Nest Eggs Shrinking, Home Prices Falling, Financial Anxieties Blooming: Should You Put the Brakes On Retirement Planning and Power Up Those Dreams For a Business of Your Own?
Are You Worried About the Economy?
Who isn’t? After all, if you haven’t already experienced major losses, you’ve been hearing from a host of respected financial experts – like Brett Arends who writes the “ROI” column in the Wall Street Journal – who are wringing their hands, while telling everyone to “bite the bullet,” and “stash your cash” as they frighten you with stories of a pending depression, should our economy continue spinning into freefall.
Meanwhile, as the news flows, the Dow pumps up and down erratically, sort of like your blood pressure.
In case you missed today’s column, Arends wrote:
Drop your cable package and TiVo. Say goodbye to Applebee’s and Starbucks. Cancel the ski trip.
Slash every single penny you possibly can from your household budgets and start building up cash.
Yes, I’m serious. The shocking collapse of the rescue package on Capitol Hill threatens a disaster on Main Street. Unless this gets reversed almost immediately, it could turn a slowdown into a slump, and a slump into a depression.
It’s hardly possible to make any sensible recommendations about investments or other financial matters until we get a better sense of what will happen next.
Ordinarily in a panic like this I’d be urging people to invest. My usual approach is that the worse people are panicking, the more aggressively you should buy. And that might still be the right thing to do.
But the political and financial situations right now are chaotic.
So you need to get an iron grip at least on one thing you can actually control: Your own personal budget.
Whether or Not Everything Will Actually Sort Itself Out Without Further Disaster is Small Potatoes for Baby Boomers.
You’re not so much concerned about having to slash your Starbucks budget as you are terrified over the impact this economy will have on your retirement planning. Worse, you realize there’s the potential that you’re going to have to forget about retirement entirely.
Perhaps you’re even mentally trying on the smock of a megastore greeter or a burger flipper and contemplating the prospect of standing on your feet and smiling at strangers for the next two or three decades – just so you can qualify for group health insurance. Slaving away day after day, year after year, until you keel over dead. Not a pretty image, right?
Getting back to present day reality, certainly the numbers are not good. Bear markets are particularly tough on people who are close to retirement. Especially if that nest egg you spent years building up has suddenly lost a good part of its value – or vanished entirely.
But as discouraging as it is to think about having to rebuild your portfolio via working a few more decades, these are thoughts Baby Boomers need to consider, according to financial planners and researchers.
They point out that even if the real estate market hadn’t tanked, and the banks hadn’t failed, many Boomers had already been jeopardizing their futures by ignoring the retirement planning process and as a result, grossly underestimating how much money will be needed to fund two or three decades of retirement. Because of these major miscalculations, many Boomers were already leaving the work force carrying nest eggs with premature expiration dates.
Consider this: Even before the current financial meltdown, less than one-quarter of workers age 55 and older — just 23% — have savings and investments totaling $250,000 or more, according to a study published in April by the Employee Benefit Research Institute in Washington. About 60% have less than $100,000.
So the most important economic point Baby Boomers must be thinking about RIGHT NOW is this:
At This Time In Your Life, There’s Only One Economy That Matters: YOURS
The bottom line is, our global financial system is in rough shape and the final consequences are still a murky mystery. But that is largely out of your control. Even though you may have already experienced significant financial repercussions, you must let this point guide you at all times:
“At the end of the day, it DOESN’T MATTER what “the economy” does, all that matters is what YOU do.”
When the headlines are blaring doom and gloom, it takes a strong mind to stay focused on what matters most: The reality is, it doesn’t matter what “the economy” does: All that matters is what YOUR personal economy does.
With that in mind, right now is the best time to take charge of your financial life, and take on the challenge of retirement planning like never before. When you do that, according to Loral Langemeier, you’ll find that it’s not only possible to survive in this economy, you’ll actually be able to thrive.
