you never miss another podcast episode. And if you're out there and you love this podcast, please do me a favor. Give us a rating and review however you listen to us. Whether you listen to us on Spotify or Apple Podcasts, whenever you give a positive rating and review, the more that we get, the more that those platforms show this podcast to people who have never listened to it before, and the more that we can grow and we can expand. So if you would do that, I would greatly, greatly, greatly appreciate it. Today we're gonna be talking about how to develop the right mindset to thrive in the recession that we have coming up. And I'm gonna tell you that I feel like I am obligated to share this message about the recession. And I wanna talk to you about how if you develop the right mindset and you take the right actions, you can use the next 12 months as a jumpstart to an amazing life. Recession is not something to be afraid of. Right? This is a really great time to uplevel yourself. And so as you start watching the news and you start seeing stuff pop up, people are saying recession, doom and gloom, and holy crap, everyone should be afraid. I take the exact opposite stance. And you'll see why, as I go through today's episode, why this could be the most important 12 to 18 months of your life with the recession coming up and the massive strides that you can make in your life, but also in yourself as well. So just to give you an idea, 75% of Fortune 500 CEOs, which are the top 500 companies in the United States, say that they are currently preparing for a recession. So when we talk about a recession, let's talk about what a recession is before we dive into how to actually thrive inside of a recession. A recession, when you look up the actual definition, is a period of temporary economic decline. Temporary is a key word there. Economic decline, during which the industrial activity of is reduced, generally identified by a fall in GDP in two successive quarters. GDP is gross domestic product. And just to give you the actual definition of that, gross. Gross domestic product in the United States is the total value of goods produced and services provided in a country during a year. And so if you look at the United States, what it says is two, two in a row of quarters, that where there is actually a decline in the GDP, we are now 2/4 into this year in Both quarters. There was a decline in the GDP in the usa. We've already done that. Which means that according to economics, we are already in a recession. Now, I don't want to get into politics because I hate politics and I don't care to, but the United States government is saying that we're not in a recession yet, even though we actually are. So I just want to put that out there before we start diving into why this can actually be a great time for you. So we're currently in a recession according to economics. And how do we make sure that we thrive and make sure that we use this instead of a place where we can decline over the next few years, actually make this some of the best years of our life? Well, the way that I see recessions is I see recessions like forest fires. It's not the most fun thing as it happens, but what a forest fire does is it. It burns the forest and the plants that are on the bottom of the floor that aren't able to get all of the sun and the nutrients to come down actually to them because all of the big huge trees are taking it. What happens and what's cool about it is now it gives way for new forests to grow and to build. That's how a recession works as well. This is why recessions can be a good thing, is because bad companies can. Can completely go out of business. New companies and people have room to grow in those recessions the same way that new companies or new trees can grow, the same way that a new company can. And so it starts. A decade of new growth typically is what a recession does. It's like a forest fire that burns out the forest and then starts usually about a decade of growth. This is actually natural. There's a thing called the chaos theory. Chaos theory basically means that as transformation unfolds, there has to be some sort of breakdown. So as an economy grows, there has to be some sort of breakdown to grow again and then break down to grow again and break down to grow again. Kind of like a muscle. Muscle has to break down in order for it to grow. And so is there greater uncertainty going into a recession? Sure, because things are going to change. Companies are going to go out of business, people are going to lose their jobs. But. But with greater uncertainty means there is greater possibility available to everybody that's out there. And so let me give you a couple of historic examples before we dive into the mindset side. I just really want to lay the groundwork and have you understand from me personally, and I know Some very successful people are seeing this as a great time to be able to grow and to be able to set themselves up for the next decade, the next 10 years. So if you look at the pre World war, World War II, after that recession, there was 81 months of growth. 81 after the pre Vietnam war era, after that recession, there was 108 months of growth. Pre Cold War, there was 93 months of growth. The pre tech bubble in 2000, 112 months of growth. The pre housing bubble, which was 2008, 2009, 2010 in the United States, there was 84 months of growth. And then pre COVID pandemic, there was 128 months of growth over 10 years. 