The market is crashing. Inflation is out of control. The economy is in recession (even though they aren’t officially saying it, we are in a recession folks). World currencies are losing value compared to the United States Dollar. The supply chain is broken. Basically, there are a bunch of bad economic events occurring.
If you have been following my advice over the past few years, then you should have nothing to fear.
You should have an emergency fund.
You should have developed multiple income streams.
You should be living below your means.
You should have created a high margin practice.
Therefore, you SHOULDN’T be worried if you truly follow The Elite Nurse Practitioner Model, or at least a few of its principles. But I am sure many of you are still worried. You don’t need to be. Why?
BECAUSE THINGS ALWAYS GET BETTER.
They do, from a historical perspective anyways. Economies and markets always rebound. If they don’t, then we are all in trouble and it is absolutely out of your control, so why worry about it? You know what you should be worried about right now? Generating enough income to take advantage of the situation!
This year has been an amazing time to buy into the market. Right now is the BEST time to be buying stocks and index funds. Everything is on sale. The majority of the market is now being valued at where it was before the COVID pandemic.
Times like this only occur a handful of times in your lifetime. Times like this might only occur once or twice during your peak earning years. Essentially, times like this are very rare and you need to take full advantage of it!
During times like this, you need to be BUYING the deals, not SELLING at a loss. Don’t be like your average idiot who buys high and sells low, don’t do it. That is how you lose money, not make money. Do not let fear get the best of you. Prices WILL go back up, but it might be a couple years.
Millionaires are made during times like this because they are buying LOW and know it will go back up. When there is fear in the streets, BE GREEDY.
If you have any spare cash laying around right now, you need to be putting it in your post-tax brokerage account and buying a handful of solid index funds. I have been buying these deals all year long and purchased quite a few this week as the market has crashed. I fully anticipate making a very healthy return over the next couple years. (For those interested, I am buying VTI, VTV, VXUS, and MUB)
So, take advantage of this awesome buying opportunity. Seriously, you would be a fool not to. Can the market decrease further? Sure, it could, but it could also stay flat or it could go up. Who knows. No one knows. But it WILL go back up again.
To minimize your risk, use a dollar cost averaging strategy and purchase during dips like we are seeing right now and continue to do so. But DO NOT sell at a loss. Instead, just keep buying and you will be rewarded for your patience later down the road which will accelerate your path to nurse practitioner financial freedom!