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Recession Progression

Pretend that we could eat as much as you want, of whatever you want, whenever you want, with no consequences. What would a lot of people do?

Probably eat a lot of their favorite foods!

Of course, in the real world, we know that if we do that for any period of time, we’ll have to go on a diet.

That’s what a recession is – the economy going on a diet.

It’s just the business cycle. Things go well. People get over-exuberant. Too much debt. Bad investments. Then a recession gets rid of the excesses. It’s part of the evolutionary process.

So today, we want to discuss how to survive and thrive in a recession.

How to survive a recession

  • Develop a contingency plan.
  • Start by asking yourself, “What if …?”

    What if you get laid off?
    What if you have to work longer hours because other people got laid off?
    What if your time gets cut back?
    What if your benefits get cut?
    What if your business takes a hit?

    You know your situation. Think about the most likely scenarios and develop a plan for them. Then, do what you can now.

    For example, why put off updating your resume until you need it? Do it now! Most people wait until they need it. You’ll be a step ahead.

  • Watch your spending
  • Businesses cut spending to get through a recession. We should take a clue. Try to avoid making long-term commitments. In times of uncertainty, wait until you’re more certain before making major purchases.

  • Don’t panic.
  • Resist the urge to drastically change your retirement plan and other long-term investments. You need to look at the specifics of your situation. However, as a general rule, if you won’t need the money for five or more years, you should probably stay the course. Historically, that’s been the best thing to do.

    If you need the money before that, you may want to deploy another strategy. Check with your financial planner to figure out your best option.

How to thrive in a recession

  • Take advantage of low interest rates.
  • Interest rates tend to go down during a recession. So consider refinancing your mortgage and other debt. Business owners may have prepayment penalties, but it may still make sense. In both cases, you need to analyze your specific situation.

    Let’s assume you refinance. Use what you save each month to 38 build your passive income].

  • Keep investing in yourself
  • Once again, let’s take a clue from businesses. Businesses that thrive, after a recession, are often those that kept on investing, during the recession.

    There are a lot of opportunities once a recession ends. Position yourself to thrive – take a class, attend seminars, and go to conferences. You’ll build skills and make great contacts. One of those contacts may lead to your next bigg opportunity!

  • Look for great deals.
  • Once-in-a-lifetime opportunities may present themselves during a recession. People are often more willing to negotiate. You probably won’t find your great opportunity advertised anywhere.

    So how do you find it? Network, network, network! You’ll most likely be surprised by it, so keep your eyes and ears open. Your accidental discovery will be the result of your active searching!

Our Bigg Quote today is by an unknown author.

“A bend in the road is not the end of the road… unless you fail to make the turn.”

So keep your eyes on the road and your hands on the wheel. Be ready for detours so you don’t have to come to a screeching halt!

Next time, we’ll look at the question, “Does it pay to blame others to cover your backside?”

Until then, here’s to your bigg success!


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Abandon Ship!

Yesterday, we said that persistence is the single most important ingredient for your success. If you persist long enough, you’re sure to succeed! However, you have to be smart about it. With that in mind, here are four signs that it’s time to abandon ship!

Internal signs
#1 – It’s affecting your health.
Your health is more important than any career. You may be having anxiety attacks, experiencing constant stress, feeling burned out or fatigued. These are indications that it may be time for a change.

To succeed bigg, you’ll feel stressed from time-to-time. You need to push on, unless it’s affecting your health long-term. NOTHING is worth that. If your long-term health is being affected by what you’re doing, it’s time to abandon ship!

#2 – You’re bored beyond belief.
You’ve been there, done that. Every day feels like a week. It’s harder and harder to get out of bed in the morning. You don’t look forward to work. You feel like you’re stagnating.

The first sign covers your physical health. Here we’re talking about your mental health. When you’re bored to tears, it’s time to abandon ship!

External signs
#3 – There’s no room for growth.
This is related to the second sign. However, in this case, it’s beyond your control. It may be that you’ve been promoted as far as you can go. Perhaps you can’t expect any significant increase in your income. Maybe your company is reaching maturity.

You’ve taken it as far as the circumstances will allow. If there’s little or no opportunity on the horizon, it’s time to abandon ship!

