Don't focus on what you cannot control, focus on what you can control.
Through my journey and my work I meet influential people that have made it their goal to improve the lives of others. I want to enable them to take their message to a larger group of people.
It is always interesting to see how other people make their money, how they believe in themselves and what they have to offer. I get a lot of people telling me that I should not do what I am looking to do because others have not done it.
Believe in what you want to do, believe in yourself, believe in your offer and make it happen.
You need to weigh up the opportunity cost of what you want to do and what you will lose if you want to do it. If you are not prepared to do what it takes then look for something else, something that you are more prepared to do. Look at your values but then do not get jealous of others for what they have achieved because they have made the sacrifices that you were not prepared to make and did not make the sacrifices that you made.
Dr John Demartini has various financial tips for you for the Coronavirus lockdown and thoughts about financial freedom.
Get Your Finances on Track in Times of Challenge. Watch this exclusive and inspired session where Dr. Demartini covers questions like, What advice do you have regarding investment during this pandemic? Would you recommend that we borrow cash to invest? What about the people that did not prepare for this time? and so much more.
If you want to Bounce-Back...without going under... and you'd welcome an independent perspective on some of the most difficult decisions you've ever had to take (and at an amazingly low price, as befits the crisis we're all in), then this recovery-framework is definitely for you.
Cash Flow Clarity: A Monthly Model to Manage the Year Ahead
Bracing for the worst calls for some serious financial analysis. To avoid hitting the wall by running out of cash, we need to make sure you can line up the resources you're going to need to get through the worst case scenario. Having worked out your Break-Even Sales level, we'll see what can be done to lower it, through out-sourcing and cost-cutting. But we can't afford to be so radical that we kill the goose that may lay tomorrow's golden egg.
A Helping Hand to Raise Your Resilience
We entrepreneurs are now at the sharp end of the steepest, deepest economic down-turn the world has ever seen. We are being stretched to destruction in financial and human terms, simultaneously. The challenges we face are colossal; both in finding the funding to survive and in coping with the shock and horror of the sheer scale and unfairness of the suffering we are facing. People are scattered right across the KΓΌbler-Ross Grief Cycle, from Denial and Anger to Bargaining, Depression and Acceptance. But as business leaders, the sooner we can work through to Acceptance, the sooner we can summon our teams to survive and ultimately thrive.
A Blueprint for (re-)Building Value
Time to look up! When coping with a crisis, we tend to see nothing but negatives. That's natural. But we need to search for bright spots too; it would be a shame to miss them, wouldn't it? We need to scour the skies for silver-linings and opportunities to do things differently. Bearing in mind that there are 3 building blocks of value in a business (Stand-Alone, Synergies and Strategic Benefits for a partner), explore what can be done to build each block. If progress in one area is on-hold, see what can be done in others. I've sold plenty of loss-making businesses in my career, which just goes to show that poor or negative stand-alone value can be outweighed by other benefits a business can offer a potential partner. And competition works wonders!
Because we Entrepreneurs are all now facing an unprecedented crisis, and because I (ultimately) learned lessons from the Global Financial Crisis of 2008 which I wish I'd known earlier.
David Young has got a course that will help you with the above.
HERE ARE THE 4 ESSENTIAL BONUSES YOU GET - FOR FREE WITH THE COURSE!
1:1 Personal Coaching Session with David Young
David is offering to commit 30 minutes (preferably on a video call) to each of the first 30 people who commit to the Bounce-Back Surf Camp. You can spend this time on any aspect of the course, as you wish. As a fully-qualified Coach (using the Clarification Method) he can help you come to terms with the personal shock and anger triggered in your situation by this sudden, unprecedented hammer-blow to the world economy. You can explore potential silver linings, too- opportunities, maybe, to pursue in future some goals that may have been languishing in the background. Value: $250.
Explore what you most want to come through this storm with, intact
Look together for any bright spots in all the current turmoil
Tailor your whole Bounce-Back Surf Camp experience to YOU!.
Survival Spreadsheet
This is the exact same spreadsheet he uses with clients to project monthly cash flows one year ahead. It's vital to clarify what your cumulative cash-outflow could be, worst case, so that you can work out what you need to borrow (and/or what assets you need to sell) to get through the worst. Value: $97.
Make sure you're braced for the worst-case scenario
Calculate your Break-Even point
See what can be done to get that Break-Even point DOWN
Jargon-busting book 'Increase & Extract the Value of Your Business'
This acclaimed book, normally sold for $19, was co-written with a business leader and a motivational mentor to encourage you to get to grips with the levers of value in YOUR business by de-mystifying financial mumbo-jumbo. He wants you to be able to pursue and defend the value of your business, when the time comes, with confidence!
You can read its 40 pages in an afternoon
Your clarity and confidence in goal-setting for your business will surge
This is the perfect primer & companion for the Bounce-Back Surf Camp
His Audio-Version of the book 'Increase & Extract the Value of Your Business'
He will also give you his $27 audiobook version free, to enable you to absorb the content while you're doing chores around the house (or walking to work!)
These bonuses alone are worth a total of $393.
He would normally price a 3-week Group Coaching Course with weekly 90-minute live coaching sessions at $497. This Bounce-Back Surf Camp puts you through the paces to boost your survival chances in the stormy seas ahead. And it's hard to put a price on saving the business you have been building for years, if not decades.
