I saw this tweet recently and it really stuck with me. It’s from Jaspreet Singh, CEO of Minority Mindset and one of my favourite YouTubers.

Ten years from now, people are gonna look back at these few years of economic slowdown and wish they seized the opportunity.  Others will get wealthy.  Which will you be?

Mmhmm!  

FACT: More millionaires are made during economic slowdowns such as recessions, than any other time in history!

Why? Asset prices such as stocks tend to fall. And businesses that survive emerge stronger than ever!

Just look at what happened during COVID. Businesses that pivoted and adapted are now more digitally savvy. They set up online stores and started offering delivery. They can now get customers even when their stores or offices aren’t open.

Back in 2008, the year of the great recession:

📈 Inflation in Jamaica was nearly 17%…

📈The Jamaican dollar fell by 14%…

📈And the Jamaica Stock Exchange fell by 26%!

It was a rough year! But consider this.  Between 2009 and 2019, the Jamaica Stock Exchange grew by 536%!  And that includes being the top-performing stock exchange giving the best returns in the world TWICE during that period!

So imagine if you had started buying stocks during that fall in 2008. Your money would’ve been worth six times more by the end of 2019.

But then, of course, COVID hit, and the stock market fell by 30% in two weeks.  Sounds familiar?

Right now we are facing a similar opportunity.  History shows us that stock markets operate in cycles.  Right now it’s down, but if you’re interested in building long-term wealth for yourself and your family, this is an amazing and exciting time.

A lot of people right now are looking for safe places to put their money, such as bonds and real estate.  And I certainly don’t blame them.  They’re getting great returns on those right now.

But smart money also knows that having money in diverse places is key to securing your future.