Now, considering that the stock market had the biggest one day dollar decline in its history just a few days ago, the concept of thriving instead of just barely making end meet, is a truly wonderful. After all, it was that shock that might have had you swallowing hard and considering what it might be like to have to stay in the workplace a few more years, just to bring your personal financial base back to where it was…
Now, if you decide you want to continue working for an employer, that’s OK, as long as you stay in the workplace on your terms. After all…
Many Financial Experts Have Suggested That Our Country’s Pending Economic Woes Could Be Overcome if Baby Boomers Would Choose to Work Longer – Especially When Considering the Challenges Related To:
- Supporting Social Security and Medicare
- Overcoming the workforce brain-drain and labor gap anticipated by 77 million Baby Boomers retiring in a short period of time
- Alleviating the need to draw down on federal benefits, or liquidate investments, home equity and savings to fund two of three more decades of living, and as a result leaving more money for your children’s inheritance
- Putting an end to intergenerational warfare and the now-popular sport of “Boomer bashing“
- Potentially injecting $3 trillion into the economy each year, resulting in a 9% increase on Gross Domestic Product by 2045
On the other hand, the best way to get out of debt and be financially free is to create new money and build wealth. And you’ll never do that as an employee. Short of investing your earnings in the market, that means finding some way to generate income on your own, even if you start small, simply by selling items you own but no longer need on eBay or Craig’s List.
Once you get comfortable with the concept of finding ways to create more money, you can thumb your nose at Mr. Arends, and the other financial experts who’ve been advising you that you’ll have to give up your Starbucks, TiVo, that upcoming ski trip — or date night with your spouse or friends.
Meanwhile, Guess What? The World Didn’t End When the “Great Financial Bailout” Failed to Materialize On September 29th. No, the World Continued On, and People STILL Need to:
- Eat…food on the table continues to be a constant requirement for everyone
- Enjoy solid roofs over their heads…
- Look after their kids…
- Advance their careers…
- IN fact, they still need to pursue any one of the million-and-one things we human beings need to do *regardless* of the financial weather outside.
In Other Words, Day-to-Day Business Goes On, Even When Wall Street’s Business Goes Down the Drain.
Don’t let the headlines pull your attention away from that major reality:
The world goes on and people still need businesses and organizations to support their endeavors. So perhaps now’s actually the perfect time to dust off those long dormant dreams of starting your own business.
After all, if you start a “third act” or retirement business as a cash machine to fund your retirement planning, you – and no one else – are in charge of your wealth building efforts. You call the shots with regard to your hours and your involvement.
- If you choose your business niche properly, there’ll be an ongoing need for your product or service, no matter what happens on Wall Street.
- In other words, once your business is set up, the money keeps generating, while you work or play as you please.
- You can even give the business to your kids, or use it to fund charitable work in your name.
Worried About Starting Up a Business In A Down Economy?
Here are some facts that will help you keep your head together and focused on the real financial opportunities awaiting you in the days ahead:
First: The Speed of Our Economy May Have Declined, But It Won’t “Flat-line”
Few people realize that many of the successful companies of our time were started in the depths of the Great Depression. There are thousands of them large or small. (You can prove this to yourself with your own Google search.)
In fact, “Down Times” are great times to start businesses if you do it the smart way. Why? Several reasons:
- Costs are lower…
- Skilled help is easier to find…and
- A lot of your potential competition disappears from the marketplace
Second: There Will ALWAYS Be People Who Have Money to Spend. The Real Concern Is, Will Your Business Know How to Find Them?
For example, looking to the Great Depression of the past as a worst case scenario, if you were wandering the Dust Bowl in the depths of the 1930s, you probably would have been wise to move somewhere else.
- And it’s true that there was massive, brutal unemployment during the Great Depression
- Twenty-five percent of all American households were without a breadwinner
- (You probably know that, you’ve heard the stories from your parents. No one has to tell you what a scarring experience the Great Depression was for millions)
But here’s the reality…
- 75% of the country was employed
- These people were cautious with their money and they demanded real value, but they spent money every day on all kinds of things, even movies
- Whole new industries like broadcasting, automobiles and Hollywood reached their financial critical mass during the Depression
- Thousands of successful new businesses were started. Others grew massively
Third: Smart Business Owners Thrived During the Great Depression – And If Another One Comes, They Will Do So Again.
