My dad spent 21 years in the United States Air Force and growing up he’d always remind my brother and I that “preparation is the key.”
I heard this A LOT as a teenager, so I just rolled my eyes and said “yeah dad” every time he said it.
Especially after hearing it a few dozen – or a few hundred – times.
But as an adult, I live by this.
But what I didn’t talk about in that article was the preparation that led me here talking to you today.
When I started investing it took me six full years – 2,190 days or 52,560 hours to learn how to value even one stock. After all this time I’d made almost zero progress.
This led to massive frustration and even annoyance and anger.
Why wasn’t I learning faster? Why wasn’t I making as much progress as I thought I should have? Why was this taking so long?
Sound like your own thoughts?
But I kept pushing until one day things “clicked” and I progressed at light speed.
The 6 years I “wasted” learning and making what seemed like zero progress laid the foundation for that rapid improvement.
Because as Bill Gates says – “Most people overestimate what they can do in one year and underestimate what they can do in 10 years.”
We all want progress right now. Today… Not 20 years from now.
But many people also let this keep them from achieving their goals over the long term by saying and thinking things like…
But if you continue doing that, someday will never come and opportunities will pass you by.
But if we prepare constantly – even to a level of over preparedness – someday that preparation will pay off.
Because as Tony Robbins says, “the meeting of preparation with opportunity generates the offspring we call luck.”
If you’re not prepared when an opportunity comes up – you’re going to miss out. And you’re going to say things like “I’m always unlucky” or “nothing ever goes my way.”
And if it could have transformed your life and the life of your loved ones, you’ll likely regret it later in life.
Because of this fear, I never want to be unprepared… Especially when it’s something in my control.
This fear is a huge reason I’m always learning and always preparing for some now unknown future event.
And it’s also why I’ve continued preparing every day over the last 6+ years for the next market crash… Even though I haven’t bought any stock in that time.
Building a stock watchlist is one way to prepare for the coming market crash.
Another way to prepare is to learn about investing, valuation, finance, and value investing right now.
So, you can not only protect your investment portfolios from the crash before it happens. But so that you’re ready to buy stocks and build your wealth when valuations fall.
No one knows when the next market crash will happen… But we all know one is coming due to the historical overvaluation of the stock market.
Because I’ve spent the last 6 years of not buying stocks preparing… 15+ if you include my entire investing education – I’m 100% ready for the next crash… Whenever it happens.
I won’t have to rush, panic, or have anxiety because of my preparation.
This is what I’ve told students to do as well. Prepare as much as you possibly can by doing the following things.
Doing these things will not only prepare you for the coming market crash. It will also make you more confident in your abilities and level of financial security too.
This will help you make more money in the next crash… But it will also help you make more money now while we still deal with this pandemic.
Be constantly learning… Be constantly preparing… Yes, even if you aren’t getting paid now.
Because you never know when the next job offer, girl/guy, stock, crash, breakthrough, failure, etc. are coming.
One of my favorite quotes relating to this is the following…
“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb
I’m ready for the next crash… Are you?