“The impediment to action becomes the action. What stands in the way becomes the way.” -Marcus Aurelius
When it comes to life as in business one things for certain, and it’s change. Just take the weather, the economy, or public opinion for example. Nothing lasts forever, and we must steadily prepare ourselves for it.
Adaptation is the name of the game, those who don’t will lose and miss out on opportunities. However, to capitalize during times of volatility, we must be able to predict these events before they happen.
Let’s look at the 2008 housing crisis. When the market crashed in October of 2008, imminent doom filled the headlines. Some lost their houses, riches, and jobs. Given the circumstances, it’s hard to see through the hysteria, but those who did made fortunes.
With the many foreclosures taking place, this was now the time to buy. Real estate investors were buying up properties for pennies on the dollar saving them thousands. When the economy recovered, they turned around and sold those properties making many a millionaire in the process.
Jeff Adams was a firefighter during this time and going bankrupt himself. Desperate to find new streams of income, he managed to get two cash advances giving him the means to purchase his first property. Still working for the fire department, he worked on the house during his off days making the most of his time.
After fixing up the property, he eventually sold it for profit and just repeated the process. During this period he accumulated wealth and is now a full-time real estate investor and coach.
Like so many, Adams was in dire straits, but he managed to see an opportunity with others saw obstacles. Adams managed to cut through the panic and saw the recession as a blessing in disguise.
As with any circumstance, the way we react to what happens is far more important that what happens. Knowing this, let’s adapt this type of flexibility to make the most of every situation.