In episode 73 of Wake Up to Wealth, Brandon Brittingham dives deep into actionable strategies for overcoming economic fears, maximizing opportunities, and building real, lasting wealth even when the market is shifting.
Tune in to discover how the champions of every industry set themselves apart and how you can follow their lead!
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Intro/Outro:
This is Wake Up to Wealth, a podcast dedicated to helping you change the way you think about wealth. And now here's your host, Brandon Brittingham.
Brandon Brittingham:
Buddy, this next segment is brought to you by my good friends at Acruity. Now, if you run a business, most business owners neglect their back office. And they don't even know where to go or who to trust when it comes to their financials or a CPA or taxes. That's where Acuity comes in. You can trust them. They can give you advice and they understand the back office. Listen, you're not running a business correctly if you don't have a hold of this. And it's really hard to trust people that are out there. And most CPAs frankly work for the IRS and don't work for you. That's not the case with Acuity. Check my good friends out at Accruity for any needs that you have when it comes to helping with your back office, getting your books straight, getting your taxes correct, and they guide you and give you advice, which most firms don't. So check out my guys at Accruity. Tell 'em I sent you. Hey, what's up everybody? We are back with another episode of Wake Up to Wealth. And first and foremost, I wanna shout you guys out and say a huge thank you to everyone We had crossed over 5 million downloads since this show started. We're literally the 1% of the 1% of the 1% of the growth of this show. And it's because people like you that have supported us and listened to the show. I can't thank you guys enough. An amazing journey we've been on. It's insane to me to even think that we got to 5 million downloads. So we're going to keep bringing you the content that you like. Specifically around investing mindset, growth, what we've been doing, because you guys have spoken that this is what you want to hear and you continue to support it. So thank everyone for supporting the show. Thank you for the help in our growth. It's been just an amazing journey. So today, what I'm going to jump into today is there's a lot of fear out there just in general, fear in the economy, fear in a lot of industries, fear in a lot of different markets. So I'm just going to address a couple things and give you guys my point of view and some things that I think that you can do that can help. Number one, first and foremost, right now is a time, you got to pick your spots and you've got to be mindful, but right now is a time when I would tell you that you need to be an investor. You need to buy assets. I got my brother Wall Street Trapper's shirt on. He's the man in stocks, always puts me in the right direction when it comes to stocks. I think there's going to be opportunity to invest in the stock market. I think there's going to be massive opportunity in the real estate market, not just residential, but commercial. But in times when things get really tight and things get really difficult, some of the best markets that I've ever bought properties in were when other people weren't buying. And interest rates being high, specifically on the real estate side, and then in the commercial real estate market, you're going to have interest rate resets, which is going to cause a lot of pain and it's going to cause a lot of people to sell assets. I think over the next 12 to 24 months, there's going to be an insane amount of opportunity. You want to be buying and holding assets now and buying now in a market where other people, less and less people will probably buy. Now, the interesting thing in the residential market, just to give you some context, the residential investment market, we're seeing a huge surge in investors buying. I think that's a telltale sign because investors are seeing opportunity now, even with higher rates, that they think it's a good time to buy. Obviously, they're buying to hold long-term. So the data's showing that the last couple quarters, you've seen about 30% of the purchases in the United States have been smaller landlords, smaller mom-and-pop investors buying up inventory. So I think it's the quote by Warren Buffett, be greedy when others are fearful, be fearful when others are greedy. I think that applies to what we're sitting in right now. Another thing, if you just look at the overall landscape, not to go deep down the rabbit hole with inflation, with With the Fed and everything that's going on, I think we're going to be in some pain, at least from interest rate pricing for a while. So I think that— I don't know that anything drastic changes to change that narrative. I think inflation's going to stay high for a while, which holding assets, you benefit from that. But I don't think anything's going to come in and move rates down substantially enough for things to change. Could be completely wrong on that, but that's when you look at all the macro and the microeconomics, that's kind of what I see. So another thing besides buying assets, looking for investments, number 2, I would tell you to really look at your profit and loss statements, really look at everything that you're doing, get a clear linear picture. And I would get lean in case your business sees a pullback, sales see a pullback, whatever the case is. What I would do is really, really get to know your numbers and know and understand and really look at your P&L and look at stuff that— are you bloated? Are you spending money where you shouldn't? And I'd get lean right now because again, opportunity is going to be abundant when things pull back. But at the same time, it's a good time to tighten your belt. And just really just have an understanding of what you're spending money on. Does it make sense? Is the ROI there? If there's a pullback in your business, can you afford it? And just get ahead of it. Get ahead of it now. And here's the thing, if you get lean and you don't see a pullback or you only see a minor pullback, then you're just going to be more profitable. And just in general, good practices to always look at your expenses, look at your profit, look at your loss, What am I spending money on? Does it make sense to spend money on it? Whatever the case is, and just have that healthy kind of look. And you know what I mean? I would stack cash right now. Obviously you got to invest, but I would be stacking cash right now for a rainy day and for opportunities because all kinds of opportunities are going to arise. So that's another thing that I would be doing. Number 3, In a lot of industries, I think you will see some pullback. So if I'm you and you're listening to this, you need to market the hell out of yourself. You need to market the hell out of your business. You need to market the hell out of what you do. Because what happens is when people that are your competitors see a pullback and maybe they're not as prepared as you, they stop marketing. They stop spending money on marketing. And when markets pull back, the best time to spend more money in marketing is then. And then, you know, if you're lean or you're worried