June 25, 2025 • 33 mins
What happens when economic chaos hits, but you're financially trapped by your own "responsible" planning?
Victor lost his first business in 2008 because he had $2 million in net worth but couldn't access cash when he needed it most. When he rebuilt, he did something different. During the pandemic, when competitors were closing or taking on crushing debt, Victor was buying equipment at liquidation prices, forward-purchasing inventory before price spikes, and hiring top talent from failing businesses.
In this episode, we explore how "playing it safe" with traditional financial planning can actually make your business more vulnerable during economic turbulence, and reveal the strategy that helped business owners not just survive but strategically thrive during some of the most uncertain economic times in a generation.
Key Quote: "Everyone was playing defense, just trying to survive. Because of our financial position, we could play offense when nobody else could."
What You'll Discover:
-
How a salon owner lost two locations despite doing "everything the financial experts told me to do" (and what her competitor did differently to expand instead)
-
The food distributor who used inflation as a competitive advantage while others got crushed by rising costs
-
Why the fitness center owner with $500K in retirement accounts had to watch once-in-a-lifetime opportunities pass by
-
How accessible capital creates strategic opportunism with reduced risk during economic volatility
-
The 7 financial levers that separate businesses that merely survive from those that capture market share during downturns
Perfect for: Business owners who want to build long-term wealth without being financially handcuffed when economic opportunities or challenges arise.
Listen now to discover how to create certainty during uncertain times through financial preparation, not economic prediction.
Ready to recession-proof your business? Check out this week's Wealthy Wednesday for the Business Economic Resilience Blueprint mentioned in the episode.
The Freedom Retreat for business owners is coming up on August 5-7, 2025? It beautifully combines the power of contemplation with AI to build paths to freedom, regardless of what the future holds! Text Freedom to 513-447-6501 to learn more about this intimate gathering designed to set your freedom trajectory for the next 12+ months. Hurry! A $200 discount is only available through June 30, 2025!
00:00 Introduction to Victor's Success
00:44 Welcome to Wealth Wisdom Financial Podcast
01:37 Special Announcement: Freedom Retreat
03:43 Victor's Financial Strategy
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
So Victor has a manufacturing
company that not only survived but
thrived during the pandemic. He
said, I watched my first business crumble
in 2008 and asked for never again.
Today we're revealing the financial
strategy that helps business owners like
Victor create certainty during the most
(00:22):
uncertain economic times in a generation.
And how you can build the same financial
fortress, regardless of what inflation,
recession, or market volatility throws at
your business. Who wants more certainty?
You bet. Like, raise all the hands. Let's
jump in
(00:44):
in a world where chaos seems to reign
supreme, where uncertainty lurks around
every corner and financial markets are
now more unpredictable than ever. There's
one place you can turn to to find clarity
and control. Welcome to the Wealth Wisdom
Financial Podcast. Hey, I'm Brandon.
And I'm Amanda. Join us as we dive deep
(01:06):
in the world of personal and business
finance to assist you in navigating
through the chaos and building the
financial future you deserve. We believe
when conventional financial thinking
doesn't get you where you want to go, you
need wealth wisdom. So if you're ready to
take control of your financial destiny.
Tune into the Wealth Wisdom Financial
(01:27):
Podcast because in a chaotic world,
your money shouldn't be. Subscribe
now and never miss an episode.
Okay, actually, before we jump in, we
want to share a very special
announcement. We're hosting a Freedom
Retreat at the beginning of August, 2025.
It's August 5th through 7th. It's for
(01:48):
business owners. This is the last time
we're going to mention on the podcast. So
this is your chance. If you're catching
this and you're serious about using your
business to create financial, relational,
emotional, social, mental,
spiritual time freedom, please
text the word freedom to
513-447-7700.
6501 Again, Freedom
(02:10):
513-447-6501. We'll
share more. It's an intimate retreat
designed to set the stage for the next
level of your freedom journey,
accomplishing that next level within the
next 12 months, if not by the end of
2025. Space is limited. It's an intimate
retreat. We can't wait to hear from you
and help you see if this is the right fit
(02:31):
for you. Yeah, I do think some of this,
the financial freedom retreat that we are
doing, a lot of times people get in, got
into business for freedom and they,
they're in it and they're like, wait a
second, I just traded my,
my old job for this new job and,
and something's weird. We understand that
(02:51):
cuz we've been in that position. and we
want to bring true freedom
for you in all areas of life. So
again,
513-447-6501,
and put in freedom as a text.
Yep. Ohh One thing we maybe probably
should have shared earlier, we're
(03:13):
hosting it here in Cincinnati, partly
because not just that we live here, but
because there's some really unique
places that are,important
to the freedom journey of so
many Americans, and I guess now
Canadians, that you might be able to
guess what it is. But I bet you've never
heard of the place that we're going to go
(03:34):
as part of this retreat, one of the
activities that we're doing. So if you
want freedom, this freedom retreat is for
you. Awesome. Now let's talk about
preparing your business for an
economy that seems
increasingly
unpredictable. I mean, I, I do feel like
that's happening all the, like,
(03:54):
unpredictability is like the word. Of
the year. Of the year. Every, every, I
feel like every year nowadays. Yeah. So,
um, let's go out to Victor. You met him
at the top of the episode. He is a custom
furniture manufacturing company
that he now has. His former
business was a construction business.
that he lost during the 2008 financial
(04:16):
crisis. That loss of his first
business taught Victor a very powerful
lesson about financial preparedness that
many business owners learn too late. So
we're going to be learning from Victor's
story today. Here's how Victor explains
it. Quote, When my construction business
failed, I had everything tied up in the
business. Real estate investments that
(04:36):
suddenly became illiquid, retirement
accounts I couldn't touch without severe
penalties. On paper, I was worth $2
million. In reality, I
couldn't access that when I needed it
most. When Victor launched his
manufacturing business in 2010, he
structured his finances differently.