#4 – The trends are bad.
Change happens. It affects your industry – for good or bad. If it’s creating damage, ask yourself 

Is it a trend or is it a fad?

Fads are short term – they will come and go. Trends are long-term things that you can’t change. Warren Buffet, the Oracle of Omaha, said, “When management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”

We don’t doubt that you’re good. But even you can’t buck the trends. If it’s a fad, push on! If it’s a trend that’s devastating your industry, abandon ship!

Have you felt the need to abandon ship? Or maybe you’re considering it now?
Share your experience with us … leave a comment below!

But don’t just jump ship … prepare your life boat first.

Store up provisions.
Find ways to save some money – skip that latte or pack a lunch until you get settled. Set it aside to provide for you and your family.

Don’t forget your life jacket.
This is your support network. Talk to people who will encourage you, weigh in with ideas, and perhaps refer you to good opportunities.

Remember your compass.
Obviously, you need to know that you’re headed in the right direction. Check out these great resources for guidance:



Coping With Life Change    


Are You Going Through A Mid-Life (Career) Crisis  

135 Is It Time For You To Rock And Roll (Change Careers)]    

117 10 Signs That You’re Ready To Quit Your Job And Start A Business]    


What Makes You Tick    

Finding The “Good” In Good-Bye    

108 How Do You Define Success]      

11 Visualizing The Life You Want (Part II)]    


Take your oars.
You don’t want to just float, so grab your oars. These are things you can do to steer you in the right direction – like take a class or get a part-time job in a field you think might be interesting.

Bring your flare gun.
Prepare to market yourself – spruce up your resume and cover letter. Think creatively so you get the attention of the right people.

Our Bigg Quote today comes from George William Curtis.

“It is not the ship so much as the skillful sailing that assures the prosperous voyage.”

You are the captain of your own ship. Usually you will persist and stay with the course. But occasionally, the best thing you can do is to find a new ship and start your journey anew. Bon voyage!

Next time, we’ll answer a question for one of our newsletter subscribers. He wants some tips on wooing potential investors over dinner. We’ll talk about how to be dashing while dining!

Until then, here’s to your bigg success!

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6 Easy Steps To Financial Freedom

By Bigg Success Staff

Bigg On Money


It’s easier than you might think to accumulate a nest egg. However, it’s becomes more difficult every day. That’s because time is on your side, when it comes to money.

Let’s say you want at least $1 million when you retire at 65. We know … you want to retire earlier than that. We’re glad to hear it! But keep reading our example so you understand the point. It’s important!

At 25, all you need to do is invest $10 a day to reach that goal. If you wait ten years to start, you’ll have to set aside $22 a day. So our point is …

Start today!

Here’s how to retire earlier – if you’re 25 and you want to retire at 55, just find $22 a day to invest. But no matter how old you are, get started right away!

In the above example, we assumed you could earn 8 percent on your investments. If you can earn more, you could retire earlier. But be careful – increased returns usually carry higher risks.

Before we get started on the steps, there’s one thing we want to talk about. It’s important that you have a well-defined goal. For example, our goal above was to accumulate $1 million.

Want some help writing a well-defined goal?

Our Bigg Goal-Setters Workbook is your answer!
It’s FREE when you subscribe to our FREE newsletter

At Bigg Success, we think about this way –

Your money makes money so you don’t have to.
Then you’re free to do what you want.

How much will that take for you? That’s your goal! Now, let’s talk about the six steps to get there.

#1 – Automatically pay yourself first.
Many people are confused by this concept. Of course, you pay yourself first, right? After all, your money is yours to do with as you please. However, they miss the point – at the end of the month, they have nothing left! Pay for your future just like you pay for every other bill.

Set up an automatic deduction from your paycheck or your bank account. People report that if they don’t see the money, they don’t miss it! This is the most critical step because it gets everything started. Don’t stop until you reach your goal.

#2 – Purchase with purpose.
We all make many spending choices every day. Do you really need that plasma TV now, or could you wait awhile? If you don’t have the cash, don’t spend it. Also, look at the annual effect of your daily decisions (e.g. coffee or lunch out every day).

