How Everyday Americans Are Crushing Doomsday Scenarios: Why This Is Important to CFOs and Founders

What is most dangerous side-effect of Covid-19?

Fear. 

Nervous, we over-schedule. Why? This past year was hard. And now no one wants to miss any-thing. So we spread ourselves thin to distract ourselves. To prove we are okay again. But we're still less focused, then easily distracted.

When you’re running a company—as a CFO or a Founder—these issues go exponential.

I admit it. When restrictions were first lifted I acted like a freed parakeet. I was flying anywhere and everywhere! Who knew where? Even now my weekly schedule has little white space. I won’t miss anything, but...

Being over-busy could be a reasonable antidote to fear. It’s human nature to love freedom. When it's taken from us we don't do well. 

Covid changed lives. It took many lives, too. Then, an election brought no certainty. Some new normal is evasive. Even accepted and understood rules are under indictment.

You Gotta Be Kidding—A Silver Lining?

New normal? Where? Everything feels different. But—let's pull this all apart. Let's see if there's a silver lining.

Trillions of dollars are pumping through the U.S. and the global economies. This is fueling some improvements, but lots of money also attracts fresh corruption. Corporatists like the spending. But millions of Americans are out of work—and some are not very interested in coming back. This is putting pressure on a lot of non-corporate business leaders. 

WAIT! Things Get Worse

Author/thinker/doer Peter Diamandis has focused his carer on the expansion, the builder-side of the future. It shows. The Greek American engineer, physician, and entrepreneur best known for being founder and chairman of the X Prize Foundation, cofounder and executive chairman of Singularity University.

His compelling book, The Future is Faster Than You Think contains a sobering observation. “Ray Kurzweil did the math and found that we’re going to experience twenty thousand years of technological change over the next one hundred years.” Wow. Sounds like we are going to face an awful lot of unknowns. 

If unknowns bring new risks, it follows there are also opportunities.

So—

There are several excellent ways to address career and family risk. I found them by opening my mind to paths outside what was familiar. Like me, you may not have considered these before. You couldn't have. They have only recently become available and accessible—and fully proven.

Covid has reminded us about risk. Sudden death and not having many actionable steps were at the top of the list. This is where I've found personal values most relevant. 

Values: The 'Doomsday' Slayer

Values-oriented solutions can be financial, but some are simply personal—and private—as they should be. Some are personal to family and friends. Anyone’s possible applications are easier to spot by their value. This is useful to executives wearing many hats over many lives. C level parents with kids across several grades with different sports, for example. Change the elements to fit your own situation.

1. Consideration—Are your vital documents available? Are they in one place for your spouse and family for when they need them? Are they secure? These are: Investments, policies, agreements, side purchases of value, property, partnership agreements. You can have those documents in a central and secure location for your spouse or loved ones. Sort out your life once without emotional and costly delays. 

 2. Security—Healthcare deductibles, co-pays, caregivers and hidden expenses can drain a big bank account. Guard against worry. Up to 80% of medical expenses occur when we are not earning the cash income to cover them. Living benefits and long-term care only seem out of reach. But, they are benefits for the you and your family. This can replace individual disability coverage without interruption. Then too, protect your identity.

 3. Calm—How much tax free income will make you comfortable? This is a powerful wealth strategy. Protect yourself from all the economic shifts and the changes that are coming. This is not too good to be true. You are smart to investigate it. 

 4. Peace—Procrastinating on health care decisions could become deadly. Researchers and physicians might debate your care. You don't get that time without money. Cover all the daily expenses of illness. GAP coverage covers deductibles, tests and treatment for illness care or accident recovery. Why ADD stress when you need to heal? This peace is for you, your caregiver, and your family. 

 5. Love—Could your wife and children pay your mortgage and stay in their home? It is worth considering—especially between certain ages for both parents. The cost for such coverage is very low. Qualify or easily renew, or upgrade/convert current protections! This has never been more straightforward and easy to grasp. And—some solutions will convert to cash. 

Real Wealth is Peace of Mind

None of us knows what could happen but now you have some ideas. Explore them. Ask questions. Be in a better position to deal with unknowables. Slay fears. We’re better off with some minimal safety than with inadequate or zero safety. Don’t you agree?

If I could show you how you would get 20 years of investment for five years of payments would you? What if I showed you you'd also see 3-to-1 returns with a doubling that amount… If that amount was tax free, would you have any interest? Y/N

If I showed you how to convert a valueless life policy into new coverage would you think I was a magician? What if I went further? Showed you more than your current face value for no extra money? Could that interest you? Y/N

Let's say you have protection you think is sufficient. You're confident it gives you what you need. Maybe it IS—but I might illustrate one key benefit of non-conflicting protection... Would you have any interest in better? Y/N

Education is expensive. Not only the adult education of making sub-optimal choices. Also enhanced future educational expenses for children. Extended physical health care and safety measures can come up. There's another consideration on taxes. Your entire estate may benefit (bigly) from a generous EOL gift. If you are the sort of person who values your community many people might be helped because of you. Could top choices work for you? Y/N

Look. We’re not meeting here by chance. If you’ve gotten this far you know something. 

I have enjoyed the benefits of good instruction. I have loved knowing some very powerful, successful, and wise individuals. (Tip: The wealthy and humble are happiest—by FAR!) I've given you a few gift above, for you and your family. Please reach out to me with any questions you have. 

Robert Bailey is the Managing Partner of TrustedAdvisory/Parallax, specializing in business tax defense, and the host of “What’s the Point” the podcast about Palm Beach’s business personality. Get more information and connect about how to integrate plans like these into your business, your practice and your portfolio of tax wise assets at www.trustedadvisory.com.