Today I want to talk about why you need to have a Plan B. Let’s face it; these are crazy times. We are living through things we never expected, and Covid-19 has turned our world upside down. And It has really confirmed something I have been saying for years, but now more than ever.
Everyone needs to have a Plan B. Yes, everyone. No one is immune. Think about it.
How many of us are out of work right now? How many people don’t have a paycheck anymore because their employment is considered non- essential? Or if they do still have a job, their hours are massively cut.
Events have been canceled; travel has been banned, restaurants are closed, nothing is normal. Not only do many not have their regular income coming in, for so many business owners, trying to keep their businesses afloat until we “get to the other side” is costing a fortune! Not to mention all the money people lost in the stock market decline..
I myself had a whole month of overseas travel planned. And when the virus first started making the news, I did consider keeping my plans. Spain wouldn’t be a terrible place to get stuck. I mean, Barcelona, IS one of my favorite places on earth!
But, the risk of not being able to get home to my daughter and the rest of my family was too much. So, even though I lost a ton of money, I did cancel my entire month of plans. Thank goodness I did, the day after I was to have landed in Madrid was the day Trump issued the travel ban!
The economic impact of this is huge. The dominoes have just started to fall and will continue to. It is going to take years for our economy to recover. Now, more than ever, I am so thankful that I have a plan B.
These days, relying on corporate America as your only source of income is not a smart thing. Here in D.C, this is nothing new. Periodically, there are government shut-downs when a considerable portion of the population ends up without income, without a way to pay their mortgages, without a way to pay their bills.
And of course, long before the Corona Virus, we all have known of those who, after years and years of working at their corporate job, suddenly find themselves laid off. Some of these might even be close to retirement and lose it all!
Warren Buffett himself says, “Never depend on a single income. Make an investment to create a second source.” In other words, you need to have a Plan B.
Having a home-based business is a crucial Plan B strategy. No, you don’t have to jump into a full-time income from home, if you don’t want to. But, having a side hustle to fall back on is more necessary than ever. Not to mention the HUGE tax benefits that can come when you open a home business before you have earned a single dollar! The IRS understands that starting a business costs money! They understand you may need to buy a new laptop or printer, invest in training, upgrade your internet, etc. These are ALL legitimate business expenses – and if you have not made money from your business yet, those are still expenses you can take! This means you (or your spouse) will be bringing home more of your paychecks! I know it seems confusing, but it is true!
It’s time to create a financial safety net for your family. I am here to help make it simple for you. I can help you zero in on which business is right for you (I have a list of over 100!). I can help you navigate the confusing world of LLCs, Sole Proprietorships and S Corporations. I have a Home Business Toolkit you can use to get the basics handled, and take the guesswork out of opening your own business. I can take the overwhelm out of getting started with whatever business you choose to start. Or, maybe you have jumped into a home-based business already, but don’t know where to go from here. I specialize in helping the “accidental entrepreneur!”
Take a good look at what you need to do to protect and provide for yourself and your family. Take a good look at what you need to do to build an impenetrable financial fortress. NOW is the time.
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