Tsunami or Drizzle
One of my clients has a storm approaching. They have two normal incomes and a small child. One spouse is about to lose their job, and the family will soon experience a 50% decrease in its take-home income. Talk about scary!!
Here's the thing about storms. It's not a matter of if a storm is coming, but when. That's what life promises us, and man, life sure does deliver! So, since we know a storm is coming, the next question is how bad said storm will be.
While this couple hasn't been together all that long, both spouses have spent the last 10 years of their lives setting the foundation for where they are now. Sure, I've helped them in their journey, but they had already done so many amazing things before I arrived on the scene. Here's a quick summary:
No debt (this is huge!)
Below-average housing costs
Sizable taxable investment account (game-changer!)
Conservative lifestyle
Prioritization of family over stuff and status
They live life with a posture of contentment and generosity
They've been nervous about the oncoming storm......as they should be! It's absolutely terrifying. We recently took inventory of their situation and worked through their new reality budget. We titled it, "Oh crap!" In it, we discerned what categories needed to be cut or decreased once the storm hits.
When we got to the bottom, they were met with a shocking discovery. After losing half of their income and making whatever cuts they could, the net result was only a $600 monthly budget shortfall. Combine this with the nice taxable investment account available to help them weather the storm, they are in amazing shape! Instead of the impending storm looking like a destructive tsunami, it will more closely resemble a slight drizzle.
Instantly, I could see relief in their eyes. What started as fear turned into confidence. All the hard work they've put into this over the years is about to culminate soon, and they are so grateful for the situation they've put themselves in.
The question isn't whether or not a storm is coming.....it is! The question for you today is what that storm looks like. Will it be a destructive tsunami that will potentially wipe you off the map? Or will it be a slight drizzle that you can confidently navigate? Perhaps today is a great day to start preparing for the storm.
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