Plan A, B and C to Thrive While You Survive

I have devoted a massive amount of time recently researching where this economy is going.  I am very concerned with the direction we are going, both economically and politically, as it concerns Family First Entrepreneurs.  I don’t want to get into all the details about the problem. I would rather see you do your own research and arrive at your own conclusions.  I will say this—I personally believe that we are less than halfway into the bottom of this slide. 

With that said, I believe there are some things we need to consider as Family First Entrepreneurs to keep our families safe financially.  Better yet, I have developed a strategy that I believe will not only keep us safe in the upcoming years, but will give us the opportunity to THRIVE financially. Please pay attention to history and remember that many of the wealthiest people and companies were established during our country’s hardest times. 

My goal here is to get you to think for yourself, but here is a check list of ideas to send you thinking in the right direction. 

1. STOP spending money on non-necessities.  Cash will be king in these times.  Get creative with how you buy your fun.  Get financially skinny as a family.  Tell your kids what and why you are doing and ask for their support.  Three giant ways that families can save money is eating out less, driving more affordable cars, and learning how to cheaply entertain yourselves.  A family who gets serious about this can save as much as $2,000 a month. You can find other helpful tips on how to cut back expenses in my book, ONO.

2.  Accumulate cash and position it in safe, liquid positions.  At a minimum, accumulate six months of liquid reserves. I prefer twelve months worth of reserves in these current times.  A year’s worth of survival to create a solution for unseen change is just plain smart.  ‘Nuf said?

3.  Decide on your plan “A” for survival. First step is to know how much is going out and make sure you will have enough coming in. If you see vulnerably in your job or business, strategize your plan “B” and keep options open if things change.  Have other irons in the fire to assure survival.  Be mindful to have a solution growing as there is a very good possibility of major financial shifts occurring in the future. 

4. Plan “C” is where it gets fun.  Just surviving kind of sucks.  Here is where spending time building fortunes can add some spice.  Look for growing areas and business trends.  With a little research, you will be able to find what is hot in tough times. There is a ton of historical evidence about what booms when things get tight for the American consumers. 

Home based businesses and network marketing companies are booming right now, especially ones that have a “need” or “habitual” product.  Baby boomers have created growing industries as they have aged.  Boomers are concerned more than ever with their health and are spending money on it. Currently, one out of every seventy-five Americans are declaring bankruptcy. Nine out of ten of those are entrepreneurs.  These are successful people who are looking for another opportunity but can’t get capitol.  They also need help unfolding financially and starting again.  All these things have businesses behind them.  Spend a portion of every day building a business around a growing trend.  Even one hour every day dedicated to things like this may be worth millions down the road.   

Please feel free to contact me via Facebook, Twitter or any of my online properties as I am willing to help you get together your own game plan and build a solution to your families survival and a potential fortune.

Good luck.

Facebook- Marc Warnke

Twitter- @marcwarnke

www.marcwarnke.com 

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Our family is just beginning

Our family is just beginning to follow these suggestions, Marc. We have been cutting spending, paying off debt & saving. My mother is going so far as to close a savings account & put the cash in a new safe she purchased.         I have been buying silver bullion, thinking this may be more stable in the future than currency.

Your comment about being less than half way through the financial correction seems valid, as less than one half of the adjustable rate mortgages have come due for refinance. As the government spends (and prints) more currency, its value becomes diminished.

Home-based businesses relating to health seem to be popular with not only the baby boomer generation, but gen X people who are looking for alternatives to bankrupt nutrition, processed food and sugar-laden drinks.      The wellness industry is more appealing than the alternative: medication & hospitalization.

Your ONO book has great suggestions for living within one's means, while keeping priorities in place.                The ultimate goal of moving into a profession that really excites someone or retiring is a wonderful reward for frugality.

It's comforting to know that ultimately the Lord is in charge of this whole situation, we just go through our routines pretending to be controling our destiny.

Bill Hellwig