While still investing in traditional
(04:57):
vehicles, he used the profit first
strategy to redirect substantial
cash flow into creating financial
reserves he could access
without restrictions. Yeah, and of
course this approach was tested
severely when the pandemic hit in 2020.
This business is 10 years old. It was a
(05:17):
manufacturing custom furniture.
You can only imagine what happened. Many,
actually, of Victor's competitors faced
this perfect storm. Supply chain
disruption, skilled labor shortages,
skyrocketing material costs. There was
some consolidation in the lumber
industry. Even getting the wood for his
stuff was hard. Several of his
(05:38):
competitors went under or sold at
distressed valuations. Victor's business
faced the same exact challenges, but with
a crucial difference. When lumber prices
tripled, he had the capital to forward
purchase six months of inventory. When a
competitor was forced to liquidate
state-of-the-art equipment at 40 cents on
(05:58):
the dollar, Victor had the cash to
acquire it. When skilled craftspeople
were being laid off from other shops,
Victor had the financial runway to hire
them, even before he had the orders to
justify the expanded workforce.
What Victor says is, quote, Everyone was
laying defense, just trying to survive.
Because of our financial position, we
(06:20):
could play offense when no one else
could. Then by
2022, Victor's company had
doubled its market share, upgraded
its capabilities, and secured its supply
chain, all during a period when his
industry contracted by nearly 20%. I
mean, that's huge. That was a fancy way
(06:40):
of saying one out of five businesses in
an industry closed between 2020 and
2022. Yeah. And his business
doubled. Yeah. I mean, how bananas is
that?The key difference wasn't that
Victor was smarter or worked harder than
his competitors. It was that he had built
a financial structure that created
certainty during profoundly
(07:02):
uncertain times. He had liquidity when
others had none, options when others
had a few, and confidence when
others were paralyzed by fear.
Yeah, Victor's story highlights A
fundamental challenge facing business
owners in today's volatile economic
environment. The conventional financial
(07:22):
thinking about maximizing tax advantage,
retirement contributions, keeping minimal
business cash reserves to avoid lazy
capital and leveraging debt to fuel
growth. All of that traditional
conventional thinking. leaves many
business owners dangerously exposed when
economic conditions deteriorate rapidly.
I remember back in 2020, it was like the
(07:44):
tide had gone out and everyone realized
the emperor had no clothes, right?Like
you don't want to be in that position and
yet the tide goes out. So what if there
was an approach that gave you both
long-term financial security and
flexibility to navigate economic
volatility?That's what we do. That's what
we're also exploring today and sharing
(08:05):
how powerful this concept and things
are because I don't think, I think it's
going to continue to get crazy.
Yeah. So, Victor's experience points to a
critical truth. In increasingly
unpredictable economic times, business
owners need financial strategies that
provide both safety and
(08:26):
strategic flexibility. The
conventional approaches to business
finance and personal wealth building
simply don't match the reality of today's
economic environment. Consider these five
factors that business owners have faced
in just the last few years. Yeah,
I I mean, when you say these things, I
just want you to listen. And you might
(08:47):
have said that's that was such a long
time ago, but it wasn't.
Because we have this, this thing of where
we forgot. But how many things have
happened?Yeah, none of us know what's
happened in the next five years, but we
can remember what's happened recently. So
one, a pandemic driven shutdowns and
supply chain disruptions. 2, the highest
inflation rates in 40 years. Three, the
(09:09):
most aggressive interest rate hikes in
decades. 4 labor
market dislocations and wage inflation.
Hello. What was that called?Oh, the
exit, quiet quitting?Quiet quitting,
the great resignation. There we go. Yeah,
there you go. Five volatile
energy costs affecting everything from
(09:29):
manufacturing to logistics. That's just a
few. Yeah. The traditional advice to keep
minimal cash in your business and max out
tax advantage retirement vehicles works
well, wish, in stable economic
times. So gradual, predictable changes.
But it can be devastating when economic
conditions deteriorate rapidly. And they
(09:49):
keep changing. I'm going to tell you
about Lila. Lila built a network of
high-end salons across the Southwest.
Like many successful business owners,
Lila followed conventional wisdom. She
maintained minimal cash reserves in her
business, about 45 days of operating
expenses for her, invested heavily in
tax-advantaged retirement accounts, and
used business debt strategically for
(10:10):
expansion. When the pandemic forced the
temporary closure of all her locations,
Lila's business model, which had been
remarkably stable for years, was suddenly
under existential threats. Fixed
costs continued while revenue
disappeared. Her retirement savings,
substantial after years of disciplined
contributions, were effectively locked
(10:30):
away unless she wanted to pay significant
penalties and taxes at the worst possible
time. Lila was able to secure an
SBA disaster loan and PPP funding.
But the amounts weren't sufficient to
weather an extended disruption. She was
forced to close two locations permanently
and take on high interest debt that will
constrain her business's growth for years
(10:51):
to come. She reflected afterward. I
did everything the financial experts told
me to do, but their advice assumed normal
economic conditions would continue
indefinitely. And we all know that is not
ever going to happen. Now
contrast this Lila's experience with
Daniel's. Daniel operates a similar
high-end salon business in the Pacific
(11:13):
Northwest, just, you know, just north of
Lila's. But years earlier, Daniel had
learned about the Bank on Yourself
strategy and implemented it as part of
his financial approach. When the pandemic
hit, Daniel had built up significant cash
value in several properly structured Bank
on Yourself policies, and he was able to
access this capital through policy loans
(11:33):
without penalties or taxes. And he did
take the PPP funding, right?So this
both the PPP and the policy
loans gave him the flexibility to keep
all locations intact through extended
closures, retrofit his salons with
enhanced air filtration and partitions
between stations so it can open earlier
(11:54):
than other salons did, develop
a proprietary app allowing clients to
check in remotely and minimize time in
waiting areas. and actually schedule more
appointments rather than like have to
call. They can do it right from that app.
Amazing. I I hate calling
people. Like At least like services to
schedule. I'm like, can I just do this in
(12:14):
a on a website or whatever?Anyway. And
then fourth, retaining his top stylist
with partial pay during those closures.
