We're often warned to prepare for an impending recession, but sometimes the information we learn through the media isn't an accurate reflection of the state of the market. How can we observe clues of an impending recession ourselves? Is it possible for us to keep winning in business when the market inevitably drops - or should we be preparing for the worst?

On this episode, CEO of MBS Highway, Barry Habib shares why we need to rethink what we know about recessions, and offers insight on how we can continue to thrive.

Focus on the road ahead, not the obstructions. Do it in driving and you'll be better; do it in life and you will be much more successful. -Barry Habib

Three Things We Learned From This Episode

Rethink what recessions look like (11:55- 12:44 )

When we talk of a recession, we tend to think of what we saw in 2008 and 2009. The reality is, recessions are dependent on the expansion period prior to them. The expansion period we're currently in has been extended, but shallow. That means, the recession we'll see in the next year or so will also be shallow. 

Observe the clues of an impending recession (13:22- 15:20 )

The first place recessions show their effects is in big corporations. As these corporations let people go to cut costs, those who have lost their jobs start spending money at more cost-effective stores like Walmart and Target. The reason stocks have gone up at Target and Walmart is because there are more people looking into cost effective options. 

Look further ahead (27:02- 28:42 )

Most of us are guilty of zoning in on one area of focus while we're trying to get ahead. While it's great to be focused, by zoning in on only one goal, we run the risk of seeing the big picture. No matter the condition of the market, be sure to take a holistic view of what's around us.

A recession is inevitable, and we should be prepared for it. However, recession isn't necessarily synonymous with devastation. There are ways to identify the early signs of the market dropping, and we need to remain aware of them. Keep looking forward and be aware of all the signs - whether we're in a recession, preparing for one, or exiting one. If we can maintain a holistic view, we will keep winning no matter what the market has in store for us. 

Guest Bio- 

Barry Habib is the founder and CEO of mortgage analytics firm MBS Highway, a company dedicated to helping mortgage professionals and real estate agents articulate the opportunities in the housing market. Widely respected for his Mortgage and Housing expertise, Barry has monthly appearances on CNBC and FOX. He has recently been named the top Real Estate forecaster by Zillow and Pulsenomics, and has also been awarded the Crystal Ball Award for the most accurate real estate forecasts. Barry is a celebrated speaker and figure in the real estate and mortgage industry, and is passionate about helping others achieve their goals and find success in every area of their lives. 

Look out for Barry's upcoming book, Money in the Streets.

To find out more about Barry, head to:
https://www.linkedin.com/in/barry-habib-6b001910 

https://www.mbshighway.com 

@barryhabib on Twitter

https://www.facebook.com/barry.habib.7