Here’s another amazing fact:
FEWER businesses failed in 1929 than failed in 1928 and 1927. 1929 was, of course, “D Day” for the Depression. That’s when the sky fell for “the economy.” And yet, on the micro-level – where we all live – there were *fewer* business failures.
- Smart business people are flexible, can adapt to the times, and find today’s opportunities.
- Owning a smart business (or better yet, several smart businesses) is the greatest financial security there is.
- It’s also the only reliable source of true wealth financial experts recognize.
- But owning your own business is serious. It’s not something to play at. Nor, realistically, is business ownership something that will effortlessly bring you riches overnight.
So let’s get real:
Here’s Your Bottom Line: Whether You’re Running Your Own Business Now, Or You’re Currently An Employee Who’s Seriously Thinking it’s Time to Start Your Own Business, Will You Be Smart Enough to Survive the Coming Days?
If you’re smart about business, there’s someone – and something huge – you need to know: Gina Gaudio-Graves and her fantastic, FREE business development coaching program, the 30-Day IM Challenge.
Gina Gaudio Graves kicked off her third 30–Day IM Challenge this past Tuesday, September 23rd. But it’s not too late for you to get some FREE business startup help from one of the best business development coaching programs around.
What, you haven’t yet heard of Gina Gaudio-Graves and Her 30-Day IM Challenge?
Here’s a Little Bit About Gina:
- Prior to a disabling car accident, she enjoyed an extremely busy legal career as a litigator. But an accident left her unable to get out of a hospital bed and wheelchair for almost 10 years. During that time, she turned to the internet as a way to spend her time and afford her medical bills
- Eventually she experienced a miracle cure which allowed her to get out of bed and walk without aid. Doctors can’t explain it and she still has no feeling in her legs
- On her feet again, Gina spent the next 4-1/2 years organizing Joint Ventures for some of the most successful people on the internet. People like Shawn Casey, Willie Crawford, Henry Gold, David Garfinkel, and many others
- As a Joint Venture Broker, she earned the reputation of “The JV Queen” because her promotions were so hugely successful!
- Today she is a coach and mentor to entrepreneurs looking to build a business using the power of the internet.
- Whether the internet is the business owner’s only presence or their secondary presence, her information products and coaching programs show them how to get bigger results, faster
- Gina’s areas of expertise include:
– Strategic Planning for your Online Business Presence
– Product Creation and Planning
– Joint Ventures and Strategic Alliances
– Strategic Traffic Generation
– Strategic List Building
– Web 2.0
– and many other aspects of building a business using the power of the internet
- These days her mission is to help 1,000,000 entrepreneurs learn to live the life of their dreams through owning their own business, by the year 2013.
- That’s why she came up with the idea of offering a free 30-Day Challenge, conducted online, allowing her to teach entrepreneurs EXACTLY how to build a business that will be a success!
- Beyond that, she has a variety of paid information products and an Apprentice program, which is hugely successful 12-month long group coaching program.
- Further, she also provides one-on-one coaching to a very a limited number of highly qualified students
- Perhaps the thing that is the most impressive about Gina is the success percentages her students achieve. They are off the charts!
The most important thing you need to know right now is the success rate of Gina’s students: It’s doubtful any of the “big name” experts can point to as many real student success stories as she’s helped create in just a few years.
The 30-Day IM Challenge Gives You the Knowledge You Need to Succeed With Your Own Home Business.
So the only questions still left to answer are:
- Do you want to succeed?
- Do you have what it takes to own your own successful business?
- If not, are you willing to work hard to acquire it?
- Are you ready to launch yourself into prosperity despite the gloomy economy?
- Or would you rather stick your head in the sand and wait until things are “easier.”
If you opt for the last option, keep in mind that while you wait your chances for enjoying a comfortable retirement will be steadily shrinking…
Remember: There’s never an easy time to make money – and there’s never a hard time to make money…
There’s only the right time which is always NOW
You can still register for the 30-Day IM Challenge RIGHT NOW, for FREE and learn to live the life of your dreams through building a business using the power of the internet. You’ll find all the details at:
The 30–Day IM Challenge will walk you through every step of the process, one small step at a time.