Now, this top stylist had nothing
to do, right?And they didn't want to get
paid to do nothing. So they got creative.
They actually used that time to make
social media content about fun hairstyles
you could do at home to feel beautiful in
an ugly time and kind of promote this,
(12:36):
you know, beauty in the midst of chaos
kind of campaign. And the increase in
followers brought in lots more business
once the salon reopened. By the time
restrictions eased, Daniel's business was
positioned to capture market shares
from competitors who had closed
permanently or significantly reduced
(12:57):
their service capabilities.
Hissales in Q3 of
2022 were 32%
higher than pre-pandemic
levels, while the industry as a whole
remained below 2019
revenue. Again, we're talking about the
pandemic here. People are like, I'm over
this, but, but I, it was very recent.
(13:18):
Yeah. People don't wanna forget about it,
but it wasn't that long ago. Yeah. And we
can still learn lessons from it. Like
Daniel explained to us,quote, The bank
and yourself approach gave me options
when others had none, and options are
priceless during economic disruption.
So even if we never have another pandemic
ever again, hopefully not, but we will
(13:39):
have economic disruption. And what
options do you want to have?It's tariffs,
I don't know. All the things. I didn't
even know what that word was in 2020.
Really?Yeah. I mean, I did, but
Uh, this is a paradigm shift successful
business owners are making, moving from
rigid financial structures that leave
them vulnerable during economic shocks to
(14:00):
flexible strategies that create certainty
even in the most uncertain times.
We're gonna get even more into it after
the break.
Ready to take the next step towards
securing your financial future?Whether
(14:21):
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you, the
team at Wealth Wisdom Financial are ready
to assist you. And now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
today. And let's discuss your questions
and your financial goals together. Don't
(14:44):
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
www.wealthwisdomfp.com/call.
I can hear the objections forming in my
head again. Isn't this just
advocating for keeping more cash in the
(15:05):
business?Couldn't Lila have simply
maintained larger cash reserves?
It's a fair question, but it misses
several crucial
distinctions. First, there's the
opportunity cost issue.
Keeping large cash reserves in business
accounts typically means accepting
(15:25):
minimal yields,Especially
because business accounts have even lower
interest rates typically than personal
savings accounts, and and it's
very low. Yeah This creates significant
drag on business performance and returns
on the capital of the business. In
contrast, the cash value in a properly
(15:46):
structured Bank On Yourself designed
policy grows on a tax advantage basis,
potentially at higher rates, actually
rates significantly higher than the
business bank accounts, while still
remaining accessible.
Second, there's the discipline factor.
Business cash reserves are notoriously
vulnerable to being deployed for quote UN
(16:06):
quote opportunities that may or may not
deliver long-term value. External
capital reserves in a bank and yourself
type policy create a psychological
separation that helps preserve those
funds for genuine strategic needs rather
than mainly merely convenient
opportunities. If you've ever had a
cookie jar and been a child, you know
(16:27):
what I'm talking about here, right?And
then, third, I'm an adult, and we cookie
jars still have the same same effect.
Yeah, Third, and perhaps most
importantly, there's the scale issue.
Most businesses would struggle to
maintain cash reserves sufficient for
truly disruptive economic events without
significantly impact impairing growth. We
(16:50):
hear this over and over again. I I my
business is growing too quickly. I can't
keep cash. I need to keep deploying it,
putting it in there. It's growing,
growing, growing. They their business
owners are just notoriously bad at
keeping cash available in case of
emergency because they're seeing such
growth, such good returns in their
business. Yep. And of course, the
pandemic was not just a two-week
(17:11):
disruption. For many businesses, it
created 12 or more months of
severely impaired operations. Few
businesses could justify keeping a month
or more's worth of operating expenses and
cash reserves when their business is
growing so rapidly. The Bank Yourself
approach provides a solution to this
dilemma by creating accessible capital
(17:32):
outside the business without the
restrictions of traditional retirement
accounts. Again, we've said this in
previous episodes, this is a power play
having that available. But what about
inflation protection?This is where the
Bank On Yourself strategy offers another
crucial advantage as demonstrated by
(17:52):
Alexandra's experience. So
Alexandra owns a regional food
distribution business serving
farm-to-table restaurants across three
states. She coordinates at the farms,
gets the food to the restaurants, helping
the farms with the, you know, focus on
farming. The restaurants get us, you
know, steady source of food, right?And
she's she's gone between those. And then
inflation surged to 40 year highs and
(18:16):
her business faced severe margin
pressure. Food costs increased
dramatically. Fuel costs for her delivery
fleet nearly doubled. Wages had to
increase to retain drivers and warehouse
staff. Many competitors responded by
either raising prices dramatically, which
lost some customers, or absorbing the
costs, which devastated their
(18:37):
profitability. Neither approach was
sustainable. Alexandra, however, had been
implementing the Bank On Yourself
strategy for nearly a decade. She had
built up substantial cash value that she
could access through policy lens. This
allowed her to make strategic investments
that insulated her business from
inflation. So first, she forward
purchased non-perishable inventory before
(18:59):
announced price increases took effect,
right?If you've bought in bulk from other
warehouses, you know they're like prices
are increasing order now to get them a
bunch of things, right?I've heard those
commercials. She had the money to do
that, right?Secondly, she acquired
two smaller competitors struggling with
cash flow at favorable valuations. They
didn't have a good financial system,
right?3rd, she installed some solar
(19:21):
panels at her warehouses, reducing
exposure to rising energy costs. Great
for her and for the environment and her
farm to table, right?Like she's she cares
about that. And then 4th, she purchased
rather than lease a new fleet of fuel
efficient delivery vehicles, reducing
both fuel costs and the exposure to
inflation adjusted lease terms. She's
(19:41):
able to keep those cars for longer, use
them for, you know, more deliveries, all
the things without having to worry about
interest or fees for using them too much,
or when she needs a new fleet in five
years when the lease term ends. Lots of
cool things. These investments, though,
required substantial capital deployed
quickly when inflation first began
accelerating before most businesses even
(20:02):
recognized that it wasn't just
transitory, it was initially claimed. And
she was able to use her bank and herself
type policies to give her access to
capital without navigating banks'
approvals during increasingly restrictive
monetary conditions that were happening
at the same time. So her competitors were
being reactive to inflation. She could be
proactive, and that made all the
(20:23):
difference. So by mid
2023, Alexandra's business had
increased its operation efficiency.
