January 23rd, 2012 David Finkel (Taxloopholes.com Advisor)
I get asked all the time, “How can we best get through the current economy? After all, how much longer are things going to continue to be so tough?”
My first reaction to a question link that is that I don’t believe in “getting through” rather I want you to get FROM!
In fact, in today’s post I want to share with you 5 quick tips to thrive in today’s tough times.
Five Quick Tips to Thrive in Today’s Tough Times
Tip One: Use this as a chance to reduce your business and personal S-Factors™.
Your S-Factor is your cost of living, or in the case of your business, your business’s cost of operating. Now is a perfect time to look closely at your expenses and trim, cut, prune, and diminish where you can.
This might include negotiating with your vendors for better pricing… Or getting on a better calling plan with your cell phone provider (a friend of mine saved close to $1,100 a year by consolidating all his family’s cell phones to a better plan.)
We had one client who got a $55,000 per YEAR reduction off the rent she paid on her business’s office space.
Take a look at your real estate’s tax assessments. If the values have dropped, how about petitioning for them to lower your assessment. I did this on two of my properties and it saved me over $3,500 per year!
Tip Two: Forget about your expenses.
I know this one contradicts tip one, but what I mean is once you’ve made your cuts, don’t obsess about them. If you live your life immersed in stressing over your expenses you’ll never create the financial successes you want.
Instead, spend some concentrated time getting your spending in alignment with your best interests, and then focus all your working attention on growth–growing your business, finding great investments.
You’ll want to regularly review your expenses, but don’t lose sight of the fact that you need to play offense too!
ESPECIALLY in your business… At a certain point, cutting costs loses its impact and you’ve got to generate revenue. Don’t lose sight of this.
Tip Three: Reach out to your peer group.
In tough times it’s quite common that people withdraw and go it alone. This is not only painful and lonely, but downright dumb.
It’s in tough times that your peers need you. Together you can keep your focus on the positive, on what you can do to move forward towards your goals, and to hold each other accountable for any “stinking thinking”.
Of course this assumes that you have a positive peer group of doers. If not, I URGE you to do whatever it takes to create one. If you can free yourself up, join us tonight! and be part of several hundred of your peers who are positive and ambitious doers.
Tip Four: Focus on creating value and serving others.
No matter what is going on in the world you will always be rewarded in direct proportion to the value and service you share with the world. So focus on creating value, and on serving others.
Not only will this help you shift your focus to positive places you can make a difference, but it will also stabilize your position and ultimately help you grow your business and investments.
Tip Five: Remember to give thanks.
You are already a HUGE winner in life’s economic lottery. You live in an abundant society. You will never have to go hungry or sleep without shelter.
You have people who you love and who love you.
Take time to DAILY focus on the 10 things you are most grateful for, and where appropriate, tell the other people how you feel to have them sharing your life.
I hope these suggestions help you to maintain your focus and to use these current times to grow from.
Please feel free to forward this post to any of your friends or associates who you know could use a positive boost. It’s my passion to share these ideas on building Level Three wealth with as many people as possible. (This is my way of focusing on creating value and serving others.)