For months now we’ve been sharing the fact that we are a bit uncomfortable with the current economic conditions here in Canada. It just doesn’t sit well with us that even through a pandemic, when the whole country (and most of the world for that matter) was shut down, financial markets and real estate markets continue to thrive. In fact, many individual households seem to be thriving. If you recall, a month or so ago we cited a report from the Globe and Mail that highlighted the fact that many Canadian households whose jobs WERE impacted by the pandemic, were/are actually in a much better “financial situation” than they were before the pandemic. The reason for this is because on top of collecting CERB payments every month, they were also able to defer/postpone their mortgage payments.
I intentionally used quotes around the term FINANCIAL SITUATION. These people ARE NOT in a better financial situation. They are in a better cash flow situation as the difference between what is coming in every month (CERB cheque) and what is going out (no mortgage payment), is greater than it was prior to the pandemic.
One could say that many people are currently getting a small taste of what it might feel like to be a CASHFLOWNAIRE ?. Unfortunately, it’s probably not a wise strategy to depend on the government and the banking sector to determine your “financial situation”.
Rob Minton, the original cashflownaire (or “The OC” as we like to call him), recently wrote a blog post that we feel is very appropriate given where we are with things right now.. Check it out below:
In a small mastermind meeting many years ago, I met one of the best asset protection attorneys in the country. I ended up hiring him and we implemented a rather complex plan to protect my assets.
His plan was engineered primarily to provide legal protection (from our crazy litigious society).
The problem I encountered wasn’t an unexpected frivolous lawsuit…. it was an unexpected massive market crash!
All of my assets were protected; however, the value of these assets plummeted. 🙁
His plan helped to some extent but I was still stuck with many underwater real estate investments.
Around this same time, I happened to be reading an older fiction thriller book by one of my favorite authors and the main character used a rather unusual strategy to protect his assets.
What this character did was simply genius.
Old Robby ended up copying this character’s plan and it saved my arse!
Actually, it ended up being an extremely profitable strategy that allowed me to create attractive cashflow.
The crazy part is that this little plan is something that would never be recommended by any asset protection attorney!
Now, you might be wondering why I’m blabbing about all of this right now??
- I’ve shared this “secret” asset protection strategy in the September Issue of my Cashflownaire Newsletter. It’s fairly easy to implement… no expensive asset attorney required!
(Although you still may want to talk to your attorney about this plan) 🙂
2. There is A LOT of risk in both the real estate and stock markets right now.
Yes, I know both markets have been on a big run this year and everyone is expecting this craziness to continue.
Well, what happens if things don’t continue as expected?
The best time to prepare for a crash is… um… before the crash. Otherwise, you end up getting caught with your pants down like I did in 2008.
Well said Rob, well said!
If you’re a little concerned about the eventual economic impact of this darn virus, like we are, NOW might be the best time to prepare.
In the September Issue of the Cashflownaire Newsletter, you’ll also find these nuggets of gold:
- the Cashflownaire “One-Pack” and why you should create one for your family.
- A very expensive mistake I made renting one of my homes and how you can avoid this same thing yourself.
- the “Hidden Rules of the Wealthy” (extremely important)
- how to build an extremely valuable asset for free
- Why you must “give up”
- How to build an income-producing financial reserve
- The ONE asset that I’m buying like crazy right now
Become a Cashflonwaire Member here and we will send Issue to you right now. Plus, you’ll get the October Issue next week when it’s released.
And if all of this isn’t good enough, we’ve recently included as part of our membership, our complete build-to-rent guide. This is only temporary.
– Vince & Mike
P.S. In each monthly Cashflownaire Newsletter, we include a 30-day “Badass Challenge.” These challenges rotate around important things: improving our mindset, improving our health, and improving our cashflow.
The September Badass Challenge may ultimately become the most profitable Badass Challenge we’ve ever done.
You can get started with this Challenge and become a Cashflownaire Member here.
P.P.S. The “secret” asset protection strategy is actually somewhere in this email. Can you find it?