Enough that it could actually reduce
prices to consumers while
maintaining healthy margins, capturing
significant market shares from less
adaptive competitions. This highlights
(20:44):
another dimension of economic volatility
that the Bank On Yourself approach
addresses. Inflation's impact on
debt dependent businesses. Think about
it. As interest rates rise to combat
inflation, businesses relying on
credit line and variable rate debt face
increasing costs at precisely the same
(21:05):
time when other input costs are also
rising. It's a that's a bad feedback
loop, right?Yeah, you don't want that,
right?Those of the accessible capital
outside of traditional banking
relationships like Alexandra gain
tremendous competitive advantages in
inflationary environments. Now let's
address another common objection. Don't I
need to maximize tax advantage
(21:27):
retirement accounts first?Isn't
that just mathematical common sense?
I mean, I I've heard people say that,
right?The perspective
misses a crucial reality for business
owners. The best investment is
often your own business.
especially during economic disruption
(21:49):
when acquisition opportunities emerge
and competitions
alter. So consider Marcus, who built a
successful chain of fitness centers. Like
many business owners, Marcus had
diligently funded his retirement accounts
for years. When the pandemic forced
temporary fitness center closures, his
business faced significant challenges.
(22:11):
However, the disruption also created
extraordinary opportunities. Numerous
independent gyms and even some regional
chains were closing permanently or
selling at just stressed valuations. The
real estate market for commercial gym
spaces had softened considerably.
Exercise equipment was available at
liquidation prices. And Marcus could
(22:33):
see the potential to expand his business
at unprecedented valuations, potentially
doubling his market presence at a
fraction of the pre-pandemic cost, right?
Not everything was experiencing
inflation. Lots of things were on sale.
This opportunity, though, wouldn't last.
Institutional investors were already
beginning to move into the space. Hello,
private equity. The challenge, while
(22:54):
Marcus had significant wealth in
retirement accounts, accessing those
funds would trigger taxes and penalties.
His business cash reserves had been
depleted when they were used to maintain
operations during closures, and
traditional business loans were difficult
to secure given the industry's uncertain
outlook. Marcus had to watch as
most of these opportunities passed him
(23:16):
by. He eventually secured financing for a
modest expansion, but at terms far less
favorable than would have been possible
six months earlier. Marcus reflected,
It was frustrating to have the vision and
industry knowledge to recognize a once in
a lifetime opportunity, but not the
financial structure to capitalize on it.
(23:36):
Now, contrast that with Evelyn,
who operates a similar fitness
business. Evelyn had
incorporated the Begging Herself strategy
into her financial approach. that she had
done that years earlier prior to
this thing that happened. When the
pandemic created industry disruptions,
(23:58):
she had built up significant accessible
capital in her policies.
Evelyn was able to acquire
four competitor locations
at approximately 30% of the
pandemic's valuation. She was
able to purchase state-of-the-art
equipment,uh, packages from
(24:19):
closing facilities at liquidation
prices. So she was able to grow more
'cause she had that. She was able to
secure long-term leases at favorable
rates in premium locations
that, that previously had multi-year
waiting lists. And she was able to
fund an accelerated digital
transformation that integrated her
(24:41):
physical facilities with competing
virtual fitness offerings. By
2023, Evelyn's business had grown
from six locations to a
disciplined mix of 16
physical locations and a robust
digital offering. Her revenue had
more than doubled, and her market
(25:03):
value had increased approximately
threefold. Evelyn explains,
echoing Warren Buffett's famous
investment advice, quote, The Bank On
Yourself approach let me be greedy when
others were fearful, but not
recklessly greedy, strategically
greedy, with a safety net still intact.
(25:24):
Who wouldn't want to be greedy when
others are fearful?
Maybe you don't want to really be greedy,
but you definitely don't want to be
fearful like everyone else is. This
points to what may be the most powerful
aspect of the Bank On Yourself approach
for business owners, navigating economic
volatility. Here you go, here it is.
It enables strategic opportunism with
(25:47):
reduced risk. It allows you to
move toward opportunities when others are
paralyzed by uncertainty without betting
the entire business on a single strategic
move. And for those still looking to
reduce your taxes in the current year by
contributing to pre-tax retirement
accounts,Consider all the tax advantages
Evelyn got in her expansion
(26:09):
and go back to our first episode this
month in our Future Proofing series,
where we revealed why business owners
often end up in higher tax brackets in
retirement than before.
And here's something most business owners
don't fully appreciate until they've
lived through significant economic
disruption. Or like for us, I
(26:32):
think about. We went through a flood,
right?So we kind of appreciate that. And
I don't want to go through a flood, but
it's volatility creates
opportunity for the prepared. The
greatest transfers of market share and
wealth often occur not during boom
times, but during periods of economic
(26:52):
stress when only the most
financially adaptable businesses can
capitalize on opportunities, those
who have the cash. With the Bank Yourself
approach, business owners can build
long-term financial security while
maintaining the flexibility to navigate
volatility and seize
(27:13):
opportunities when they emerge.
And you never know when they will emerge.
Often at the precise moment when
conventional financial structures are
most constrained is when you need the
money. Yeah, so think through the stories
we shared today of Victor, Lila, Daniel,
Alexander, Marcus, and Evelyn, and how
(27:33):
they highlight a fundamental truth for
business owners navigating all
kinds of volatile economic environments.