10 years and 8 months of growth. And the average recession lasts for only about 15 months. And so when you're looking back at previous recessions and moments of uncertainty, lots of people who weren't planning ahead and weren't investing into themselves and growing themselves in that time and they got scared and coiled away, did not thrive. So but there's many businesses and many people who every single recession, use it correctly as a moment to spring off and start a brand new life and be able to grow themself. And the people who thrive in recessions, they have three things. These are three really important things. Okay, the first thing is they have the right mindset. Obviously I'm the mindset guy, I'm gonna talk about this. They have high expectations for what's possible. So instead of thinking like, oh my God, the world is burning, they have the right expectation of going, oh my God, this could be one of the best moments of my, if I use it correctly, knowing that after these about 15 months of recession is going to be about a decade of growth. And so when you look at it, you could go, man, this is actually a really great time for me to invest into myself or my skill sets or my knowledge, or trying to become a better business owner, a better employee, so that when it does grow again for 10 years, I can make sure that I am the best that I could possibly be when it does go through that. So the first thing that they have is the right mindset. The second thing that they have are the right skills. So this could be personal habits, this could be routines that they hold themselves to, but it could also be skills that make them valuable in the marketplace. So for you, if you're an employee and you never want to start a business, how can you develop the right skills to make yourself? I don't know if this is a Word unfirable, but I'm going to use that word. Hey, thanks so much for watching this video. If you love this video, please hit the like button. It helps more than you know. If you. And if you want to see more videos like this, hit the subscribe button so that you could see some more and get notified the next time I post. How can you make sure that if other people in your business do lose their jobs that you are just a person who is not expendable? You cannot be fired because the company needs you so much. So how can you use the next 15 months to develop whatever skills that you need? Whether it's once again you're an employee or if you're a business owner or you want to start a business, how can you look at this time instead of going, oh man, maybe this isn't the right time to start a business? How can you look at it and go, hey, maybe this is the best time to start a business because everyone else is getting fearful. And you know, there's a really famous quote by Warren Buffett, he says, Warren Buffett, if you don't know who he is, he's a multi billionaire, one of the richest men alive, and he's an investor. He says, when people are fearful, be greedy. That's what we're about to go into. When people are greedy, be fearful. That's what we're getting out of right now. And so when I talk about skillset, I mean, they have the right personal habits, they have the right routines, but they're also going, hey, what are the skills that are going to make me most valuable in the marketplace in the next 15 months and then going into the next decade after that? So that's the second thing. First thing, they have the right mindset. The second thing is they have the right skills. And the third thing is they have an opportunity based outlook. When your brain is looking for opportunities to, you will see opportunities. If your brain is looking for obstacles, you will see obstacles. If your brain is in fear, you will see many things around you to be fearful of. And so you've gotta go into this time that we have of, hey, there's a lot of opportunity. I need to search and find this opportunity. One of the quotes that I love about entrepreneurs and people say, oh, entrepreneurs and capitalism, all these things, but an entrepreneur is somebody who takes somebody else's problems and makes it their own. What do I mean by that? They see where there's a problem in the marketplace, they see where there's a problem, where people are getting underserved where they don't have the right products, where they don't have the right marketing, where they don't have the right customer service. And they see other people's problems and they make it their own problem and make it their mission to solve that problem. So I say that big businesses that are not good businesses are going to be going out of business. That makes room for a lot of of new businesses that come in. And so those are the three things you want to make sure that you have. Number one is the right mindset. Number two is the right skills. Number three is you need to be looking at this as an opportunity, not something to be afraid of. And that's really why I want to dive into in this episode and why I want to talk about this episode. Because I see so much fear, fear, fear, fear, fear being given to people. And I don't think that at all. I've been planning for this to happen because recessions are going to happen. I've been planning for a recession for four years because I knew the recession was going to be happening at some point in time. And recessions only happen every 10 to 12 years or so. And so this could be basically almost a once in a lifetime opportunity where you'll never be this young again, you'll never have this much energy again, you'll never be at the point in your life where you are right now. You'll be 10 to 12 years further on down the road and 10 to 12 years older than you are right now the next time that this opportunity comes up. So there's only really a few opportunities where you can really position yourself to win in life. And I want you to understand that this is one of those opportunities where you can really, really position yourself. This is not a time to be afraid. This is not a time to coil away and to hide. This is a time to look at this as a right time of, hey, I need to grow in this time. I need to set myself apart from the crowd. If people are spending too much time on social media, I need to spend less time on social media and figure out how you can build up a skillset and a mindset to be able to thrive in this time. And so what you want to do is at this point in time is prioritize your money into investing your time, your money and your energy into yourself. So instead of going and buying new things, like if you notice the car market went way up and now it's starting to go way down again, it's because people are starting to be Fearful. So instead of buying things, how can you invest into yourself, into your knowledge, into your skillset? Is there a course that you could buy? Is there a mentor that you could invest into that has already run the business that you want? Is there somebody that you know that's in your area, that is in real estate, and they're going to be crushing it over the next few years? And you go, you know what? I'll just pay them to learn from them. I'll see if I can invest my money into them and into myself so that therefore I can grow whatever it looks like. How can you stop spending your money on things and start investing