To survive the, economic collapse, first thing I would say you need to do is you’re going to have to acknowledge where you are financially. The beauty of an, economic, downturn is that there are more successful people created during a period of, economic collapse, than any other times.
My guest today is Solomon Ali author of “The Empowered Wealth Bible” and “Economic Survival” and we’re going to be talking today on “How to survive an, economic, collapse because I think we’re heading to an, economic, collapse.
Solomon, I’m very curious to hear your backstory, how did you become an expert on, economic, conditions?
Immediately after high school, I went into the military. I went to a predominantly white high school and my guidance counselor said I had good GPA; but they never directed me to go to college or university, so I went straight into the military. I made it to the rank of sergeant and learned how to manage people and how to build a team.
When I got out of the military and went home, I couldn’t find a job, common story. So I started helping my parents clean up their rental properties. I ended up organizing the cleaning crews. We became a mobile company, cleaning up apartments, painting them, doing minor repairs so that the apartments could be ready for the next tenant to move in. I had a team of people structured like an assembly line. We had people come and do the masking of everything. We would mask off four or five apartments at one time. The next group would come in and they would clean the tubs and the toilets, and the next guy would come in and paint it. Then someone would come back and take all the masking tape off, vacuum and shampoo the carpets and we were done.
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Now that is, economic, survival. Surviving the rental income business. That sounds like the best structured management cleaning that I have ever heard, and I do property management as a Realtor!
We had over 70 people on our team. We went from zero revenues, to a little over 6 million in 12 months! But I was not able to collect all my money. I had all these accounts receivables and I had payroll that was coming up. So I got on my knees and prayed one night and I was talking to God, and the next day I’m looking in the LA Times and I see a company advertising for accounts receivables loans. I called the guy and left a message on Sunday he calls me promptly on Monday morning and he went over everything. I made the trip to San Bernardino, California and got a check for $380,000. He bought all my $500,000 accounts receivable accounts.
That was my first lesson on, economic, survival in the form of risk management. You do not want to have a huge concentration of your business coming just from one or two customers, you want to make sure that your company it’s more diversified.
That is what I do today. I consult companies on how to survive, economic collapse, or downturns because they come about every 10 years. I teach them how to scale, how to grow, and how to access the finance world. In other words how to arrange capital, so they can do their roll-ups.
We check out the competition and then we begin to set up what I call mirroring. We design a program that fits my client so that they can grow and scale their business and we’re able to access capital for them. I may have private equity companies that I have arrangements with and I get very passionate about helping others fulfill their dreams.
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What does your book “The Empowered Wealth Bible” teach us about, Economic Survival?
That book speaks in reference to the different tricks of the trade, how you survive, economically, and raise the capital for your business. It teaches you how to use personal credit and credit cards.
It is extremely helpful to the new entrepreneur trying to fund his business as well to the mother wanting the best for her family.
There is one chapter in the book where we talk about how we could take your credit card money’s right from your credit cards and apply it to your mortgage and rotate that around cutting the interest rate on your mortgage and shortening the time period. The book also shows you how to start a business with very little to no money. Things like that, it is all about, economic, survival.
I started my private equity company back in 2009, I started with two hundred and fifty dollars and by the end of a year or so I was making millions of dollars.
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We are now smack in the, coronavirus, pandemic. Companies are closed, millions of people have lost their jobs and everybody is scared about their future. It’s really interesting that you had the premonition to write the book, Economic Survival, before we faced an, economic, collapse.
I understand we are heading into a recession even a depression.
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How would we survive economically if the US, economy, was to collapse from, coronavirus 2020?
Firstly, I’m going to say we’re already in a recession. Our, economy, is already seeing an, economic collapse. We haven’t saw seen all the manifestations of what’s going to happen, but anytime you shut down businesses state by state, you’re losing your, economic, base within those states. So all of these businesses shutting down resulted in I think as of today there’s over 37 million people filing for unemployment. Let’s put that in perspective, that’s not counting the people who are self-employed, who are not able to file for unemployment. So you have to add millions or more to that number, that’s not also counting the people who are just giving up and not looking for work. That’s millions more. I predict that the US unemployed will be closer to about 60 or 70 million by the 3rd quarter. I predict we will see an, economic collapse.