The financial structures you build during
stable times determine your options
during unstable times. And I would add,
and it's never too late to build
financial structures that are going to
serve you during both stable and
(27:54):
unstable times. Traditional approaches to
business finance and personal wealth
building force owners to choose between
long-term security and short-term
flexibility. They create artificial
separations between business capital and
personal capital. They assume stable
economic conditions will persist
indefinitely when we all know that is not
true. But the Bank on Yourself
(28:15):
strategy recognizes the business
reality that business owners face.
In a world of increasing economic
volatility, financial flexibility isn't
just a nice to have. It's an essential
for both survival and strategic
opportunity. It's not about rejecting
traditional retirement vehicles or
(28:35):
business finance principles entirely.
It's about creating a mix of them
and looking at different options and what
works for your specific situation
and your specific business and your
specific goals, hopes, and dreams. Not
just taking the cookie cutter approach
that every financial advisor is telling
every person they meet, no matter what
(28:56):
their background is. The business owners
we work with who embraced this approach
share a common perspective. They say for
the first time, I feel prepared for both
the future I can predict
and the disruptions I
can't. They're ready for the ups and the
downs and able to leverage
(29:17):
whichever way it goes. Remember Lila's
experience from earlier?She eventually
rebuilt her salon business, but
with two fewer locations
and significant debt that will limit her
growth and increase her vulnerability to
the next economic shock. This
outcome wasn't inevitable. It was the
(29:39):
direct result of financial strategy that
worked well in stable
times but failed during volatility.
With the banking yourself approach,
business owners can build wealth for the
future while maintaining the capital
flexibility to navigate economic
turbulence when it's
(29:59):
inevitably arrives. This creates
something increasingly precious in
today's environment, certainty
during uncertain times. I mean, we
want stability, and that's something we
work on a lot is building the
financial foundation. So
here's the thing. You're probably
(30:20):
wondering if this Bank On Yourself
strategy could help you too and how and
all the things. It doesn't work for
everybody. It might help you, recession
resist and inflation protect your
business. You just got to find out. Well,
how do you find out?Well, it's not a
secret. We've actually created something
special for you today. We're publishing
(30:41):
it in the Wealth Wisdom Financial
Community, it's called the Business
Economic ResilienceBlueprint
that will help you evaluate your current
financial strategy and identify potential
vulnerabilities and opportunities. It has
seven critical financial levers every
business owner needs to adjust before the
next economic downturn, plus a framework
(31:03):
for calculating how much accessible
capital your specific business might
need during extended disruption. All you
gotta do is join the Wealth Wisdom
Financial Community at
wealthwisdomfp.com/community. You can
even try it for free. You get this
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that you can search and find what you're
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(31:25):
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locked away where you cannot access it
could be the difference between merely
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during the next inevitable disruption.
Jump into our community. We're supporting
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build stability. And no matter what kind
(31:45):
of economic instability that we're
facing, we'd love to see you in there.
Again,
wealthwisdomfp.com/community.
And you you had mentioned that it might
not work for everybody, but here's the
thing. It probably works for a good
majority of people. They just never look
into it. They never look into it. So look
into it. Go to
(32:06):
wealthwisdomfp.com/call,
do a full analysis and see
it's not going to replace everything, but
it's a way of having that volatility
buffer, that way of having access to
capital when something does happen. And
so by. thinking proactively
about it, not right when things are
(32:26):
happening, and then you call us and say,
Hey, can you help me?We would like to
make sure we're building the good
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proverbialFor
now, yeah, thanks for joining us.
Hit that subscribe button so you don't
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(32:48):
We'd love to hear from you. And as
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and profit. The stories in today's
episode are purely fictional and do not
depict any actual person or event. The
topics presented in this podcast are for
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purposes of providing legal, accounting,
(33:10):
investment or business advice. On such
matters, please consult a professional
who knows your specific situation.
So Victor has a manufacturing
company that not only survived but
thrived during the pandemic. He
said, I watched my first business crumble
in 2008 and asked for never again.
Today we're revealing the financial
strategy that helps business owners like
Victor create certainty during the most
(00:22):
uncertain economic times in a generation.
And how you can build the same financial
fortress, regardless of what inflation,
recession, or market volatility throws at
your business. Who wants more certainty?
You bet. Like, raise all the hands. Let's
jump in
(00:44):
in a world where chaos seems to reign
supreme, where uncertainty lurks around
every corner and financial markets are
now more unpredictable than ever. There's
one place you can turn to to find clarity
and control. Welcome to the Wealth Wisdom
Financial Podcast. Hey, I'm Brandon.
And I'm Amanda. Join us as we dive deep
(01:06):
in the world of personal and business
finance to assist you in navigating
through the chaos and building the
financial future you deserve. We believe
when conventional financial thinking
doesn't get you where you want to go, you
need wealth wisdom. So if you're ready to
take control of your financial destiny.
Tune into the Wealth Wisdom Financial
(01:27):
Podcast because in a chaotic world,
your money shouldn't be. Subscribe
now and never miss an episode.
Okay, actually, before we jump in, we
want to share a very special
announcement. We're hosting a Freedom
Retreat at the beginning of August, 2025.
It's August 5th through 7th. It's for
(01:48):
business owners. This is the last time
we're going to mention on the podcast. So
this is your chance. If you're catching
this and you're serious about using your
business to create financial, relational,
emotional, social, mental,
spiritual time freedom, please
text the word freedom to
513-447-7700.
6501 Again, Freedom
(02:10):
513-447-6501. We'll
share more. It's an intimate retreat
designed to set the stage for the next
level of your freedom journey,
accomplishing that next level within the
next 12 months, if not by the end of
2025. Space is limited. It's an intimate
retreat. We can't wait to hear from you
and help you see if this is the right fit
(02:31):
for you. Yeah, I do think some of this,
the financial freedom retreat that we are
doing, a lot of times people get in, got
into business for freedom and they,
they're in it and they're like, wait a
second, I just traded my,
my old job for this new job and,
and something's weird. We understand that
(02:51):
cuz we've been in that position. and we
want to bring true freedom
for you in all areas of life. So
again,
513-447-6501,
and put in freedom as a text.