Consumer debt has become so normalised into our society that for many, NOT having consumer debt seemed an impossibility and outright freaky.
Before we go any further I want to say “living consumer debt free” is not only possible, it is my greatest hope and wish for you.
Living free of consumer debt should be one of your wealthy life goals.
I’m not talking about eliminating expansion borrowing or even neutral debt – only consumer debt.
To understand the difference ready this article “Not All Debt Is Bad”
Back to consumer debt…
This video unpacks what consumer debt is, the warning signs that you have too much and what to do about it.
Watch the video now
One of the things the Covid Crisis and its economic fallout is revealing is just how vulnerable having consumer debt makes people.
Consumer debt makes people debt slaves.
Who are the biggest debt slaves?
There are many ways to measure household indebtedness and debt burdens.
Comparing total household debt to the overall size of the economy as measured by GDP is one of the measures.
And per this household-debt-to-GDP measure, this is the line-up of the most indebted people in the world by country.
Taking poll position and coming in #1 in the biggest debt slaves as % of GDP competition is Switzerland!
Closely followed by Australia and Denmark all with an astounding household debt to GDP % OVER 100%!
Despite missing the podium and coming in at #4 and #5, Norway and Canada also manage to have percentages exceeding 100%.
Comparing Household Debt to Income is another measure and perhaps this is a more pertinent measure of debt slavery.
These revealing numbers are truly terrifying…
How do you know when household debt is too much?
The simple answer is, any consumer debt is too much.
I know this might sound evangelical and even just weird in this day and age when consumer debt has become so normalised – as you can see by the debt slavery hit parade.
It’s as though the aim of the money game has become…
…“how fast can you get rid of the money that you’ve got?”
Better still…
…”how fast can you get rid of money that you don’t even have?”
You might be reading this and going.. “Chill Ann, I’ve got it under control.”
Let’s see if you do (and based on the household debt to income percentages most people don’t – just saying) …
If you’re spending more than 15% of your monthly income on clearing the minimum repayment on debts, not including your mortgage, …
… you are already in over your head and you have to make a change in your money flow pattern.
How do you Break a Debt Habit and Set Yourself Free?
STEP 1: Acknowledge that having consumer debt is not a healthy way of living.
You must acknowledge you have debt and that having debt is a problem. If you stay in denial, you can never move forward.
STEP 2: Know that you cannot get out of debt with more debt.
You’ve got to put down the shovel and stop digging.
Just like you can’t drink your way out of a drinking problem, you can’t debt your way out of a debt problem.
This includes the temptation of “new easy repayments… debt consolidation plans.
To be clear, debt consolidation has a role to play in breaking free from debt slavery, but it is not the first step.
Debt consolidation can be very dangerous because just rejigging the sinking ship does not deal with underlying behavioural and mindset issues that created the debt in the first place.
STEP 3: Let people know you are breaking free from debt.
Be loud and proud.
You are claiming back your freedom, it’s something you should be proud about.
Let go of any shame you may feel about having debt, because shame is one of the things that keeps people deep, deep, deep in debt. Shame and guilt around money stuff is the poison that prevents many people reaching out for support, getting help when they could actually quickly turn something around and gets them into real trouble.
IMPORTANT: If you’re struggling to make your repayments, you must contact the people you owe. Let them know your position so you can start making debt arrangements.
STEP 4: Take stock of your debt.
There are five key things that you must know about each debt you have in order to break free from it.
STEP 5: Put a structured break free plan in place.
It’s really important that you have a structured plan to break free from your debt, with very clear steps, organised in such a way that you focus on the priority debt and use behavioural science to help you succeed.
With your break free plan designed, you automate the plan.
STEP 6: Focus on your FREEDOM.
With a structured break free plan in place and on autopilot, you must turn your attention to your freedom.
Time travel to your near future and focus on what being free of this debt enables you to do…
The new choices you’re going to be able to make…
Move your attention to building real sustainable wealth by investing and building up your assets.
With the structured automated break free plan in place, see how you can get extra money to throw at your debt.
Liberate yourself!
The whole aim of the break free game is to get rid of debt as fast as possible.
Use this cool tool to calculate how long it will take to pay off each debt you have, if you make only the minimum payment month-after-month; and how much money that debt will cost you interest. PLUS, how much you will save in money and time by increasing your payments; and how much time and money you will save by reducing the interest rate you pay.
If you only pay the minimum repayment required by law and you set that in place every month, and that’s all you pay off on your credit cards, your overdraft etc…
… it will take you between 17 and 22 years to pay off that debt based on the average APR, the interest rates that are currently being charged on credit cards to repay that debt.
And you’ll pay five to seven times more than the original sum borrowed.
When you think about that holiday, or whatever else felt easy to put on a credit card …
If you knew you’d be paying for it seven times over, would you have bought it?
If you knew you would still be paying for it in 22 years time, would you use that credit facility?
I don’t think so.
STEP 7: Track your great escape progress
The most important thing is to track your progress and celebrate every little bit of debt that you clear from your life.
It’s much easier to break free from debt when you put a plan in place, focus on your freedom, and choose you first.
