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How far away is your emergency?

Guest post by: Seth Godin

Article Overview: It's amazing that people have so much time to fret about today's emergency but almost no time at all to avoid tomorrow's.

How far away is your emergency?

It's amazing that people have so much time to fret about today's emergency but almost no time at all to avoid tomorrow's.

A glimpse at the TV and internets shows one talking head after another angsting about today's economy. These are the same people who needed to devote entire hours to mindless trivia nine months ago when they could have done an enormous amount of education about avoiding this mess in the first place.

Six years ago, I gave a mildly controversial talk to the newspaper publishers at an annual convention. I explained in detail why they were just a few years from bankruptcy and how they could use the momentum and assets they had to build up a hyperlocal internet presence and permission asset now, because it would be too late when the emergency hit. Of course, my talk wasn't an emergency, they had other priorities, and so the dire prediction comes true.

When gas is $10 a gallon (and it certainly will be), we'll have plenty of time to obsess about what we can't change and what a mess our world is. So I wonder...Where are the groundbreaking reports about how this device or that organization are wasting so much energy today, when we can still do something about it? Why not shine a light on the holes we're digging today as opposed to the canyons we'll have to deal with years from now?

They say the best time to look for a job is when you don't need one. And the best time to invest in a new Purple Cow is when you're still milking the old one. Move your emergency back in time and you'll be amazed at how far your money goes.

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Article Tags: assets, bankruptcy, best time, canyons, economy, education, energy today, glimpse, groundbreaking reports, holes, internet presence, job, mindless trivia, momentum, nine months, plenty of time, priorities, publishers, purple cow, six years



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Re: How do you budget your life? - [quote="GT Bulmer":1cwfzwox]The best planning and budgeting concept I have seen (and [u:1cwfzwox]some[/u:1cwfzwox]times follow) to help plan for the future is "Pay yourself first." Decide on a dollar amount or a percentage, then on "payday" the first thing you do is put that amount into a savings account that you have mentally [u:1cwfzwox]blocked[/u:1cwfzwox] yourself from accessing for anything but the intended purpose. Do not consider it an emergency fund or a rainy day fund. Keep it as a retirement fund that you cannot touch for anything else. If there is something you want to buy - a major expense, that is - you can do the same thing. You can "save up" for it by determining how much you can put into a special, untouchable savings account each payday. Then, on payday, "pay yourself first" and do not touch that money for anything else.[/quote:1cwfzwox] Every person has to keep retirement fund . "Pay yourself first" this will be the best method for future and retirement planing.
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Wills, Power of Attorneys personal, bank, health - These four items are important even if you don't have a business. You don't have to have a Will because the law has procedures that are in place just incase someone dies without a Will. It is call dieing intestate. However, it can be an expensive process for your beneficiaries and your estate may not go to who you want it to go to. A Will - helps you set up where you want your assets to go to and who they go to. They set out your wishes for the business as well. In Ontario, you do not have to have a Will prepared by a lawyer but sometimes it is in your best interest to do so. There is a lot of info on the internet and kits that are available but they key to this are the witnesses to your signature. You may want to write it yourself and then have a lawyer witness the signing of the Will. If you handwrite you’re Will then you don't need to have it witnessed. But the entire document must be in your handwriting no typing allowed. The Power of Attorneys - Personal or Health Personal - This gives someone consent to act on your behalf if you can't due to physical or mental disabilities. The Power of Attorney goes into effect only when you are incapacitated or you authorize it. So it can be signed and ready to be used but only takes effect when you are ready to use it. You don't need a lawyer to prepare these - there are kits on the internet, there are kits that the government have where you can fill in the blanks. But if you have an extensive estate I would take it to the lawyer because their could be other issues that need to be dealt with. Health – This Power of Attorney outlines what you want to happen in case of medical emergency, for example, do you want to be revived if there is no hope of recovery, is the most common reason, maybe the type of treatment that you want to receive for the particular illness you have. This Power of Attorney protects your health rights when you can't speak for yourself and it gives someone else the right to speak for you. In the Power of Attorney you would outline your request and designate someone to carry them out. Bank - This one designates someone to look after your finances if you aren't able to do them. The banks have special procedures and these forms are completed at the bank. So if you became ill then your designated person can take care of your finances until you are ready to resume doing them. The Power of Attorneys and the Wills are legal documents and they can be revoked or changed at any time. If your estate is very large then I would suggest that you have a lawyer prepare these documents to protect your interest. Again, the law does not have the same rules as a married spouse so this would protect the surviving partner in a common-law relationship. I realize that most of the subjects that are discussed on this site are concerning growing your business but I deal with the hidden aspect of the business as well and these could affect your business as much as if you can't find that next client. Happy and Prosperous New Year Everyone


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