Yep. Ohh One thing we maybe probably
should have shared earlier, we're
(03:13):
hosting it here in Cincinnati, partly
because not just that we live here, but
because there's some really unique
places that are,important
to the freedom journey of so
many Americans, and I guess now
Canadians, that you might be able to
guess what it is. But I bet you've never
heard of the place that we're going to go
(03:34):
as part of this retreat, one of the
activities that we're doing. So if you
want freedom, this freedom retreat is for
you. Awesome. Now let's talk about
preparing your business for an
economy that seems
increasingly
unpredictable. I mean, I, I do feel like
that's happening all the, like,
(03:54):
unpredictability is like the word. Of
the year. Of the year. Every, every, I
feel like every year nowadays. Yeah. So,
um, let's go out to Victor. You met him
at the top of the episode. He is a custom
furniture manufacturing company
that he now has. His former
business was a construction business.
that he lost during the 2008 financial
(04:16):
crisis. That loss of his first
business taught Victor a very powerful
lesson about financial preparedness that
many business owners learn too late. So
we're going to be learning from Victor's
story today. Here's how Victor explains
it. Quote, When my construction business
failed, I had everything tied up in the
business. Real estate investments that
(04:36):
suddenly became illiquid, retirement
accounts I couldn't touch without severe
penalties. On paper, I was worth $2
million. In reality, I
couldn't access that when I needed it
most. When Victor launched his
manufacturing business in 2010, he
structured his finances differently.
While still investing in traditional
(04:57):
vehicles, he used the profit first
strategy to redirect substantial
cash flow into creating financial
reserves he could access
without restrictions. Yeah, and of
course this approach was tested
severely when the pandemic hit in 2020.
This business is 10 years old. It was a
(05:17):
manufacturing custom furniture.
You can only imagine what happened. Many,
actually, of Victor's competitors faced
this perfect storm. Supply chain
disruption, skilled labor shortages,
skyrocketing material costs. There was
some consolidation in the lumber
industry. Even getting the wood for his
stuff was hard. Several of his
(05:38):
competitors went under or sold at
distressed valuations. Victor's business
faced the same exact challenges, but with
a crucial difference. When lumber prices
tripled, he had the capital to forward
purchase six months of inventory. When a
competitor was forced to liquidate
state-of-the-art equipment at 40 cents on
(05:58):
the dollar, Victor had the cash to
acquire it. When skilled craftspeople
were being laid off from other shops,
Victor had the financial runway to hire
them, even before he had the orders to
justify the expanded workforce.
What Victor says is, quote, Everyone was
laying defense, just trying to survive.
Because of our financial position, we
(06:20):
could play offense when no one else
could. Then by
2022, Victor's company had
doubled its market share, upgraded
its capabilities, and secured its supply
chain, all during a period when his
industry contracted by nearly 20%. I
mean, that's huge. That was a fancy way
(06:40):
of saying one out of five businesses in
an industry closed between 2020 and
2022. Yeah. And his business
doubled. Yeah. I mean, how bananas is
that?The key difference wasn't that
Victor was smarter or worked harder than
his competitors. It was that he had built
a financial structure that created
certainty during profoundly
(07:02):
uncertain times. He had liquidity when
others had none, options when others
had a few, and confidence when
others were paralyzed by fear.
Yeah, Victor's story highlights A
fundamental challenge facing business
owners in today's volatile economic
environment. The conventional financial
(07:22):
thinking about maximizing tax advantage,
retirement contributions, keeping minimal
business cash reserves to avoid lazy
capital and leveraging debt to fuel
growth. All of that traditional
conventional thinking. leaves many
business owners dangerously exposed when
economic conditions deteriorate rapidly.
I remember back in 2020, it was like the
(07:44):
tide had gone out and everyone realized
the emperor had no clothes, right?Like
you don't want to be in that position and
yet the tide goes out. So what if there
was an approach that gave you both
long-term financial security and
flexibility to navigate economic
volatility?That's what we do. That's what
we're also exploring today and sharing
(08:05):
how powerful this concept and things
are because I don't think, I think it's
going to continue to get crazy.
Yeah. So, Victor's experience points to a
critical truth. In increasingly
unpredictable economic times, business
owners need financial strategies that
provide both safety and
(08:26):
strategic flexibility. The
conventional approaches to business
finance and personal wealth building
simply don't match the reality of today's
economic environment. Consider these five
factors that business owners have faced
in just the last few years. Yeah,
I I mean, when you say these things, I
just want you to listen. And you might
(08:47):
have said that's that was such a long
time ago, but it wasn't.
Because we have this, this thing of where
we forgot. But how many things have
happened?Yeah, none of us know what's
happened in the next five years, but we
can remember what's happened recently. So
one, a pandemic driven shutdowns and
supply chain disruptions. 2, the highest
inflation rates in 40 years. Three, the
(09:09):
most aggressive interest rate hikes in
decades. 4 labor
market dislocations and wage inflation.
Hello. What was that called?Oh, the
exit, quiet quitting?Quiet quitting,
the great resignation. There we go. Yeah,
there you go. Five volatile
energy costs affecting everything from
(09:29):
manufacturing to logistics. That's just a
few. Yeah. The traditional advice to keep
minimal cash in your business and max out
tax advantage retirement vehicles works
well, wish, in stable economic
times. So gradual, predictable changes.
But it can be devastating when economic
conditions deteriorate rapidly. And they
(09:49):
keep changing. I'm going to tell you
about Lila. Lila built a network of
high-end salons across the Southwest.
Like many successful business owners,
Lila followed conventional wisdom. She
maintained minimal cash reserves in her
business, about 45 days of operating
expenses for her, invested heavily in
tax-advantaged retirement accounts, and
used business debt strategically for
(10:10):
expansion. When the pandemic forced the
temporary closure of all her locations,
Lila's business model, which had been
remarkably stable for years, was suddenly
under existential threats. Fixed
costs continued while revenue
disappeared. Her retirement savings,
substantial after years of disciplined
contributions, were effectively locked
(10:30):
away unless she wanted to pay significant
penalties and taxes at the worst possible
time. Lila was able to secure an
SBA disaster loan and PPP funding.
