He took important lessons from the 2007 market crash
Vivien Killilea/Getty Images
While many of us are wrapped up in the ongoing economic turmoil — rising inflation and interest rates, among a number of issues — Jeff Lewis remembers the 2007 market crash like it was yesterday. As a home flipper and real estate businessman, Lewis had all his eggs in that particular financial basket, making the housing crash that much more painful for him to endure. Looking back on it amid the pandemic, Lewis told us that the experience forced him to diversify his income portfolio.
“I was all in when the market crashed. I had one source of income, and when I came out of that, I wasn’t unscathed, but I came out alive, and with my credit and with some money, I told myself I was going to develop multiple streams of income,” Lewis told us. “Thank God I did that, because, during the pandemic, we were home for a year, [and] two of my three sources of income dried up.” Telling us that his 2020 income went down by 66%, Lewis shared that he still felt grateful to have even one source of money, given that so many people found themselves in untenable situations.
Jeff Lewis Reflects On His Pandemic Experience And Finding The Silver Lining - Exclusive
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By Louisa Marshall/July 8, 2022 8:06 am EST
He took important lessons from the 2007 market crash
Vivien Killilea/Getty Images
While many of us are wrapped up in the ongoing economic turmoil — rising inflation and interest rates, among a number of issues — Jeff Lewis remembers the 2007 market crash like it was yesterday. As a home flipper and real estate businessman, Lewis had all his eggs in that particular financial basket, making the housing crash that much more painful for him to endure. Looking back on it amid the pandemic, Lewis told us that the experience forced him to diversify his income portfolio.
“I was all in when the market crashed. I had one source of income, and when I came out of that, I wasn’t unscathed, but I came out alive, and with my credit and with some money, I told myself I was going to develop multiple streams of income,” Lewis told us. “Thank God I did that, because, during the pandemic, we were home for a year, [and] two of my three sources of income dried up.” Telling us that his 2020 income went down by 66%, Lewis shared that he still felt grateful to have even one source of money, given that so many people found themselves in untenable situations.
“I was all in when the market crashed. I had one source of income, and when I came out of that, I wasn’t unscathed, but I came out alive, and with my credit and with some money, I told myself I was going to develop multiple streams of income,” Lewis told us. “Thank God I did that, because, during the pandemic, we were home for a year, [and] two of my three sources of income dried up.”
Telling us that his 2020 income went down by 66%, Lewis shared that he still felt grateful to have even one source of money, given that so many people found themselves in untenable situations.
The home flipper has found the silver lining amid the pandemic
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“I felt like that’s when I truly bonded with my child, who at that point was three,” Lewis told us. “Now we have a very nice, close, connected relationship. I’m committed to keeping it that way.”
Reflecting on the happiness that his time at home brought into his life, Lewis’ conversation with us veered into a rather reflective one, with the home flipper telling us that he’s never been as content in his life as he is now.
“This isn’t being dramatic and this is not exaggerating — for the first time in a very long time, I’m happy,” he said. You can’t put a price on that.
