My father passed away broke several years ago, and while he seemed to lead a happy life, I often wonder how an intelligent and hard working man could die virtually penniless in the richest nation on earth. As I reflected on his life, I realized he had put complete faith in a union pension and the Social Security system for his retirement—both of which failed to deliver in any meaningful way.
And I was heading down the same path.
Money and financial planning was never a topic of discussion in my childhood home. Like most people from the Post World War Two Era, my father believed his union job offered lifetime employment, and that the combination of his pension and Social Security checks would allow him to retire in style.
Sadly, he was laid off from his union job after 30 years with the same company—and as he learned a few short years later, his Social Security benefits barely paid his monthly home loan payment and basic living expenses. To add insult to injury, virtually his entire union pension went towards a senior medical insurance plan.
Clearly, his idea of retirement planning was unacceptable.
After leaving the military under an early retirement plan, I ventured into the world of small business start-ups, stock market investing, and real estate investing. I spent several years studying the masters of home business and investing, and read everything in print from famous authors like Robert Allen, Robert Kiyosaki, Michael Gerber, and Burke Hedges, among others.
As you will learn in this guide, one of the key factors in any success is the willingness and ability to take decisive action. In 2005 I began working my various investment strategies and business start-up ideas with gusto.
Starting from scratch, I managed to create a handful of small automated cash flows. By 2008 I had built a nice little nest egg and felt confident the systems were in place to generate a tidy retirement income.
And then the financial meltdown of 2008 hit me between the eyes.
I had just spent a wonderful day on Lover’s Beach at Cabo San Lucas when I heard the news. That evening when I returned to the cruise ship (the second of two cruises my wife and I have ever been on) I walked into my cabin and flipped on CNN International. The reporter was discussing John McCain’s suspension of his 2008 Presidential campaign so he could attend a financial meeting in Washington, D.C.
The enormity of the situation began to sink in as I watched President Bush and his staff discuss America’s financial situation. By the time I got home later that week, my stock portfolio had lost over 40 percent of its value and my home value was on its way down to 50 percent of its previous market value.
In less than one week my retirement dreams went out the window. But I considered myself lucky.
For millions of Americans the financial crisis represented loss of jobs, a dramatic change in the quality of their lives, and the eventual loss of their homes. Thanks to my wife’s careful money management we were safe—but no longer comfortable.
The difference for us came down to having created multiple sources of income from our investments and small business ventures. Sure, the revenues from these businesses dropped—but we were not out of the market. Nor were we dependent upon a job income to meet our monthly living expenses.
And that’s the beauty of owning and operating a small business. In the following 7 training days and 2 appendices I hope to share with you the lessons I have learned and how you can find a shortcut to your own success in the exciting (and hopefully profitable) world of small business ownership. And it all begins with your welcome to boot camp indoctrination.