Your Best Insurance
he holidays are coming up, and we’re just a stone’s throw from the new year.
2020 is likely to go down in history as an unprecedented year.
We’ve dealt with the closure of our economy – and may have to do it again, as the virus has not abated and there may be months still to go before the vaccine is widely available.
And yet we still have so much to be thankful for, do we not? If you’re still breathing and getting up every day, you still have the opportunity to move forward. In the midst of turmoil, trials, and tribulations, winners still win.
But there still may be more to go through. In times like these you have to fully understand how to succeed. You can’t rely on old models, because the rules change all the time, and what worked even just a few years ago doesn’t anymore.
Even in the workplace, utilizing licensed professional advisors is not often a good idea unless they are thought leaders at the forefront of their tribe. Look at how they live and what their businesses look like – and if that’s not what you want your life or business to look like, maybe don’t take all of their advice.
Take the recent election – professional pollsters, paid at a very high level, were still way off the mark in their predictions. What does this tell you?
So ask yourself, who are you taking advice from today? Maybe that advice isn’t so good for those who want to stay ahead of the game. You’ve got to have a mindset that propels you past the majority.
Most people want to stay in a certain lane, listening to what society and their industry say about how to run their lives and businesses. That majority path is mediocre at best. You’ve got to have the infrastructure and visionary leadership to carry you through the difficult times. And unfortunately, that’s something the majority has never been very good at.
You may be tough and rugged, but don’t try to get through tough times solo. Just like climbing a mountain, you want to do it with a tribe of people who have your back, an inner circle that can give you good feedback.
My good friend, I’ll call him John, lost his house and dentistry practice buildings in a thousand-year flood (no flood insurance, because the odds were one in a thousand).
Well, what were the odds of coronavirus?
My point is, we can’t predict and control everything. We have to be resilient enough to get through any gap, downturn, or crisis. The best way to do that is by having a margin of safety. In Freedom Founders we call it your Freedom Number.
What’s the financial number you need to support your family’s lifestyle – your home, cars, trips, school, etc? You need to have assets that can reproduce that number through passive cash flow. (You can learn more by watching the free training here.)
We base our Freedom Founders models on having replaceable, predictable passive income from tangible assets, Real Estate, and/or businesses. It doesn’t mean you have to stop working, but you’ve got that margin of safety as a backup plan if another virus attack, flood, health issue, or anything else prevents you from making the income you’re used to.
So, we talk about closing the gap between your freedom number and the actual assets that can reproduce that number. Once you knock that down, everything changes in your life, and you don’t have to worry about another virus lockdown or other external forces disrupting your model.
A game plan for replaceable income that’s not dependent on you is the best insurance policy to have.
Number one, you’ve got to change your thinking. And then change your environment, the people you’re around, and your model going forward. 2020 will soon be in the past, and we hopefully won’t have a repeat of it anytime soon.
P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Schedule a Call with Me:
If you’d like to replace your active practice income with passive investment income within 2-3 years, and you have at least $1M in available capital (can include residential/practice equity or practice sale), then click the link to jump on a quick call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to schedule a call with me directly. www.freedomfounders.com/schedule
2. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Go to www.FreedomFounders.com/Scorecard to take the 3 minute assessment and get your scorecard.
3. Ready to Step Away?
“How Much is Enough?” This simple question keeps hard-working professionals at the hamster wheel of active income far longer than they need to be. Watch this free training, and discover a proven model for determining how much you really need before hanging up the handpiece! www.freedomfounders.com/training