This is a critical update from one of the best financial commentators I know, a good friend of ours, Mr. James Davis of FutureMoneyTrends.com and we’re excited to share this one with you!
Over the years, I have had the pleasure of speaking to some of the smartest and wealthiest individuals on the planet.
As the Chief Editor of this letter, I am always researching and asking questions regarding wealth. My daily objective is answering one question: how am I going to help you achieve the greatest financial success possible?
Today, I want to discuss financial security and the feeling of wealth.
I’ve tried to explain this to many friends, and honestly, I haven’t had much success, so please bear with me as I share something very near and dear to my heart.
I believe true financial security comes from your understanding of how income is created.
It’s NOT being debt-free, or having a safe job, a large net-worth, or even having a high income.
Financial security comes from your understanding that in order to generate income, you must over-deliver value to another person.
Zig Ziglar explained it like this: “you can have everything in life you want if you will just help enough other people get what they want.”
Those who are preparing for another financial downturn are buying gold and silver as they can and saving a little extra every month rather than spending it on consumerism. As I’ve mentioned before, a savings account will still be beneficial if a recession hits, because as of right now, the monetary system in place runs on dollars. But if those dollars are devalued by hyperinflation or money printing, physical gold and silver will be your insurance.
If you happen to be one of the families still struggling to fully recover from the previous recession, preparing for the next one is an uphill battle. But it’s imperative that you begin cutting back now, decreasing you liabilities by paying off debts, and saving a little. Living below you means will be one of the biggest changes you can make. Find out where you can cut back and use the extra money to pile into a savings account or pay down debt.
Whether you weather the next financial storm is up to you, but it is coming, and it will affect all of us to some extent. Being prepared and watching for the signs (some of which have already reared their heads) of another downturn could make or break you.
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