How The Coronavirus Outbreak Will Change Careers And Lives For The Foreseeable Future
– Success is getting what you want, significance is giving what you have. – Why don't we talk a little bit about what your calling, this greatest financial crisis and how it can actually be turned around for people if we think about it the right way. – These are very challenging times
And it's interesting because on my YouTube channel, just in November, I actually made a video about this that talked about like a recession coming and why you want to, like certain strategies you want to implement before the thing hits. Now what I didn't predict and expect
Is you would get a Corona virus combined with a lot of the existing problems in the financial systems obviously. So, it becomes this huge, perfect storm and I think a lot of people, they are simply not equipped to deal with something like this
Like it feels like it's out of a movie, right? When lockdown is happening, when you have literally bodies piling up in New York in front of hospitals, this is like from "Walking Dead" or something, this is – Yeah – unheard of and it is a great financial crisis
And companies are shutting down, governments are shutting down and in Canada, it's the same thing where Canadians, I think are having a very tough time. I think the challenge is most people, I think they are still operating based on the old paradigm,
Where I talked about the job economy, right? Like the job economy is dead. Normal, is dead. Forget it, throw that out the window, things are not going to be normal, people's buying behaviors will change but it is a crisis.
I think in Chinese words, we talk about this. We have crisis in Chinese actually means opportunity meets danger. It's like two words in one. So for Canadians, you could take advantage of this and I don't want to, I'm not saying
About taking advantage meaning you stock up in hand sanitizer, – Taking advantage of people. – Yeah, stocking up on supplies and then trying to flip it on Amazon, no, no. I'm talking about like profit during the crisis,
Not taking advantage, but actually getting your product and service out there using technology, internet, social media, where like now, it cannot be a better time. – It really it really is about switching gears and thinking about,
Okay, if everything's changing, which it is, I mean, the world has never been put on pause before ever, right? So things are changing. The economy's probably going to take a major shift. We're already seeing that retailers
Are going out of business left, right and center. Traditional jobs are very, very unreliable. – Yeah. – So, there's a couple of choices right? you can hope, you can cross your fingers and hope for the best or you can adjust
And modify and acquire new skills, so are you going to be talking about what skills people really need to acquire new economy? – Correct and the skill that I'm talking about is like people talk about, oh, you want to recession proof your business, right?
But I don't think that people understand that you could have a recession proof business or even a skill set that is recession proof but it doesn't mean it's pandemic proof. They are are two different things, let's say a pub, a bar, usually when the economy is bad,
When the economy's good, people go have one drink. When economy's bad, people go have two drinks, right? So in our business, it's still good, it's still good but they are recession proof, they're not pandemic proof. – Right.
– So before it's like, you know how Dave, back in the days we talked about, wouldn't it be nice to be able to work from home like work in the comfort of your own home and generate income, right? It's almost like a privilege, it's a luxury.
Now from luxury, now it's necessity. You better be able to work from home, you better be able to generate income without face to face, right? Because like this virus is going to, it's only a matter of time then it's going to be over,
Maybe six months, maybe a year but what I could guarantee it's not going to be the last virus that we see right? It might come back six, seven, eight years. The question is, what are we doing today to make sure that when that happens, again, we are prepared and the same time right now,
How can we profit from it? Because you have that window of opportunities in the next, is not, people might think it's going to be like a U curve, like when the economy, not going to be you curve. It's going to be an L.
This is going to take a long time. – Yeah. – From my research, probably two to four years. So what are we going to do in two to four years? – So Dan, today, let's talk about what you call how to create your own economy.
So what what does that mean? What is that exactly? – We think about where now first of all, there's no question, people people asking, "oh, are we in a recession? "Are we entering recession?"
– We're going to be for sure, yeah. – Like we are in a recession, okay? When you have companies shut down, laying off, there's no doubt, we are in a recession and what is interesting you notice when I say you can create your own economies, yes,
The outside economy could be bad, this crisis happening, this Coronavirus happening but as individual, as a business person or as a professional, that you always have the choice to say, you know what, I refuse to participate in the recession.
I refuse to buy into all the fear and doom and gloom and I'm not talking about positive thinking. I'm talking about strategies, right? Things that you can actually do to say, you know what, I'm not going to do that. I'm going to be proactive.
I'm going to restructure my business in a different way. We're transitioning from the job economy to the skill economy right? Now think about this, what happens is, picture this in your mind.
A lot of those businesses, they're going to be, like say restaurants, retail, all those businesses. It's not just temporarily shut down, they're gone. Those companies, there's not like, okay, hey, now we're going to open up again, let's say in May, the Canadian government's like, okay,
Now we're back in business, we can open up the shops again but a lot of those businesses already gone. They are out of business, – Yeah. – So they won't be hiring. Now, the question is this, if they won't be hiring, those jobs, will they still be available?
– Of course not. – Now, if you, let's say most companies out of business but let's say, knock on wood, imagine you're one of the few companies who survive but you basically went through hell, as a business owner, you went through hell
And you're still surviving. Do you think you're going to make some changes within your business? Are going to still operate the same way? If let's say, Dave, you've always used in the event business right?
And let's say because of the Coronavirus, let's say you had a couple, your trade-show business, you shut down a couple events, you can't do it and you lost a lot of money. Will you still operate a business the same way? Are you going to look for different way of doing it?
Maybe more virtual right? – If you're smart, you're going to look for a different way to do it. – Yeah, entrepreneur, we always look for how can I do this better? So what it means is
If you change your business model, it also means the nature of the people that you will hire will change. Because the people that you need will be different now. So, then it's this huge market, huge gap in the marketplace where things that you think before
We were moving to artificial intelligence, robots, technology. What the Coronavirus did is to accelerate that. It's an accelerator. If I am Uber after this incident, like before, I'm testing, – Like Airbnb, Uber.
