Back in 2008, we saw the greatest financial collapse in ages. Since that massive hangover, everyone’s waited for the next one to arrive.
Super entrepreneur and influencer Gary Vaynerchuk took to YouTube to list his reasons why one is coming…and coming soon. Here’s what he had to say.
No one knows the exact day, but I can tell you this for sure:
The economy is going to collapse. Maybe not tomorrow, maybe not next year, but we’re not going to live the rest of our lives in a bullish market.
When the economy collapses, here’s what will happen…
He then listed five things.
1. The “Brand” Of Colleges Will Collapse
“I genuinely believe that student loan debt will tear down this economy,” Gary Vee says. “The same thing that happened to the banks in 2008 will happen to colleges during the next recession, and the conversation around colleges will change.”
2. Companies Will Be Forced To Be Smarter About How They Spend Their Money
Right now companies can test, try and explore tons of different ways to market.
“But when the economy melts, big businesses will fold because they’re overleveraged,” so sayeth the Vee. “And the ones that hang on will get their marketing budgets cut massively.”
So if you don’t know how to get lean, you’ll get eaten alive once the next recession hits.
3. Sales Will Go Down
This one’s fairly obvious. If the economy is down, that trickles down to your business. Alas.
4. Entrepreneurship Won’t Be Put On A Pedestal
Right now, the market is ripe for entrepreneurship. Lots of C-players are winning when they shouldn’t be, he says.
“When the world melts, people will get much more practical about how they live their lives, and entrepreneurship will be recognized as something hard. Not something that anyone can do.”
5. People Will Get Happier
These days, everybody’s trying to stunt for the ‘Gram, living fake lives.
“When there’s a correction,” he says, “everyone is going to get back to the right mental place and do what they actually love to do instead of chasing a fake lifestyle.”
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As a millennial in today’s consumer-driven world, budgeting and managing your paychecks can be tricky.
Thinking like a consumer and not the owner of the product can prove to be a big difference to building your investments. Instead of owning the latest Apple device, you’ve got to target owning a part of Apple, and this simple move can be the first step towards becoming a better manager of your wealth.
Here are two incredibly important money habits to foster that millionaire author Tony Robbins banks on (and you cannot afford to miss them).
BREAKING: WealthLAB Co-Founder Makes Forbes 30 Under 30 List
Forbes Africa just unveiled its fifth annual “30 under 30” list, highlighting the top young entrepreneurs, innovators and gamechangers.
And guess what: WealthLAB co-founder Odunayo Eweniyi is on it. See the full Forbes list here.
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Extremely honored to be on the list of this year’s Forbes 30under30 2019 in Technology along with my cofounders @somtoifezue and @JoshChibueze. Thank you everyone for the support, we could not have done this without you guys! Thank you @forbesafrica! #thegirlthatcould #30under30
Alongside co-founders Joshua Chibueze, 26, and Somto Ifezue, 28, Odunayo built PiggyVest, a fintech app that’s helped over 230,000 African Millennials invest and save over $15M.
“PiggyVest was born out of the need to help people create a sustainable means of saving,” Odunayo told Forbes. PiggyVest users currently earn 10-13% on savings.
Just last May, PiggyVest—then known as Piggybank—closed a seed round, raising $1.1M. In doing so, Odunayo became one of under 30 Black women to raise over $1M in startup capital.
While the app started as a digital piggy bank for savers, Odunayo told TechCrunch the goal was to become a “financial warehouse” where other financial providers “can plug in their services for [PiggyVest] users.”
That vision recently came to life with the launch a new investment feature called “Investify,” which pays around 25% depending on the investment opportunity.
These investments will range from classic guaranteed fixed income opportunities (TBills, bonds, commercial papers, etc) to unconventional opportunities in real estate, agriculture, and transportation.
Minimum amount you can invest will vary by investment opportunities.
— PiggyVest (@PiggyBankNG) April 30, 2019
The Forbes distinction comes on the heels of an impressive recent run of awards for the young entrepreneur.
In March, Odunayo earned an award from Forbes as one of the top young “wealth creators” in Africa. Shortly after, Odunayo was named 2019 SME Entrepreneur of the Year in Wealth and Society in West Africa.
Prior to founding PiggyVest, Odunayo co-founded PushCV, the largest job database in Africa.
“I’ve always wanted to make an impact. I didn’t know how I would do it, but i felt a compulsion to.”Odunayo told Black Enterprise in a recent interview.
In addition to PiggyVest, Odunayo’s co-founded WealthLAB (yes, this WealthLAB) with NYC-based investor-entrepreneur Philip Michael. The two also invest in women —and minority run startups in the US.
Forbes Africa named 120 entrepreneurs across four categories: trade, technology, innovation, and sport. “I’m honored but I’m just ready to work,” Odunayo said when asked about the award. “I’m already thinking about what’s next.”
Well, alright then. Hit her up and congratulate her on IG here!