But the amounts weren't sufficient to
weather an extended disruption. She was
forced to close two locations permanently
and take on high interest debt that will
constrain her business's growth for years
(10:51):
to come. She reflected afterward. I
did everything the financial experts told
me to do, but their advice assumed normal
economic conditions would continue
indefinitely. And we all know that is not
ever going to happen. Now
contrast this Lila's experience with
Daniel's. Daniel operates a similar
high-end salon business in the Pacific
(11:13):
Northwest, just, you know, just north of
Lila's. But years earlier, Daniel had
learned about the Bank on Yourself
strategy and implemented it as part of
his financial approach. When the pandemic
hit, Daniel had built up significant cash
value in several properly structured Bank
on Yourself policies, and he was able to
access this capital through policy loans
(11:33):
without penalties or taxes. And he did
take the PPP funding, right?So this
both the PPP and the policy
loans gave him the flexibility to keep
all locations intact through extended
closures, retrofit his salons with
enhanced air filtration and partitions
between stations so it can open earlier
(11:54):
than other salons did, develop
a proprietary app allowing clients to
check in remotely and minimize time in
waiting areas. and actually schedule more
appointments rather than like have to
call. They can do it right from that app.
Amazing. I I hate calling
people. Like At least like services to
schedule. I'm like, can I just do this in
(12:14):
a on a website or whatever?Anyway. And
then fourth, retaining his top stylist
with partial pay during those closures.
Now, this top stylist had nothing
to do, right?And they didn't want to get
paid to do nothing. So they got creative.
They actually used that time to make
social media content about fun hairstyles
you could do at home to feel beautiful in
an ugly time and kind of promote this,
(12:36):
you know, beauty in the midst of chaos
kind of campaign. And the increase in
followers brought in lots more business
once the salon reopened. By the time
restrictions eased, Daniel's business was
positioned to capture market shares
from competitors who had closed
permanently or significantly reduced
(12:57):
their service capabilities.
Hissales in Q3 of
2022 were 32%
higher than pre-pandemic
levels, while the industry as a whole
remained below 2019
revenue. Again, we're talking about the
pandemic here. People are like, I'm over
this, but, but I, it was very recent.
(13:18):
Yeah. People don't wanna forget about it,
but it wasn't that long ago. Yeah. And we
can still learn lessons from it. Like
Daniel explained to us,quote, The bank
and yourself approach gave me options
when others had none, and options are
priceless during economic disruption.
So even if we never have another pandemic
ever again, hopefully not, but we will
(13:39):
have economic disruption. And what
options do you want to have?It's tariffs,
I don't know. All the things. I didn't
even know what that word was in 2020.
Really?Yeah. I mean, I did, but
Uh, this is a paradigm shift successful
business owners are making, moving from
rigid financial structures that leave
them vulnerable during economic shocks to
(14:00):
flexible strategies that create certainty
even in the most uncertain times.
We're gonna get even more into it after
the break.
Ready to take the next step towards
securing your financial future?Whether
(14:21):
you're planning for retirement, saving
for your dream home, or you just want to
make your money work harder for you, the
team at Wealth Wisdom Financial are ready
to assist you. And now it's easier than
ever to see how we might give you a boost
on your financial journey. Schedule a 15
minute discovery call with one of us
today. And let's discuss your questions
and your financial goals together. Don't
(14:44):
wait any longer. Your financial freedom
awaits. Schedule your discovery call at
www.wealthwisdomfp.com/call.
I can hear the objections forming in my
head again. Isn't this just
advocating for keeping more cash in the
(15:05):
business?Couldn't Lila have simply
maintained larger cash reserves?
It's a fair question, but it misses
several crucial
distinctions. First, there's the
opportunity cost issue.
Keeping large cash reserves in business
accounts typically means accepting
(15:25):
minimal yields,Especially
because business accounts have even lower
interest rates typically than personal
savings accounts, and and it's
very low. Yeah This creates significant
drag on business performance and returns
on the capital of the business. In
contrast, the cash value in a properly
(15:46):
structured Bank On Yourself designed
policy grows on a tax advantage basis,
potentially at higher rates, actually
rates significantly higher than the
business bank accounts, while still
remaining accessible.
Second, there's the discipline factor.
Business cash reserves are notoriously
vulnerable to being deployed for quote UN
(16:06):
quote opportunities that may or may not
deliver long-term value. External
capital reserves in a bank and yourself
type policy create a psychological
separation that helps preserve those
funds for genuine strategic needs rather
than mainly merely convenient
opportunities. If you've ever had a
cookie jar and been a child, you know
(16:27):
what I'm talking about here, right?And
then, third, I'm an adult, and we cookie
jars still have the same same effect.
Yeah, Third, and perhaps most
importantly, there's the scale issue.