I’m going to Segway over to the African American businesses. On average there’s approximately five million businesses existing in the United States with ten or more employees.
African American companies there are only about one hundred thousand or so with ten or more employees. That’s a big and significant difference between five million to a hundred thousand. That tells us that the majority of us, African-Americans, are working for other people and those jobs are no longer going to be there in the future.
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Small businesses create the majority of the jobs, however your larger companies employ more people. So when you place all this in perspective African Americans are not going to have anywhere to go and will suffer more from an, economic collapse.
Here are some strategies on surviving an, Economic Collapse:
- To survive the, economic collapse, first thing I would say you need to do is you’re going to have to acknowledge where you are financially. The beauty of an, economic, downturn is that there are more successful people created during a period of, economic collapse, than any other times. You have to solve someone else’s problem, you have to be of service to someone, so that now you have people looking for you because you become in demand.
New businesses will be created like, AirBnb, created in the 2009 financial crisis.
We are losing millions of businesses but new businesses are created during an, economic collapse.
- After you solve someone’s problem is you have to educate yourself. You have to remove the fear, because fear will paralyze you. Once you remove the fear you will be able to go out and help someone else.
- A lot of people that have the employee mindset will have to switch because they are not going to do well. Unfortunately our, economy, and, economic survival, depends on developing an entrepreneurial mindset. We’re going to be living in the, economy, where a job no longer exists. You’re going to be a subcontractor, you’re going to be an independent .
- You have to look at where are you today financially and reset your priorities. Instead of loosing your home in the, economic, downturn because you lost your job, maybe your parents have a room you could live in and you could rent your house. You’re going to have to be willing to do what is necessary for, economic survival.
- Immediately begin to renegotiate your debt so that you can have more cash flow.
- Diversify – you may have to do some joint ventures with other companies or other people.
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How do you think the Real Estate Market will fare in this, economic collapse?
I think we’re about to see by the last quarter of this year a lot of foreclosures will begin to take place. I believe a lot of people will begin to lose their homes.
For those investors who have the cash flow and the ability to buy, they will be able to pick up properties at a significant discount, because the banks are going to have to give rid of those assets off of their books. Credit lines will be cut by the end of the third quarter. I’m pretty sure maybe even at the beginning of the third quarter the credit lines will begin to get cut, which will have a trickle effect on the, economy.
What we do know is that our, economy, is not coming back anytime soon. We may have as many as 60 million people unemployed. People don’t have any reserves and if you don’t have any reserves at the beginning of the, economic collapse, then what is going to happen after you have been unemployed for a year. Robert Kawasaki, of Rich Dad Poor Dad, was saying that what you do is you find out your runway for your business or personal life. How much money you have in the bank to take care of the essentials, housing, food and transportation?
Robert is absolutely right. We were all taught to have six months of reserves, but if the last, economic collapse, in 2009 taught us anything, is that it took people 18 months on average to get a job so we were wrong saying to have six months of reserves, you need to literally have two years of reserves. Most don’t even have one month.
How does Private Equity Investing help with, economic survival?
I love private equity, I love loaning out money and helping people to fulfill their dreams.
I have a passion right now for minority businesses. There’s approximately 13,000 publicly traded companies all together but, there’s only 13 black publicly traded companies currently. I sat on the board of directors of three and I was Officer of three all at the same time, where I was responsible to help them raise the capital they needed to, survive economically. The companies that I helped, they were not only successful they became in the top 5 companies.
To purchase any of Solomon Rc Ali books or for consulting services visit his website
https://www.solomonrcali.info/ follow him on twitter and Instagram and Facebook @supportsolomon.