In the real world, stuff happens. Nothing lasts forever. It’s the nature of life. Just this week, for example, someone I know received notice to move after living in her rental apartments for 8 years. It couldn’t have come at a worse time. People die, lose their jobs, get divorced, the oil patch doesn’t recover, the car breaks down… Are you prepared, and how can you be?
Another example is a fellow I approached about joining my gold business seven whole months ago. He would have been sitting pretty right now, but he didn’t join, and he’s just been told that he’s getting laid off. He would have been fine, but now he’s not. It’s hard to build a business when you’re stressed, needy, angry, and scared. And he’s not going to get another job in a hurry. Plus, if he does get a job, he won’t be earning close to what he is used to earning. He has leases and fixed expenses and no savings or Plan B.
I talked with a coaching client of mine once who was living the high life with extreme debt in his plumbing business. I asked him what would happen to his wife and three kids should something happen to him, since he refused to buy any insurance – life, critical illness, or anything else – didn’t have time, didn’t have money, didn’t “believe” in it – and he replied that since she knew nothing about the accounting in his business and couldn’t run his business, she and his kids would be out on the street. They had no family or church support and no savings. Sixth months later, he still hadn’t done anything about the precarious position in which he had placed his family.
The Chinese have a saying, “Dig the well before you thirst.” A thirsty man with limited time and no tools won’t be able to dig the well; he will die of thirst. It’s than simple: Without preparation, you’re setting yourself up for a fall. The “What if?” question needs to be asked while one is in a sane, relaxed, objective, and logical state of mind, not when one is panicking as one’s car careers off a bridge, catches fire, or gets stolen.
If you think the once great American dollar isn’t going to suddenly collapse or be radically “resized” without any warning, you missed 911, 2008, and the world’s history. And if you think that you are somehow immune to life’s unexpected and unpleasant surprises, your arrogance is exceeded only by your ignorance. Here’s a simple recipe:
1. Talk with a trusted advisor who doesn’t sell stocks and bonds or life insurance. That means no “Financial Planners” or “Life Coaches” who usually have less money than you do. I will be happy to assist.
2. Read “1984,” “Atlas Shrugged,” and the recent, powerful publication by Dinesh D’Souza, “America: Imagine a World Without Her.”
3. Take a good, hard look at your savings, Plans B and C, insurance, contingency plans. Without God, Guts, Guns, Groceries and Gold, the average person will soon be in deep do-do.
Robin Elliott LeverageAdvantage.com