Can you find a way to save an extra $10 every day? As we’ve already seen, that can turn into $1 million in 40 years. As you see your accounts grow, you’ll be inspired to keep going.

Keep your financial goals fixed clearly in your mind. 11 Picture yourself free of all financial worries]. That helps you make the best choices today. See our blog on 150] for more tips.

#3 – Own your own home.
We can make a good case for renting. Research shows that you’re better off “renting and investing” than owning your own home. However, most renters never get to the second half of that phrase.

That’s one of the reasons why the net worth of homeowners is so much greater than that of renters. Owning your own home forces you to save money. It’s very much related to the first step.

Don’t be “house-poor” – it’s not that good of an investment! Find a house that meets your needs. You can always trade up when you don’t have to worry about money anymore!

#4 – Pay off debt.
You’ve probably heard people say, “I want to buy a house because renting is just throwing money away.” Why are we so opposed to “throwing money away” to our landlord, but we think nothing of throwing it away to our banker or credit card company?

After all, the interest they charge is a rental fee on the money you’re using. There’s no difference! So pay off your debt so you stop paying interest.

Start with one obligation, like the one with the highest interest rate. Pay it off. Take the payment you’ve been making on that and add it to another one. Pay that one off. Eventually you’re debt-free! Don’t stop! Keep making those payments – to yourself! It will jump start your future! That’s another secret to reaching your goal early!

#5 – Invest wisely.
A lot of people don’t accept enough risk. If you invest too conservatively, it’s hard to reach your goal. There’s a basic financial principle – increased risk deserves increased rewards.

But here’s the secret – time takes away much of the risk. If you’re investing money that you don’t need for five years your risk is generally less than if you need it in one year.

Don’t put all your eggs in one basket. The easiest way to do this is to invest in a no-load mutual fund balanced for people in your age bracket. Don’t touch this money until you’ve reached your goal.

#6 – Prepare for the unexpected.
Here’s what you can expect – you will face some obstacles on the way to your financial freedom. Prepare for them. Make sure you’re insured properly, including disability insurance.

Stash away an emergency cash reserve. Most experts recommend that you have three to six months of living expenses in an account for unexpected events. If you have equity in your own home, you may be able to establish a home equity line-of-credit to cover these emergencies. Then you can invest the money you have kept in reserve.

You won’t get rich quick with these six steps. However, they will put you on the road to financial freedom. Enjoy the trip!

Hear today's lesson and laugh on The Bigg Success Show. 

Related posts:


How To Get Rich

111 The Richest Man In Babylon]



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Does It Pay To Be Smart?

We ran across an interesting study about what your IQ says about how rich you’ll be. The study was conducted by Jay Zagorsky, an economist at Ohio State University, and published in the journal, Intelligence.

Zagorsky measured the income and wealth of people who were 40 to 47 years old. He sorted the data by IQ level.

Does it pay to be smart? Yes … and no.

Yes, it pays to be smart.
Zagorsky’s study confirmed what previous studies had shown. People with higher IQs tend to have higher incomes. We wonder if it’s a function of IQ or if educational attainment plays in – since it’s also been proven that higher levels of education tend to result in higher incomes.

Regardless, people with above-average IQs tend to earn more.

No, it doesn’t pay to be smart.
Zagorsky found that people with lower IQs are just as wealthy, perhaps even more so, than people with high IQs! Zagorsky defines wealth as assets minus liabilities. How much you own compared to how much you owe.

Few people with below-average IQs had high income. However, a relatively large number of them had a high net worth.

It turns out that people with higher IQs were MORE likely to have trouble paying bills, have maxed out credit cards, and have declared bankruptcy, than people with lower IQs.

Why aren’t smart people rich?
Zagorsky offers several theories for why being smart doesn’t necessarily lead to being rich. It’s possible that smart people are more confident in their ability to earn more money, so they spend more money. Perhaps they feel they can take more risk, because they can make more money if they need it.

We wonder if it’s not because of the age group. People with IQs below the norm probably started working earlier, on average, than people with high IQs, who were earning advanced degrees. So people with lower IQs have had more years in the workforce. Will people with high IQs catch up with them over time?