– Yeah Uber before, testing like a driverless car. If I'm Uber, I'm going all in right? I would not want drivers because drivers pass on diseases, viruses. I want every delivery, everything you think about, this domino effect, across different industries,
That's huge. Now, that's a big problem for a lot of people but at the same time, you can see also there's an opportunity for people who have certain skill sets that could serve these market, those will be booming
Because they will be more in demand than ever. – Okay, but so somebody's watching this, they're going that sounds great Dan. I don't know the first thing about doing anything on the internet. I don't know how to start virtual stores.
I don't know, what what can I do as an individual, as a guy to help pay the bills for myself and my family moving ahead I mean all this sounds a little too cerebral for me. I'm not into robots. I'm not Uber, how do I pay the bills?
How do I survive through and after this crisis? – It's very simple. I always say it's a skill that pays the bills. It's not so much about robotic and into artificial intelligence and all that. No, there are certain skill sets that you could develop,
Certain skill set that are in demand. Most importantly, this is key. Doesn't matter if join the presentation or not is, there's certain skill sets that won't be replaced by robots. – Okay. – You want those type of skill sets
That won't be replaced by robots. Like if you are just before the whole pandemic, I was actually in Vegas and just before the whole shutdown, in Vegas and I notice it's interesting in one of the casinos, you have one on one side literally like maybe 10 feet away,
Bartender bartending, two customers. The other side, 10 feet right there, it's a arm with a machine mixing the drinks. That had 30 people, people are taking selfie, people like doing Instagram and looking at that.
I'm like, okay, if I was to guess, a machine mixing a drink or a person mixing a drink, who's going to be more accurate? Who can work 24/7? Who doesn't require tips? Who doesn't call in sick? – Yeah, right.
– And who is more attracting in terms of eyeballs, right? No one is doing a selfie with the bartender, a lot of people doing so with that robot, right? So but imagine that across a sport, like a course any like any, any sectors. So now if I'm a bartender, I'm at risk
Because I can see the robot is kicking my ass. That's going to happen to, you think about restaurant, cooking, you name it. So those skill sets will be replaced. I call them they're more than low value skill sets. If the waiter you can even search on YouTube,
Alibaba developed a hotel on YouTube, that the whole hotel except the first, the front desk and couple people, the entire hotel, from the chef from everything, it's all robots. – Wow. – You check in with your phone.
You don't go to the front desk, you check in on your phone, they have a scan, everything, everything is automated. You don't see a person. Food delivered through a robot if you order the hotel room service.
That's going to be, this I know, It feels like a futuristic film. It feels like no, it's happening right now. – Yeah. – It's like it's happening right now. – So that's scaring the shit out of us.
– So now it's like the company, there are a lot of companies who are thinking, well you know, maybe a little bit too early. With the whole virus, now they're much more motivated to actually know we got to move this, we got to put our resources if we survive
Towards that, because we need robots that doesn't pass on diseases. We need robots that doesn't get sick. We need robots that doesn't need to wear a mask. We don't want that human like factors. Think about all the McDonald's, Tim Hortons
I guarantee you this whole thing is over, they are thinking about automated drive through, automated cashier, automate like the whole thing. They don't want people there. Because, looking like when they shut down for a month in business, they're thinking,
They don't want to see this happen again, right? Because the business is there. People still eat people still, Starbucks, same, it's going to be same. So, we are holding back if we are also holding on to an old economy like, it's going to be very challenging.
– So the message is, yeah, what you used to have for a job very well might not exist after this or for very long after this. So it's time to start looking at what are the skills that can survive a, pandemic and b, the economic fallout that's going to come from this pandemic,
What can you do moving ahead, not just to survive, but actually to make more money than what you're doing right now and live a better life and provide more security for yourself and your family moving ahead, that's the real message, right? – I just like I was talking about this morning,
I saw two messages two of my students making more money in this crisis. One of them, she actually just made $10,000. $10,000 US, she shared the post within Facebook group. Like now, this crisis not many people making $10,000, you know what I mean, people are still trying to hang on
To thie job. – Or they getting their two grand from the government to survive on. – Yeah and I mean, look at how long the government could assist, one time, two times, right? The government doesn't, the government can save us.
That's why we need to create our own economy. We need to take the responsibility, being intelligent, responsible individual to take care of your family to, I'll share one more thing, you know how I used to talk about financial freedom,
That was many years ago, right? – Yeah. – Starting about, probably five, six years ago. I don't talk about financial freedom anymore because I found that that's actually an illusion. I shift all my messaging and I used to believe in that,
I shift all my messaging, all my core philosophy into developing financial confidence and it's very different from financial freedom. When you think about financial freedom, people think about seeing a beach and doing nothing and that was it right?
Like retirement. Financial confidence is knowing that doesn't matter what happens to the economy, even though there's a crisis, you can still generate income, that you can still have the ability to produce income to take care of a family, take care of yourself.
So think about now the crisis happening. Do you think people still talking about financial freedom? – Not as much, no. – No, they're not thinking about let's sit on a beach and do nothing, no, they're just how can I survive?
How can I get through this versus because I've shifted into financial confidence, everything I do as a company, that it's completely different. I think that's what I'm trying to teach is don't aim for financial freedom, aim for financial confidence.
No matter what happens, you're okay that you're not counting the government, you're not counting on, you're not even counting on investments to provide because now like you can see real estate, even people, they have a tough time, paying rent,
There are a lot of things that are happening that it's. – So bottom line, what you're saying is if the entire rug gets pulled out from underneath your feet, – You're okay. – Job, investments, whatever.
You can pick yourself up, get back on the horse. You've got the financial confidence to know that you can feed your family no matter what happens.