7 Financial Breakthroughs From My CoVid 19 Experiences
Here are 7 Financial Breakthroughs I had from my CoVid 19 Experiences so far.
#1 Breakthrough – Pandemic Conditions Creates Unique Pandemic Solutions
When CoVid 19 hit, our AirBnB business was halted by the local Hawaii government.
I was stressed out that I might lose our business and have to sell our property in a down market.
I found out that because it was a pandemic causing the crisis, there were pandemic solutions available.
The tax stimulus money helped, my brother chipped in his tax stimulus money, and there were small business grants from CARES funding that we were able to apply for that saved our business to this point.
#2 Breakthrough – Financial Miracles Are Everywhere
Everyday, it seemed there was a financial miracle of some kind happening.
We found free money for health related purchases out of the blue.
We had other income streams turn up just at the right time.
We got free food.
We got refunds for auto insurance.
We would get a one month booking in our AirBnB.
We got approval to CARES funding, twice.
I found that if I just let the universe take care of us, it would.
#3 Breakthrough – A Year Cash Reserve is Essential for a Business
From our experience in this CoVid 19 experience, I realized that it is important to have at least 1 year of cash reserves to keep a business going during times of financial distress.
A year at least.
More is better.
In investing, and looking into other companies, be sure they have a large cash reserve!
#4 Breakthrough – My Education Really Does Make Me Money – Saving Advisory Fees and Selling Information Products Online
I read a book a month at least and am constantly learning and growing.
I do this because I love it, and also because I want to be a better and better mentor.
I also blog about Financial Freedom and need topics to blog about that will help others.
Well, this crisis made it real to me how my financial education is making us thousands of dollars a year.
I now manage our son’s education account and our retirement accounts, saving us thousands in fees.
I also am selling information products (click here for an example of one born during CoVid) that I created out of my mind, from reading, learning and using the knowledge in my everyday life.
#5 Breakthrough – Focusing on Serving Others is the Key To Business Survival and Growth
The reason our AirBnB is still alive today is because we use employ my mother to manage and clean the apartment.
She is our employee and my mother.
I was willing to give up, but stayed committed to the business because of her.
I think it is essential that I am in business to serve others.
Only then will I have the strength to keep it alive during the tough times.
I’ve heard it from others, but I really experienced it first hand during this pandemic.
#6 Breakthrough – The All Seasons Portfolio Works – Balanced Portfolio Management Kept My Son Safe From The Stock Market Crash
I learned about a way of investing money called the All Seasons Portfolio (9.72% Annual Growth from 1984 to 2012 Net of Fees) in the book by Tony Robbins called Money Master The Game.
I finally implemented it to save for our son Jordan’s college savings in October of 2019.
In March of 2020 it was put to the test and it passed with flying colors!!!
I learned that when the stock market crashed, it didn’t effect the portfolio too much because the portfolio was balanced.
The logic, beauty and brilliance of balancing a portfolio finally dawned on me.
CLICK HERE for more information on the All Seasons Portfolio.
Breakthrough #7 There REALLY Are Financial Opportunities in Every Market That I Take Advantage of
When the stock market crashed, bonds inflated in value.
In addition, many good companies had preferred shares that were discounted down to investment pricing.
I invested in them and got a decent capital return as well as sizable dividends.
I also sold call options on stocks I wanted to sell, and made some money there as well.
With interest rates low, we refinanced our home, reducing our monthly cost by about $250/mo.
There are opportunities now available that weren’t available before…jobs created that weren’t in existence before (contact tracer?).
Look around and see for yourself.
Say to yourself “There are opportunities in every financial market that I take advantage of”.
BONUS – Do What You Love And You Can Thrive in Any Time
I decided when I quit my bank job in December of 2016 that I was going to do what I loved.
I became a full time mother and wife.
I am a part time Finance Freedom Coach.
During CoVid, schools were closed and we were forced to distance learning.
My son was 6 years old, now he’s 7.
I was able to handle the school closure because I was already a full time mother.
I went to the beach with him everyday.
I taught him swimming in the ocean, and I taught him how to snorkel.
We enjoyed the beauty of the outdoors, and there were no tourists in Waikiki, so the ocean was full of fish and beautiful sea life.
I thrived because I was already doing what I loved.
This is an important lesson I want to convey.
If you are doing what you love, you will thrive…no matter what happens.
Feel free to share your breakthroughs in the comments below!