Smart or not, we’re only human!
What this study really confirms is a timeless principle – the real secret to accumulating more wealth is to spend less than what you make. How profound!

We’re all human – some smarter than others. However, we’re all subject to that human trait that makes us spend as much as we make. Make more … spend more.

Do you remember the secret to begin accumulating wealth, as told in 111 The Richest Man in Babylon?]

A part of all you earn should be yours to keep.

If you don’t spend it, you’ll always have it. And more – because your money will make money for you if you invest it right.

For whatever reason, people with below-average IQs seem to do a better job of that than people with above-average IQs. At least according to this study.

What do you think? Why do people with lower IQs have more wealth? What tips do you have for managing money? Let us know.

Our bigg quote today is by Benjamin Franklin.

“A penny saved is a penny earned.”

It’s smart to save money, because being smart with your money is money in the bank.

Next time, we’re going to talk about your own personal SWOT analysis – analyzing strengths, weaknesses, threats, and opportunities. It’s a follow up to Visualize The Life You Want and Live Your Dream Life With Purpose.

If your goal is to save more money, learn how to achieve that goal with our Bigg Goal-Setters Workbook. It’s free when you subscribe to our free weekly newsletter. We bet you’re smart enough to recognize that for the deal it is!

Until next time, here’s to your bigg success!

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10 Signs That You Are Ready To Quit Your Job And Start A Business

By Bigg Success Staff

Life Changes

street sign arrows jpg

Leaving your job to start your own business ranks right up there with life’s major decisions. It’s risky. You’re choosing personal freedom over the security a job provides. Or are you?

The advantage to planning your exit may be that YOU get to choose the timing. Many entrepreneurs start their businesses after a layoff. Ideally, you get to make the decision on your own terms, at your own time.

However, there’s never an ideal time to start your own business. Much like getting married or having kids, if you wait for exactly the right time, you’ll never do it!

You can always get another job, but you only get one life. So here are the ten signs that you’re ready to quit your job and start your own business.

#10 – There are no significant benefits to waiting … even a little bit.
If you’re only a couple of years from retirement, you may be better off waiting so you’ll have a steady income stream to launch your new venture. You won’t feel the same pressure that you will feel when you leave without that cushion.

Another reason to stay, at least for awhile, is that you’re almost vested in your retirement plan. Why not wait until you can get the full benefit of all of your company’s contributions? Use the time to get prepared for your new business.

Finally, when you go out on your own, health insurance will be solely your problem. How’s your health? Can you get insurance through your spouse? Unfortunately, this is a significant consideration in starting your own business.

#9 – You are prepared for the demands of owning your own business.
There’s a myth that owning and managing your own business is easy. It’s definitely not. You need to be ready – mentally, emotionally, and physically for the rigors that come with entrepreneurship.

You have to be mentally tough because you will be tested every day. You will find that you’re often at the very edge of your comfort zone. That’s great – it means you’re learning and growing. But it isn’t easy, and some people find it overwhelming.

You need to be ready for the emotional roller-coaster that comes from business ownership. You’ll have highs … you’ll have lows. You’ll find that there are few days in between. Owning your own business can make you downright manic depressive! You have to be emotionally prepared for the ups-and-downs.

Finally, do you have the physical capacity to own your own business? Starting a business often requires long days. Very, very long days. Intense work. If it’s to be, it’s up to me – that saying had to be written for entrepreneurs. Be sure you’re physically ready to lead by example.

#8 – You’re sick and tired of just thinking about it. It’s time to do it.
Practice makes perfect. But practice gets boring after awhile. You’re ready to play the game! When you reach the point where you’re getting frustrated about just thinking about it, you’re ready to go!

Put another way, 13 when your fear of not trying has overcome your fear of failure], you know you’re ready to put yourself out there. Not trying disturbs you more than the fear of failure. You feel it in your gut – you just won’t be happy until you at least try it, so you can see if you can do it.

#7 – You have the education and experience to go out on your own.
You don’t need a college degree to start a business. However, you should have educated yourself about your industry. What are the success factors in this industry? Where are the opportunities? What are the threats? What are your competition’s strengths? Weaknesses? These are just a few things you should know before you make the leap.

