Alan Weiss’s Monday Morning Memo® – 03/16/2020
I’m offering a free livestream broadcast on March 26, 11 am US eastern time, on sustaining and building business during a crisis. I’ll also focus on financial and life balance issues. Simply go here at the appointed time, or access the recording later. Absolutely free. You can sign up here.
Here’s a sample:
I hope you’ve been practicing good financial hygiene, and if not, this crisis has taught you:
• Have cash on hand just in case banks or ATMs are inoperative. We keep ours in a fireproof safe along with our insurance policies, birth certificates, deeds, estate papers, and so forth.
• “Pay yourself” about 20% of all income in a separate account so that you have an emergency fund. Ideally, have at least six months of normal living expenses in there.
• Never have all your investments in securities. Keep liquid cash accounts appropriate for your circumstances.
• Always try to get paid in advance, or at least rapidly at the start of project.
• In advisory roles, do not be paid in installments monthly, but at least by quarter or larger time periods.
• For speaking, insist on full fee in advance to hold the date.
• Do not panic and sell stocks precipitously. What goes down will go back up. Be patient.
• Diversify your investment portfolio, preferably with a professional’s advice.
• Even “non-refundable” tickets are refundable or transferable with modest fees. But I advise you do not purchase these.
• Don’t pay estimated taxes in the US quarterly, simply put the money aside and pay what you need to in December, which you can do without penalty.
• If you’ve invested in emergency supplies, which we have ever since 9/11, be sure to include pet supplies.
I am a firm believer in the people. If given the truth, they can be depended upon to meet any national crisis. The great point is to bring them the real facts.—Abraham Lincoln