Financial Literacy | Recession | Wealth

Recessions Are Where Millionaires Are Made

Don’t Miss Out On This Opportunity

Tyler Kirkpatrick
Simple Finances
Published in
5 min readOct 8, 2022

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Photo by David Vives on Unsplash

The Economy Is Cyclical

Just like the changing of the seasons from summer to fall, the economic outlook is moving from hot to cold. If you spend your time listening to the talking heads on television, you would think the sky is falling, and all hope for your future is lost.

But that’s not the case. Not even close.

Depending on who you ask, economic recessions have occurred every 4 years or so since the 1800s. Each typically lasts around one year, bringing forth fear, uncertainty, and doubt. Somehow we haven’t had a recession since 2008 (unless you count the early days of the pandemic).

The housing market crash and subsequent economic calamity that followed in 2008 was the opportunity of a lifetime if you knew what you were doing. You could throw a rock and hit a deal in any direction. The people who knew what signs to look for have fared extremely well in the last 13 years.

Many billion-dollar businesses were starting in the middle of major recessions. For example, Paul Mitchell, a homeless man at the time, started Paul Mitchell hair products during the 1980 recession.

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Tyler Kirkpatrick
Simple Finances

I write about politics, money, and my crippling video game addiction. Email: tkirkpatrick@smu.edu