What relevant experience do you have? Have you managed people? Have you made sales? Do you have the technical experience needed? What are your strengths and weaknesses? You don’t have to know it all – see Sign #5 – but you’re more likely to succeed if you have applicable experience. There are enough variables to deal with; your experience shouldn’t be one of them.

However, don’t think that you have to have experience in an industry to succeed. There are plenty of examples of outsiders who bring a new perspective, and therefore see fresh opportunities, to an industry. See Sign #3 below for some ideas on how to “buy” experience.

#6 – You have a supportive spouse, if applicable.
Most importantly, your spouse has to be mentally and emotionally prepared for what your new business will require from you. It will affect your relationship, one way or another. Your spouse needs to understand this. If not, you’ll find yourself with a bigger problem than anything you’ll deal with in your new business.

Ideally, your spouse has a career that supports your family while you build your business. If you can live off the income generated by your spouse, much of the pressure of starting up will be removed. You may even strike a deal with your spouse – you venture out now, so he or she can venture out later when you’ve succeeded.

#5 – You have a support network.
In addition to your spouse, do you have a support team? The business world is too complex to fully go it alone. You thought about your strengths and weaknesses in Sign #7 above. Do you have people in place who complement your strengths?

Do you have a strong network, particularly in your chosen industry? People you can call for help and ideas. People who have been where you want to go. Do you know the influencers in the industry?

As we’ll discuss more in Sign #3, you can “buy” this support by investing in a good franchise system or buying an established business. However, ideally you’ve developed your own base of support, no matter whether you start or buy.

#4 – You have six months (preferably twelve) of living expenses in reserve.
Do you have the financial capacity to support your business? Even if it requires little upfront investment, you don’t want to depend on your business to provide a steady income immediately. You need to have a reserve.

Of course, as mentioned in Sign #6, earlier, if your supportive spouse agrees to cover your living expenses while you get your business going, you can launch without an extensive reserve. However, you should still have some money set aside to cover you in case something happens with your spouse’s job.

#3 – You have a market-tested idea.
It’s one thing to have an idea in your head. It’s quite another to put it in writing. It’s better yet to have tested your idea with actual customers before you quit your job.

You may be able to start part-time. Try out your idea while you still have the luxury of a steady income from your current job. If all goes really well, your decision gets made for you – because your idea receives a great reception in the market and you quickly build an income that fully replaces your current income. Wouldn’t that make your decision easy?

There are other ways to “test” your idea:

  • Buy a franchise. The franchisor has a market-tested concept. Just add capital and you’re in business!
  • Buy an existing business. Find an owner of a successful business who wants to move on. Structure a deal and you’re in business – with established customers, employees, infrastructure, and cash flow!
  • Model a similar business. Find an owner of a business like yours who is operating successfully in a market similar to yours. Interview them. Find out what their success factors are and copy them.

#2 – You have a plan.
You don’t need an elaborate business plan. However, you should know how you’re going to take your idea to market. What’s your strategy for executing your plan? Where will you find customers? How much will you charge? How will you fulfill orders? How will you account for it all? How much profit will you make?

You need to know the answers to questions like these, and more, before you quit your job. This is part of the initiation to entrepreneurship. It’s not flashy or sexy work; in fact it’s hard. However, it’s essential to improving your odds.

#1 – You have a contingency plan.
Ask yourself, “What if …” There’s one thing we can know, beforehand, for certain. Things won’t go exactly as you plan. You need to think through the possibilities before you launch.

What if your income expectations aren’t met? What if you can’t make it go? What if it succeeds beyond your wildest expectations? Believe it or not, that can present a bigg problem – albeit, a good one! What if, what if, what if … consider alternative scenarios and plan for them.

Planning is great. Having a back-up is better. Depending on your circumstances, you may even want a back-up to your back-up plan. Spend some time, before you launch, considering what might happen and you’ll be prepared when it does!

One thing that differentiates successful entrepreneurs from failures is that those who succeed are adept at minimizing their risk. Quitting your job to start a business is a risky proposition. Follow these steps and you’ll not only minimize your risk – you’ll make your chances of success much greater!

(Image of traffic sign by Steve Webel, CC 2.0)