As I said when the Great Recession began last year, it's going to be an unbelievable once-in-a-lifetime opportunity for those with the courage, emotional strength, and cash to take advantage of the bargain prices in everything from stocks and corporate bonds to real estate and consumer goods. Chip Cutter at AP Business wrote a piece detailing 20 and 30 year old men and women around the country who are pouring money into their 401(k), buying their first homes to take advantage of falling prices and the $8,000 tax credit, and picking up new cars through the cash for clunkers program.
In my own case, I've shared with you that during fiscal 2009 we've expanded our retail operations by 500% to 600%, pouring money into markets that are hurting right now, such as fine jewelry, fountain pens, luxury baby gifts, and wedding supplies, even though we know the challenges over the short-term. When the economy recovers, which it inevitably will, our businesses will be in a position to generate millions of dollars in extra revenue with high profit margins because we were able to take market share and secure better locations during the downturn.
Opportunity is around you every hour of every day. Take advantage of it. Some of the best advice I've ever heard is to begin working on projects that will continue to pay dividends for 25 years or longer after you've finished working on them. A lot of the income on my tax return consists of publications I wrote when I was a teenager in high school! Every day, money pours in from these writings, which then get deployed into either my newly formed holding company or my personal investments.
Recently, I've been reading about a woman named Barbara Corcoran, who turned a $1,000 loan into a $66,000,000 personal net worth despite having straight D's throughout high school and college. According to her biography, she had 20 jobs by the time she turned 23. Yet, she didn't let failure stop her. Through determination, hard work, and careful study of her field, she became incredibly wealthy, created jobs, and helped grow the American economy. This woman should be a role model for anyone out there who is struggling and believes that they can't be a success because of their family background or grades.