Let’s discuss how to make as much money as possible during the current 2023 economy and what’s happening in the Building, Construction and Real Estate industries!

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MARKET RECAP – BUILDING, CONSTRUCTION & REAL ESTATE
JUNE/JULY 2023

One: SERVE A LARGER GEOGRAPHIC BASE
Broaden your geographic base. By serving a larger geographic area, firms can broaden the economic base on which it depends. If you’ve been marketing your business in a county or the same cities or states, can you market in another part of the state, another part of the country, even internationally?

Two: DIVERSIFY SERVICES OFFERED
Broaden your services. A broader set of services opens up more opportunities and allows a firm to compete for a variety of projects. You can even partner up with other businesses or firms and be able to offer a stronger team in a sector you’ve really wanted to get into.

Three: Financial CHECKUP
When was the last time you looked at all your business accounts and monthly expenses and identified which items are discretionary and which are items you simply can’t live without? Identify which expenses can be cut, maybe you have subscriptions you no longer use, or apps and software licenses that not everyone is using? Maybe you need to find a better and less expensive service provider for accounting or IT.

Four: INVEST IN THE BUSINESS
To recession proof your career, the best investment you can make is pursuing a certificate, continuing your education and just skill building in an area your passionate about. Strengthening your skill sets and pursuing more training could make you more marketable in your field.

Five: NETWORK WITH EVERYONE
Networking and maintaining strong connections with workers or clients in your field will open up new opportunities before they’re even official. Look for opportunities in the least expected of places. Join professional organization and events in your industry.

Six: LONG TERM THINKING
Benjamin Grahams “intelligent investor” focuses on being well equipped with the data, focusing on investment that based on your research provide value, instead of what everybody else or the stock market is doing on a short term basis.

Seven: BUILDUP CASH RESERVES
Make this a top priority: develop the habit of saving. This is paired with the idea of growing your capital or the cash flowing into your business. Savings will always be limited, but that depends on your cash flow. Having a cushion for the rainy days and unexpected downturn or if you find yourself unemployed, the cash reserves can help buffer until you land your next client, your next design project or client.

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This video is for the purpose of entertainment and does not provide any professional, legal, real estate or architecture advice. Just some common sense about how to approach the information.
At the time of filming this video, I’m on my own journey towards architecture licensure and these videos present some common lessons I’ve found helpful as a designer who has worked on many large, complex building projects. If you have questions about architecture or licensure, seek the advice of a licensed professional like an Engineer or Architect. Wishing you success in your endeavors.
Ad Astra,
Sarah…(read more)

LEARN ABOUT: Investing During Inflation

REVEALED: Best Investment During Inflation

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How to Get Rich in 2023 Despite Layoffs & Inflation

As we approach the year 2023, many people are concerned about the potential challenges that lay ahead, such as the possibility of layoffs and inflation. Both of these factors can have a significant impact on personal finances and make it seem difficult to achieve financial success. However, it is important to remember that with determination, strategic planning, and adapting to changing circumstances, it is still possible to get rich in 2023 despite these challenges.

1. Diversify Your Income Streams:
One of the most effective ways to protect against potential layoffs and mitigate the effects of inflation is to diversify your income streams. Relying solely on a single job can be risky. Consider exploring additional sources of income, such as starting a side business, investing in stocks or real estate, or generating passive income through investments or rental properties. By diversifying your income, you create a safety net that can withstand economic downturns and potentially increase your earnings.

2. Invest Smartly:
Inflation can erode the value of your money, making it crucial to invest smartly. Educate yourself about various investment options and consider diversifying your investment portfolio. Stocks, bonds, real estate, and mutual funds are just a few examples of investment avenues that can help you achieve long-term wealth. Consulting with a financial advisor can provide valuable insights and guidance tailored to your specific financial goals.

3. Embrace the Gig Economy:
With layoffs becoming a possibility in uncertain times, it may be worthwhile to explore the gig economy. Freelancing, online marketplaces, and contract work offer flexibility, allowing you to utilize your skills and expertise to generate income. Platforms like Upwork, Fiverr, or TaskRabbit provide opportunities to connect with clients worldwide. Embracing the gig economy can not only provide immediate financial stability but also potential growth opportunities.

4. Prioritize Financial Education:
To navigate challenging economic times successfully, it is crucial to prioritize financial education. Stay updated on economic trends, financial planning strategies, and investment opportunities. Building a solid financial foundation requires understanding concepts like budgeting, saving, debt management, and investing. Take advantage of online resources, books, podcasts, or even enroll in courses to enhance your financial literacy. The more knowledge you acquire, the better equipped you will be to make informed financial decisions.

5. Practice Frugality and Budgeting:
In an environment prone to inflation, it becomes increasingly important to practice frugality and budgeting. Track your expenses, identify unnecessary spending, and cut back on non-essential purchases. Creating a budget allows you to allocate funds wisely, save more, and invest surplus money strategically. While it may involve sacrifices, disciplined financial management can help you weather economic uncertainties and accumulate wealth over time.

6. Leverage Technology and Innovation:
In today’s digital age, leveraging technology and innovation can substantially contribute to financial success. Explore opportunities in cutting-edge industries like cryptocurrency, artificial intelligence, renewable energy, or e-commerce. Stay informed about emerging trends that offer potential for growth and invest accordingly. Furthermore, consider harnessing technology to automate aspects of your business or find more efficient ways to save and invest.

7. Develop a Growth Mindset:
Last but not least, cultivating a growth mindset is essential for achieving financial success, regardless of the economic climate. Embrace challenges as learning opportunities and adapt to evolving circumstances. Be willing to step out of your comfort zone and pursue new ventures. Cultivate perseverance, resilience, and a positive attitude to overcome setbacks and find innovative solutions. With the right mindset, you can seize opportunities that arise during difficult times.

In conclusion, while layoffs and inflation may pose challenges towards achieving financial success in 2023, they do not necessarily negate the possibility of getting rich. By diversifying income streams, investing smartly, embracing the gig economy, prioritizing financial education, practicing frugality, leveraging technology, and developing a growth mindset, you can navigate these obstacles and pave the way for financial prosperity in the upcoming year. Remember, the path to wealth may require effort and adaptability, but with the right strategies and mindset, you can thrive despite any economic adversities.

Strategies for Achieving Financial Success in 2023 Amidst Layoffs and Inflation appeared first on Inflation Protection.