I’ve always had the desire to build things of value. Even growing up, instead of playing with doll houses, I spent time figuring out how they worked. Eventually, we started building play houses out of sheets, blankets, chairs and tables. Do you remember those days?
It was much more fun building it than it was playing with the things that were already built. I honestly believe that’s why I became an entrepreneur. It was only fun for so long playing around in the businesses others had built. I had to build something of my own.
But building one thing was not intriguing enough. I needed more. My mission was to build sustainable wealth for my family and for generations. To achieve that I knew operating one business would not help me achieve those goals. So, I set out to create multiple streams of income.
I am a hard core student of Robert Kiyosaki, the author of Rich Dad Poor Dad. My overall objective was to shift completely from owning a job to owning businesses, and not just any business. I wanted businesses that worked and generated income without me. So I set out on that quest.
I personally tried a little of everything. While I was operating my accounting and compliance firm, I was also heavily involved in an investment club, where friends and I learned how to invest in the stock market. Then I got bold and started investing in other money markets. The world was great because the money was pouring in. I was finally making money work for me instead of me working for it.
But I was not satisfied. I was smart enough to know that building sustainable wealth meant you could not put all of your eggs in one basket. I had to diversify in order to be successful. That’s when I started investing in real estate.
We initially purchased small properties to hold and rent. Then our risk tolerance increased and we started investing in vacation rentals and new construction. I eventually invested in commercial real estate and purchased an office building. The world was wonderful and my plans of building sustainable wealth was working.
That is until the housing market burst and financial markets crashed, and I mean in a huge way!
Everything single thing I owned was in jeopardy!
I must confess, I was scared to death!
At the time, we’d just invested in a new construction project that was just about complete. I had increased my investments in the money markets. We were managing through a vacation rental deal that we couldn’t close on. Oh my gosh! I was standing in the throws of losing literally everything!
I went through the six phases of panic. What in the world was I going to do? My family and my livelihood were in jeopardy.
Then I called upon the principles I followed through the previous three crisis I’d endured. They saved my life! While I did lose a significant amount, I did not lose it all. I learned some valuable lessons in those moments.
You see, panic is not productive. You can not stay there. You must move on and focus on your long game.This past week, thousands of small businesses received more relief from the federal government. More Paycheck Protection Program (PPP) funds were released. Economic Injury and Disaster Loans (EIDL) funds were released. With that relief in hand, it’s time to map your complete recovery plan.
CoVID-19 has drastically impacted the viability of small businesses. To improve the economic conditions, 15 industry experts joined together to provide support, strategies and advice on maintaining business continuity. Access to other resources are also available.