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Hello, Subscriber!
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My apologies...
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Despite my efforts, I didn't get a newsletter ready for release last Friday. When you work alone, there's nobody to fill in for you, nobody to back you up if things don't go as planned. So, my apologies if you were looking forward to my usual "commentary and opinion" for the things that occupy the thoughts of my fertile imagination for the moment... You rate a full refund of the subscription price! (the dp Newsletter is a free offering...) :-D
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...and sometimes better people
than many people!
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A topic that has come up repeatedly in recent conversations is how to back oneself up financially when the economy isn't doing it's best to bolster your wealth. With our current administration undermining everything that makes our people and our country strong, the economy is certainly not what it could be. What follows are topics that I cover with my private clientele as well as content that is a cornerstone of one of my online classes. So, on the one hand, being in business for yourself there's no back-up; but on the other, if circumstances set themselves against you, I'm pretty sure I won't be firing myself anytime soon.
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The first simple idea is that "you need to have your own wealth". Sounds simple enough, but many people don't seem to grasp how that fits in with the bigger plan. So, here's some foundation: In this world of currency, credit, and banking, people tend to work with credit and pay back the money that belonged to someone else which they had previously borrowed... at interest. Interest isn't the biggest portion of the strategy here, but negative interest isn't good for you in most cases either. As for utilities, you borrow the "the county's electric supply", and pay for it at the end of the month... such is a matter of perspective. The point, "is it really the county's electric", is another much larger conversation...
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The point here is, "if and when times get tough, the bank doesn't care if you're having financial issues". Your credit accounts are under contract and your end of the revolving credit contract, at a minimum, requires you to 1) pay the minimum, and 2) by the due date. That's what you promised to do, and if you can't get that done, your account will go into default. Then you'll find out how bad negative interest can get and how prickly those contract details are... Revolving credit accounts are just the example... lump in with that the electric utility, water, mortgage, HOA fees, and everything else. If you can't cover your monthly expenses because your "job-money" stops, things get challenging in a hurry.
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So, the first idea is to have a savings plan, a wealth account of your own money that you can borrow against if and when things get difficult. Don't spend everything you make; commit to a savings plan. That's an old idea and one that in this culture of "buy-it-now, pay-for-it-later" has been lost to common consciousness.
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People within the last one-hundred years would save their money for months and years to buy their house... their "HOUSE". Of course, modern monetary theory of "print the currency into oblivion" has drastically devalued the dollar and home prices are a hundred times what they were one-hundred years ago, while home values are the same or slightly increased with technology. Prices and value are not the same. An upscale home that was $3,500 dollars in 1920 (pre-roaring, debt-crazed 1920's) had become $350,000 in a similar market one-hundred years later.
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How large should your savings be? What form should your savings be in? How much should be allocated to each form? Yet more topics I cover at length with private clientele and in my online courses. In short, you should have enough savings to cover your expenses for as many months as it would take you to replace your current income. The courses have detailed worksheets to help you sort through that process.
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In short, you should have enough savings to cover your expenses for as many months as it would take you to replace your current income.
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The second idea is that despite our recent culture in America, placing all your eggs in one basket with a job, a boss who is also fighting an onslaught of inflation concerns, may find your hours cut back, your hourly or salary rate reduced, or your position eliminated altogether. Our economy and the job-market are changing and it's long past time to get financially "anti-fragile".
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Sorry to be the bearer of bad news, but I've been warning clients and friends for years that America has grown fat and happy and unconcerned with the path that "we the people" are being lead down... apparently blind-folded. We are in for a rough road ahead and allowing your financial security, the lifestyle for your family, to rest completely in the hands of a boss or business that can dismiss you tomorrow is simply naïve.
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Everyone needs to consider their own skill set, what they can do to help friends and neighbors, and how to package that skill set as a "product or service".
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I've boiled being in business down to three simple concepts:
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- solve someone's problem
- make their task easier
- make their experience more enjoyable
For myself, and for example, I've got business interests in each of the following areas, and a few more that I thought I wouldn't bore you with:
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- photography: create photos and video to support your project
- financial literacy: basic skills to improve one's wealth and economy
- teaching: what I understand I can help others learn
- tee-ranter: tees and gifts that make a point or start a conversation
- music: perform or write music that others enjoy
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"Find your groove..."
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The point is that everyone is good at something, sometimes more-than-one something. To back yourself up financially, learn to package your talents and offer them to those who might look to you for your help in the areas where you are more experienced or more efficient than they are. People will pay you money to save them the trouble, make it easier, or make their life more fun!
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"Find your GROOVE..."
GROOVE tee dark colors
GROOVE tee light colors
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If you're successful at such endeavor part-time in addition to your job, you may find that you're soon making more money and having more fun than you're boss is offering and won't need the job anymore! We've been conditioned as a culture to report to work, do as we're told, eat lunch when permitted, and finally be released to return to "what's left of our lives". Americans were once entrepreneurial go-getters... it's time the larger cross-section of "we the people" relearned that attitude and those skills.
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Your proficiency and talents are often referred to as your "_____ _____".
[see end of email for the answer]
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If you find this interesting or helpful, please share it.
Here's some more worthwhile information:
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"The True Scale of Silver Manipulation"
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JP Morgan and the U.S. Government in collusion... contracts to physical silver at 100:1 and worse. "Live from the Vault, Andrew Maguire is joined by none other than Gold Anti-Trust Action Committee (GATA) director, Bill ‘Midas’ Murphy, to go public about the shocking scale of silver price suppression."
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guests: Bill Maguire and Andrew Murphy [LINK]
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"Money and Liberty"
"Drawing upon five decades of experience in international finance, he explains why national currencies and banking today are based on outdated ideas that have become harmful. He concludes that nature provides everything humanity needs to advance, including money."
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James Turk on KingWorldNews.com [LINK]
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Social Media:
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[I'm not active on social media, but follow and comment, and give me a reason to be more present there!]
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MoneySmart Chapter Tours
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Having more money to manage is matter of the habits you use to manage the money you have! Check out the MoneySmart online chapter tours here:
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The initial goal for your savings account should be large enough to cover your monthly expenses while you ______ monthly cash flow from your current job.
[see end of email for the answer]
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Increase your Skills, and Spread the Word:
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"LOCAL"
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Small business is the backbone of the American economy; it's where most Americans work! Keep your money local and hit the corporations where it hurts...
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"grow it, work it, bank it, shop it, buy it:"
"LOCAL"
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Premium tees, gifts, and apparel from:
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$21.99
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Our economy is headed for rocky-roads ahead. Create your own financial anti-fragile strategy. Learn where wealth starts, how to grow it, and how to leverage your work so you don't create another job. There must be more to your creation of value and service than “trading time for dollars”. Time is limited. Creating sustainable cash flow involves different strategies than a job.
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$225
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