your money into yourself, but also not just your money, your time, your energy, into growing yourself? It's not the time to be afraid and coil away. This is the time for you to really double down on yourself. And as I said, the next 12 months could be the most important 12 months of your life. It could possibly dictate where your life is going to go. So when there's uncertainty, that's out in the world. You've heard me say this before. What you need to build is certainty inside of yourself. You need to build yourself for you. You need to build yourself for your family. You need to build yourself for the world. This is such an important time, and I want you to understand once. And it is not a fearful time. It is an important time. But with it being, hey, we have about 15 months or so to really execute. This is not the time to say, I'll start soon or I'll start next month or I'll start next quarter. It could be too late. This is a time where you want. You need to, when this podcast ends, think to yourself, what is it that I need to do for myself? What do I need to stop doing? What do I need to start doing? What do I need to continue doing to grow myself into a person who can think, thrive in the upcoming recession that we're going to have? This is a moment where you get to get a jump start because everyone else is being fearful. You get to get a jump start and you get to go, you know what? Everybody else is ebbing, I'm flowing. If everybody else is flowing, I'm ebbing. This is the time for you to decide to start that business that you've always wanted to start. This is the time for you to stop buying things and start investing into yourself. This is the time for you to do it. And, and really, more than anything else, I coach a lot of business people and I see some business People starting to be like, well, what's coming up in the future? What's coming up in the future? What's coming up in the future? There's a lot of fake gurus that are out there that are going to be kind of crushed in the future. There's a lot of people that are out there that are acting like their business is doing better than it is. They're going to be crushed in the future. There's a lot of people who are out there that are acting like they have more money than they have and they're going to be crushed in the future. There are people who have overextended themselves which could possibly be crushed in the future. And that sucks. That's not something that we want for people. But it's time for you to sit there and go, what can I do to grow myself? And so really what it comes down to is, no matter what you're doing, if you're working for somebody else and you've been thinking about growing your business, now's the time to grow the business. If you're working for someone else and you're thinking about growing your skillset, now is the time to grow the skill set. You know, if you're thinking about growing a business but you only want like a part time business on the side, that's fine. You know, if you want to start an Etsy shop where you make jewelry or you make stickers, or you make some cool stuff for people's houses, start it now. Don't wait for six months from now. If things start to get a little bit harder, start it now. Because even if it doesn't bring in like full time income for you, it can still be a safety net. When things get hard in 18 or 12 months. If they get hard in 18 to 12. 12 to 18 months. Excuse me. If they get hard in 12 to 18 months, it can be a safety net for you. So like let's say, for instance, you're sitting there and you make $6,000 a month in your job, right? You make 72 grand a year and you go, you know what? I'm gonna start that Etsy shop that I've been thinking about starting. And over the next six months, you build it to $3,000 a month. That might not be enough to fully pay your bills, but if you happen to lose your job in six months, at least you would have something to lean back on and go, you know what? All right, I lost my job. I already have this business. It's up and running. I'm putting 100% of my energy into that. It's easier to go from 3,000 to 6,000 than from 0 to 3,000. And so I just want to bring that up for you guys to understand that if you get the feeling that, hey, this seems right, this seems like something I should do, I should invest into myself, into growing my business, I should invest into growing my mindset, now's the right time to do it. I don't want you to be afraid because fear never brings anything good. You don't take the right action when you're in fear. And so if you feel like this is a time for you to take action, I think that it's the time for you to take action. Right now is the time to take action and go out and do it. And to be candid, this is the reason why I'm running my free workshop next week, the 27th, August 27th, 24th through 27th, to teach, you know, I teach coaches how to grow coaching businesses, coaches and consultants. And that's why I'm running, literally a free workshop for everybody, is because coaching is expected to grow in the recession. It's expected to go from a $15 billion year company now, $15, $15 billion a year industry now, to 25 billion in the next two years. And so if you're out there and you want to grow your business, figure out a way to grow your business. But if you're out there and you want to be a coach or consultant, I'll teach you how to do it for free. It's four days. It's six figure CoachingSystem.com Once again, the number six figure CoachingSystem.com I would love to see you there. But more than anything else, I want to get the point across. Now is a time for massive opportunity. Do not let fear of others or fear of society or fear of the news creep into you. Right now is the time to take action and to build the system, build the business, build the life that you've always wanted to build. So that's what I got for you for today's episode. If you love this episode, please share it on your Instagram stories and tag me in it. Robdial Jr R O B D I A L J R and then once again, for those of you guys that are interested, if you're interested in becoming a coach or consultant, it is the number six figure coachingsystem.com and I will see you on the next episode and I'll leave you the same way I leave you every single episode make it your mission to make someone else's day better. I appreciate you, and I hope that you have an amazing day.