Welcome to this week's Wealthy Wednesday Podcast.
Today, I'll be summarising the last few weeks content around the CRASH acronym.
Partial Transcript
I've heard there's going to be a recession and I've decided not to participate. This quote by Walt Disney is absolutely fantastic. And really, I wanted to start off today's show, as part of the summary of the last Crash series and really just simplify what we've been talking about, we have a choice of how we can look at a recession as to whether we're going to be a victim or whether we're going to be a victor. That's probably the best way I'd like to put this. And over these last few weeks, really what we're putting in place is, a way that we can be a victor and we can prepare for coming out the other side and taking market share. So if we look at the crash acronym, C stands for Cash Buffer, R stands for Reducing Costs, A stands for Assets and Automation. S is for standing out and H is for getting and giving help.
Truth is, if there's no downturn or recession, the advice I've shared over the last five weeks and today can dramatically improve the profits in any company. But here's the kicker. We all need a little help to push us in the right direction. Even this weekend, my niece and nephew were over visiting, from New Zealand, have been over here for a few weeks now and they stayed with us. Now they are 20 and 24. And, both of them right now are reading the 600 page book called Principles by Ray Dalio. Now, Ray Dalio grew Bridgewater Associates from a startup company in a twobedroom apartment in 1975 into a company 40 years later that has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. It's unbelievable. My niece and nephew are reading it because their dad recommended reading it to them. And he himself ran a $2 billion company as a CEO himself.
Now, the testimonials in this book are phenomenal. Bill Gates rates it incredibly highly. That's all I really need to say here. It's phenomenal. So on Sunday, I actually dusted down, the copy I've had in my personal library for a couple of years. Actually never quite got around to reading it. Dusted down at 09:00 a.m. and began reading it. 6 hours later, having read over 300 pages, I learned that going back hundreds of years, recessions come in cycles, and quantitative easing, as in the printing of paper money, is not a new thing. So for me personally, I'm preparing for the worst, while at the same time looking for the opportunities for growth, both for me and for my clients.
If you'd like to get in touch, find me at dave@theprofitchampions.com. Or log onto callwithdave.co.uk and set up a chat!