about cost, it doesn't cost you anything to market organically on social media. We've had a ton of different episodes. Uh, one that comes to mind is the one with Alec Cheplak where we talked about marketing, how to market your business, how to market on social media. But right now what I would be doing is I would be going absolutely hard on social media because Your competitors are probably going to pull back on their marketing, both effort and both spend. If you can afford to spend it and it makes sense, less people are probably going to spend money on marketing, so you can probably negotiate better. You can probably do better. There's all kinds of things that you could probably benefit from in this market, in any industry where you're going to have competitors pull back and maybe not spend money, where you can spend money and grab market share. So that's another thing. And you guys have heard me say this a lot, Is that if you're standing in it and it's difficult, or you feel it's going to be difficult, or as things progress, it gets difficult, I want you to understand when you're at your point where you're at your breaking point, you're like, man, this is a lot. That's when your competitors will stop. And so if you push through this, and again, I'm not saying it's going to be bad for everybody, I'm just reading the tea leaves and saying that there's some trouble ahead in my opinion. And you just got to be— you got to prepare for it and be prepared for it. Look, all of my businesses have always grown in a bad market, quote unquote bad market, and it's because we were prepared and we went after to grow market share. But what I want to tell you is your competitors, when, when this happens, a lot of them will stop. So if you, if you're standing in it right now and you feel that it's difficult, push through because the growth on the other side and where you're going to go to is going to be a game changer. The other thing is you got to understand this doesn't last forever. You're going to have a pullback, you're going to have whatever we're in, and then things will change. All markets in every industry are cyclical. We had in a lot of business markets in general, pre-COVID until probably what, 2 years ago, you saw a bull market in just about every industry. And then 2 years ago, you started seeing some signs of some fractures and some cracks in the economy, especially the consumer. The consumer's getting crushed with how expensive everything is. So the thing about it is that we had a huge run-up for a long time. The other side of that is a pullback, and then you will have a cyclical run-up in every market again. So it's just something to pay attention to and have awareness. But Buy assets, get lean on your P&L if you can, market the hell out of everything you do. And then number 4 is, you guys know me, if you listen to the show, that I'm big on mindset, is personal resilience, your mindset. There's opportunity in every market. Rather than looking at it like things are difficult, things are bad, things are pulling back, where can I go find the opportunity? Because guess what? Wealth doesn't evaporate, it just transfers. And the real estate market, as an example, 4.6 or 7 million-ish houses will still sell this year. So there's still a lot of people buying and selling. In every industry, there's still a lot of people transacting. So it's like the famous Wayne Gretzky quote is, he skates to where the puck is going. Look in your industry, figure out where the consumer is. How can you meet them where they're at? No matter what you do, how can you grow market share? Because other people are probably going to lose it, or their business is going to pull back. How can you grow? How can you have mental resilience in the time that we're in where you can grow and you can focus? And a good captain is made when the sea is rough. So you're going to have to have some mental fortitude and some mental resilience. But the reality of it is, is that if you walk into this with eyes open and you, you do these things that I tell you, you got a way better chance of not just surviving but exploding in growth. And everything is mindset. And here's the thing, no business grows linear. You know, you have up and downs. I think it, you know, your, your mental fortitude and your resilience is what makes you an absolute monster. And understand that you're going to be rewarded for being able to steady the ship in rough seas. And that's where the real winners and the champions are made. It's like you don't win a championship every year, and sometimes you lose more or you learn more in those seasons that weren't necessarily a success than you do in the championship. We all go through seasons. We all deal with different seasons, but it's your mental fortitude of how you approach it, how you attack it, your resilience, your grit is what's going to put you on the other side of this. So the reality of it is, is that lock in right now, have that mental fortitude, be looking for opportunity. There's going to be insane opportunities and assets across the board to buy and invest in stocks, real estate, commercial real estate. Uh, really lock in on your finances, your P&L, you know what I mean? Stack cash, market the hell out of what you do, your personal branding, your business. Um, if you can afford it, put gas on your marketing. And number 4, get your mindset right. Um, it's gonna be potentially war for the next 12 to 24 months in a lot of different industries. Prepare for war, be ready, have that mental resilience, have that grit, have that fortitude, and you'll come out on the other side of this. Just wanted to give you guys kind of an update on the state of the market and just things that I'm seeing, because a lot of you guys have reached out and they've asked me. I think it's a great time. I think it's a great time in a lot of industries for growth. I'm excited about the growth we're going to see in our companies. And I think if you guys all approach this the right way, you're going to absolutely crush it. And again, I can't thank you guys enough for the support and what you've done to get us to 5 million plus downloads. to continue to bring cool people on here. We're going to continue to give you the information you need to become wealthy. But I just wanted to come on here and give you guys an update on what I'm seeing out there because a lot of people have been asking me. But if you do the things that I tell you, implement it, you're going to be good. Like always, thank you guys for listening to the show. Thank you for supporting. Anything I need, anything you need, holler at me. Find me on Instagram @mailboxmoney. Reach out to me. Be glad to assist you in any way. You guys are going to crush it. This is a market where you can grow. This is where champions are made. I appreciate the hell out of you guys. Thanks for listening again.
Intro/Outro:
Thanks so much for tuning into this episode of Wake Up to Wealth. We sure do appreciate it. If you haven't done so already, make sure you're subscribed to the show wherever you consume podcasts. This way you'll get updates as new episodes become available. And if you feel so inclined, please leave us a review on Apple Podcasts and tell your friends about the show. It is how new people find us. Until next time.