Hi
I hope this newsletter finds you and your family safe and healthy.
Now that the world is starting to open back up it is important to rebuild and ramp back up as quickly as possible. For those of you who have listened to my advice and implemented an emergency fund equal to eighteen months this crisis was merely a big nuisance(provided that you or a loved one did not get sick) and will be a blip on the radar; as projected your business is fine.
For those of you who did not have an adequate emergency fund DO NOT BEAT YOURSELF UP!. Simply learn from the mistake and correct it so you are ready for the next crisis whatever it may be.
This newsletter will give you quick and easy steps to follow to start to rebuild or build an emergency fund.
1. Set Up an Automatic withdrawal from your checking account into a savings account or money market account-The key to saving is consistency and persistence. Small amounts over time add up to big amounts over the long-haul. Determine what you feel that you can afford even if it is one dollar. Then increase
the amount by 5%. If you find that you need the money to eat, or pay the rent you can always pull it back. However if you don't smell, feel, or taste the money (meaning it is transferred automatically) you will probably find that you won't even miss it.
2. Sell Your Crap-I know personally this crisis taught me a thing or two. Like all the crap that I have accumulated that I don't need. Here is a good rule of thumb. If you haven't used something in the last year then sell it to someone who can use it; and use the cash to build up your emergency fund.
3. Reduce Your Retirement Contributions-Whenever I make this suggestion I always get the "are you kidding me" head tilt. Hear me out for a minute...I am not saying to cease putting away for retirement. I am saying reduce. This is why. Once you put the money into a retirement account it theoretically should not be touched until you reach age 59 1/2; otherwise you
incur penalties, or you lose the compounding power of putting that money away for retirement. By reducing, the extra money should be put into your emergency fund.
4. Create and Stick to a Budget- If you honestly track your spending for 30 days, you will likely find one or two expenditures that cause you to be a little upset with yourself. Eating out is one of the usual suspects. Amazon is also a frequent offender.
Look over what you’re spending and adjust accordingly – it’s that simple. I like to see what percentage each category of spending represents (insurance: 8%, eating out: 5%, mortgage: 25%, etc.). Give it a try, the results may surprise you.
This is just the first of many crises to come. A typical crisis is needing a new transmission ($8000), a kid chipping a tooth ($4500) or God-forbid Covid 27 1/2. My point. How would you feel having gone through this crisis with an extra $50,000, $75,000 or $100,000 sitting pretty in a money market fund. I am confident that you would have had a less stressful time going through this crisis. Get disciplined and start rebuilding or building that fund. YOU CAN DO
THIS!
QUICKLY RAMPING BACK UP
1. This short, free and just released webinar called Strategies to Implement Immediately to prepare Your Business for When the Economy Re-Opens is a must-see and will give you the information needed to ramp up quickly and dominate your competition! Click here to register. EXECUTE THE STEPS ON THE WEBINAR-THEY ARE YOUR TICKET TO RE-ENTRY!
2. I would seriously suggest watching videos 1-3 in the Academy of Creative marketing to create a new vision and market dominating position. I would also suggest looking at the social media module. You will find that by executing what is taught here, you will not need to pay someone $500-$1000 per month to run your social media campaigns. SHHHHH...don't tell the social media experts because they are going to get pissed off at me.
go to www.academyofcreativemarketing.com and register. The monthly membership fee was reduced from $197/month to $79/month to help people during the crisis. Try it for 2 weeks. If you don't love it, email me and you will receive a full refund. I can guarantee that you will be blown away by the content and done for you marketing. You need to create that market
dominating position asap before the world reopens so don't delay.
If you need anything reach out to me. Please stay safe and protect your health and the health of your family FIRST AND Foremost.
God Bless, and remember you heard it here first.
Obsessed with your success,
Paul Inselman
PS: If you want a free Coronavirus Strategy Session CLICK HERE to set up a free telephone consultation and screen share.