The 18+ Lessons – Totaling More Than 750+ Pages – Covers A Variety of Topics Hugely Critical to Your Success, Including:
- Time Management, Mindset, Goal Setting & Strategic Planning (You MUST have these foundations in place before you start anything else!! Gina explains why.)
- Choosing Your Target Market and Your Products (i.e. What is your niche?)
- Your Profit Funnel (i.e. What products will you sell?)
- Your Web Presence (i.e. Setting up Your Blog, why she recommends you use WordPress, and how to do it!)
- Resources for Creating Your Web Presence
- Increasing Your Traffic (it’s all about having a traffic generation SYSTEM that you repeat every day)
- Building Your Business on a Solid Foundation (without a solid foundation, your business is going to fail!)
- Avoiding the “Price Wars” Game (Find out why competing on price will not only decrease your profits, it will also decrease the demand for your products! Gina shows you why you MUST avoid this at all costs or your business will NEVER succeed!)
- Developing Your USP (That’s Unique Selling Proposition, and she explains the why and how)
- Building Strategic Relationships (With the development of Web 2.0, the internet is all about relationships. Build them strategically and you’ll totally DOMINATE your market every time!)
- Copywriting (Good copywriting skills must be learned. Without the right message, your business won’t succeed, no matter how much traffic you generate!)
- Traffic Generation and List Building (These go hand in hand! Gina shares tips and tricks)
- Using Blogs, Forums, and Article Marketing (Just because everyone is talking about Web 2.0 doesn’t mean that you should forget about the good ole’ days when Forums and Article Marketing were the ONLY way to drive traffic! They are just as effective today! And when you combine them with Web 2.0 strategies, look out!)
- Tying It All Together With Information Products (Remember — the Internet is the “Information Super Highway”. People are online because they want INFORMATION, not “stuff”. So give it to them — AND — make loads of money in the process!)
- Joint Ventures and Strategic Alliances (As “The JV Queen”, Gina shares her strategies for building some of the most profitable joint ventures online!)
- And Much, Much MORE!
Plus, as a 30-Day IM Challenge Member, You’ll Have Access To:
- All of the Lessons
- The IM University Classroom (the forum where IM University students are actively discussing their businesses and what they’re doing to build them)
- The daily podcasts with tips for implementing all that you’re learning
Even Better, After You Register For the Challenge, You Can Upgrade to Become a Gold Challenge Member, Where You Also Get:
- The LIVE Weekly Teleconferences with Gina’s personal help in building YOUR business and critiques of your website(s), blogs and business plans.
- You’ll get mp3 recordings of all four calls too.
- You’ll even get mp3 recordings from all 8 of the calls held for the 1st 2 Challenges, for a total of 12 mp3 recordings in all!
- Since the topics don’t repeat from one Challenge to the next, this means you’re getting three-times the content!
- As much help as you’ll need to rapidly get your business up, running, and actually getting RESULTS!
This is a True Win-Win-Win Scenario
First, you win no matter whether you’re:
- Brand new to the concept of operating your own business and you’re still kicking around ideas for what kind of business you want, or
- You’ve already got a business up and running but it’s just not seeing the kinds of results that you dream about
Either way, the 30-Day IM Challenge will help you build a business that can quickly bring you a 5–figure monthly income!
- You’ll learn how to keep your new funds generating, reliably, month after month – no matter what the market does
- Set your business up right, and this “third act” cash machine will keep churning out income, even if you choose to be off saving the rainforest, or cruising the world!
- And of course, you’ll be providing value to your grateful customers, the people who buy whatever it is you end up selling. (And this WILL happen, because Gina will have taught you strategies to identify and serve ravenous markets, who are starving for whatever it is you’re offering.)
- Plus, you can set up your business to allow you to leave behind a legacy for your kids or a favorite charitable cause
Now if that isn’t reliable long-term retirement planning, what is?
In closing, keep this in mind: Gina’s current 30-Day IM Challenge may already be underway, but there’ll be a new one starting in a month or so! Why not check it out today! There’s no charge, it’s free! All you’ll be investing is a bit of your time…
Do nothing and time’s a-wasting! And retirement is calling!