Tim, do you want to know who enjoys “opportunity season?”
It’s people with deep pockets.
People who have enough capital reserves to stay in business while everyone else goes under.
People who have the money to buy distressed businesses, real estate in foreclosure, and property being sold in desperation.
That’s what a depression really looks like, not a social media fantasy world.
Here’s what we know about the economy and where it is heading:
- According to CNN Business, Unemployment claims rose by about 3000% since early March and “6.6 million US workers filed for their first week of unemployment benefits in the week ending March 28, according to the Department of Labor — a new historic high.”
- The NY Times estimates the unemployment rate is around 13%.
- Economists at the Federal Reserve Bank in St. Louis project 47 million lost jobs and an unemployment rate over 32% — far higher than the Great Depression.
If we have unemployment above Great Depression levels, the people most likely to buy eBooks, paid newsletters, niche products, and coaching/consulting are the ones who will be out of a job.
Even in a good economy, this type of thinking is unrealistic because if everyone did side hustles (like it’s not already happening), there would be an infinite number of eBooks, paid newsletters, niche products and coaches/consultants.
Either everyone would get a tiny, unsustainable share of these revenues, or the few people who have created a large social media following will earn the lion’s share of the money.
On Medium, that translates to the top 1% making thousands of dollars a month, the next 6–7% making between one and a few hundred dollars per month, and the remaining 92–93% making less than $100 per month.
I’m not saying that you and a group of your friends can’t make money online, but there will only be a few people who are able to sell shovels to all the online prospectors desperately trying to strike gold.
Articles like this ignore basic economics and misled a lot of scared people.
