What’s Coming and How You Need To Prepare!
In one of my previous emails, I suggested reaching out to trusted mentors for advice on how to properly prepare for the next several months.
I took my own advice and reached out to Dr. Denis Waitley. He is a retired Navy fighter pilot who then became a leading authority on the topic of peak performance and mental toughness.
Dr. Waitley produced an audio coaching program that Earl Nightingale published entitled, “The Psychology Of Winning!” It went on to sell over 100,000 copies and is still one of the bestselling audio courses of all time.
Denis coached Olympic athletes, NASA astronauts, and professional athletes, while also providing numerous programs to business professionals around the world.
Since Denis and I have become friends over the last few months, I decided to ask him for advice. I want to share with you some of what he told me because the insights were so valuable!
“Denis,” I said. “Where do you think I should point my business moving forward, since the keynote industry has been completely disabled because of the pandemic?”
“Tim,” Denis replied, “The world has been changed and I’m afraid it will not go back to how it was. Thus, we must look at the trends to see where business is going.
When I flew fighter jets for the Navy, we always had a plan for what to do. But many times that plan would need to be adjusted according to the circumstances. If I was running out of fuel and had to get that plane onto the deck of the ship, I’d use my training from the past along with what I was seeing in the moment to get me where I needed to be.
Thus, watch for the trends and not the fads. A fad is something that is eye-catching, but temporary. A fad might be the latest Facebook advertising scheme. But a trend is a broader view of where the economy, or business, is heading.
For example, the trend we are seeing now is that the business world is rapidly moving towards virtual training, virtual reality, and instant access of information.
You can spot a trend by noticing how fast certain companies are accumulating wealth. Zoom, a virtual conferencing software company, is literally zooming past the travel industry at the speed of light!
Zoom’s net worth is now higher than all the airline companies combined! This lets you know that the meeting industry will continue to decline as more people opt to meet virtually.
Sure, people will still want to travel because we like getting away from it all. Yet, the days of packing stadiums and continually bringing in keynote speakers is unfortunately behind us.”
“I’m seeing this as well Denis,” I said. “All the top speakers I know are rapidly updating their video conferencing cameras and software to prepare for the new digital age.
They’ve told me they miss the energy that comes from a live audience, but they love not having to constantly be on the road! It also saves companies a lot of money not having to pay for travel expenses.
“That’s right,” Denis replied. “You also need to focus on producing digital products because big bookstore retailers are slowing going out of business…again.
Jeff Bezos of Amazon has taken over the merchandising world and people expect deliveries to happen overnight. Short e-books are taking the place of long form hardback books and eventually this will be replaced by virtual reality.
Another thing people need to be taking a serious look at is cutting back on unnecessary expenses and make investing in their retirement fund as effortless as paying a utility bill.
Your utility bills are set up for automatic withdrawal. They always get paid every month and you likely don’t put much thought into this.
Set up automatic withdrawals for your savings and life insurance annuities as well. If it comes out automatically, you won’t have to rely on your followthrough, willpower, or memory.
It’s also a way of paying yourself first, which is what you must do if you’re ever going to become financially independent. The last thing you want is to have to rely on the government or your children to support you during the final chapter of your life. Unfortunately this is exactly the situation so many people find themselves in because they didn’t stash small amounts of money away over a 15 year period of time.
If you’re 60 years old, start now, so you have a nest egg to fall back on when you’re 75. If you’re 30 years old and you start now, you’ll be able to live off the interest of those small monthly payments and still enjoy a high quality of life when you’re older.”
“That’s smart advice Denis,” I said. “I’ve been making automatic withdrawals into a savings account for years ever since reading David Bach’s great books, The Automatic Millionaire and Smart Couples Finish Rich!
Yet, I haven’t been making those small deposits into my Life Insurance annuity. Instead, I’ve been using that money to grow my business.”
“That’s fine Tim,” Denis said. “Yet, I would still put $20, $50, or $100 into your insurance policy every month because that’s the only investment that is still financially secure in our world today.
By law, insurance companies must have enough money in the bank to cover their claims and liabilities. The US government is only FDIC insured for up to $250k and interest rates are so low, you cannot make any money off of them.
The real estate market will also be in a downturn for quite some time, so you need a longterm strategy for accumulating compound interest, and life insurance annuities are still the best vehicle for this.”
What Denis shared was sound advice. So I’m planning on connecting with my financial advisor to see what tweaks I can make, even if they seem small now.
If you have kids, you might consider adding ~$10 a month (or more) into an annuity for them as well, so when they are fifty years old, they’ll have a great (potentially tax free) nest egg to enjoy.
The other advice Denis gave in preparing yourself for the future is to keep investing in your own personal growth.
Strengthening self-awareness, mindset, and communication skills, while eliminating self-sabotaging behaviors is always a safe bet that provides a 1000% ROI on your time and income!
I’ve been sending you LOTS of emails about the Legend Summit that’s finally happening this coming Saturday.
Denis Waitley will be sharing more of his wealth-creation tips along with Bob Proctor. You’ll also have 16 other iconic mentors sharing what they are doing right now to position themselves for financial success and greater fulfillment.
It’s going to be a stellar two days worth of training and I hope you’ll be sharing this experience with me!
There are still a few tickets left!
http://legendsummit.com
I’ll have more tips for you from Denis Waitley and other legends in the days and weeks ahead, so stay tuned!
Thanks for reading…
🙂 Tim