Most businesses would struggle to
maintain cash reserves sufficient for
truly disruptive economic events without
significantly impact impairing growth. We
(16:50):
hear this over and over again. I I my
business is growing too quickly. I can't
keep cash. I need to keep deploying it,
putting it in there. It's growing,
growing, growing. They their business
owners are just notoriously bad at
keeping cash available in case of
emergency because they're seeing such
growth, such good returns in their
business. Yep. And of course, the
pandemic was not just a two-week
(17:11):
disruption. For many businesses, it
created 12 or more months of
severely impaired operations. Few
businesses could justify keeping a month
or more's worth of operating expenses and
cash reserves when their business is
growing so rapidly. The Bank Yourself
approach provides a solution to this
dilemma by creating accessible capital
(17:32):
outside the business without the
restrictions of traditional retirement
accounts. Again, we've said this in
previous episodes, this is a power play
having that available. But what about
inflation protection?This is where the
Bank On Yourself strategy offers another
crucial advantage as demonstrated by
(17:52):
Alexandra's experience. So
Alexandra owns a regional food
distribution business serving
farm-to-table restaurants across three
states. She coordinates at the farms,
gets the food to the restaurants, helping
the farms with the, you know, focus on
farming. The restaurants get us, you
know, steady source of food, right?And
she's she's gone between those. And then
inflation surged to 40 year highs and
(18:16):
her business faced severe margin
pressure. Food costs increased
dramatically. Fuel costs for her delivery
fleet nearly doubled. Wages had to
increase to retain drivers and warehouse
staff. Many competitors responded by
either raising prices dramatically, which
lost some customers, or absorbing the
costs, which devastated their
(18:37):
profitability. Neither approach was
sustainable. Alexandra, however, had been
implementing the Bank On Yourself
strategy for nearly a decade. She had
built up substantial cash value that she
could access through policy lens. This
allowed her to make strategic investments
that insulated her business from
inflation. So first, she forward
purchased non-perishable inventory before
(18:59):
announced price increases took effect,
right?If you've bought in bulk from other
warehouses, you know they're like prices
are increasing order now to get them a
bunch of things, right?I've heard those
commercials. She had the money to do
that, right?Secondly, she acquired
two smaller competitors struggling with
cash flow at favorable valuations. They
didn't have a good financial system,
right?3rd, she installed some solar
(19:21):
panels at her warehouses, reducing
exposure to rising energy costs. Great
for her and for the environment and her
farm to table, right?Like she's she cares
about that. And then 4th, she purchased
rather than lease a new fleet of fuel
efficient delivery vehicles, reducing
both fuel costs and the exposure to
inflation adjusted lease terms. She's
(19:41):
able to keep those cars for longer, use
them for, you know, more deliveries, all
the things without having to worry about
interest or fees for using them too much,
or when she needs a new fleet in five
years when the lease term ends. Lots of
cool things. These investments, though,
required substantial capital deployed
quickly when inflation first began
accelerating before most businesses even
(20:02):
recognized that it wasn't just
transitory, it was initially claimed. And
she was able to use her bank and herself
type policies to give her access to
capital without navigating banks'
approvals during increasingly restrictive
monetary conditions that were happening
at the same time. So her competitors were
being reactive to inflation. She could be
proactive, and that made all the
(20:23):
difference. So by mid
2023, Alexandra's business had
increased its operation efficiency.
Enough that it could actually reduce
prices to consumers while
maintaining healthy margins, capturing
significant market shares from less
adaptive competitions. This highlights
(20:44):
another dimension of economic volatility
that the Bank On Yourself approach
addresses. Inflation's impact on
debt dependent businesses. Think about
it. As interest rates rise to combat
inflation, businesses relying on
credit line and variable rate debt face
increasing costs at precisely the same
(21:05):
time when other input costs are also
rising. It's a that's a bad feedback
loop, right?Yeah, you don't want that,
right?Those of the accessible capital
outside of traditional banking
relationships like Alexandra gain
tremendous competitive advantages in
inflationary environments. Now let's
address another common objection. Don't I
need to maximize tax advantage
(21:27):
retirement accounts first?Isn't
that just mathematical common sense?
I mean, I I've heard people say that,
right?The perspective
misses a crucial reality for business
owners. The best investment is
often your own business.
especially during economic disruption
(21:49):
when acquisition opportunities emerge
and competitions
alter. So consider Marcus, who built a
successful chain of fitness centers. Like
many business owners, Marcus had
diligently funded his retirement accounts
for years. When the pandemic forced
temporary fitness center closures, his
business faced significant challenges.
(22:11):
However, the disruption also created
extraordinary opportunities. Numerous
independent gyms and even some regional
chains were closing permanently or
selling at just stressed valuations. The
real estate market for commercial gym
spaces had softened considerably.
Exercise equipment was available at
liquidation prices. And Marcus could
(22:33):
see the potential to expand his business
at unprecedented valuations, potentially
doubling his market presence at a
fraction of the pre-pandemic cost, right?
Not everything was experiencing
inflation. Lots of things were on sale.
This opportunity, though, wouldn't last.
Institutional investors were already
beginning to move into the space. Hello,
private equity. The challenge, while
(22:54):
Marcus had significant wealth in
retirement accounts, accessing those
funds would trigger taxes and penalties.
His business cash reserves had been
depleted when they were used to maintain
operations during closures, and
traditional business loans were difficult
to secure given the industry's uncertain
outlook. Marcus had to watch as
most of these opportunities passed him
(23:16):
by. He eventually secured financing for a
modest expansion, but at terms far less
favorable than would have been possible
six months earlier. Marcus reflected,
It was frustrating to have the vision and
industry knowledge to recognize a once in
a lifetime opportunity, but not the
financial structure to capitalize on it.
(23:36):
Now, contrast that with Evelyn,
who operates a similar fitness
business. Evelyn had
incorporated the Begging Herself strategy
into her financial approach. that she had
done that years earlier prior to
this thing that happened. When the
pandemic created industry disruptions,
(23:58):
she had built up significant accessible
capital in her policies.
Evelyn was able to acquire
four competitor locations
at approximately 30% of the
pandemic's valuation. She was
able to purchase state-of-the-art
equipment,uh, packages from
(24:19):
closing facilities at liquidation
prices. So she was able to grow more
'cause she had that. She was able to
secure long-term leases at favorable
rates in premium locations
that, that previously had multi-year
waiting lists. And she was able to
fund an accelerated digital
transformation that integrated her
(24:41):
physical facilities with competing
virtual fitness offerings. By
2023, Evelyn's business had grown
from six locations to a
disciplined mix of 16
physical locations and a robust
digital offering. Her revenue had
more than doubled, and her market
(25:03):
value had increased approximately
threefold. Evelyn explains,
echoing Warren Buffett's famous
investment advice, quote, The Bank On
Yourself approach let me be greedy when
others were fearful, but not
recklessly greedy, strategically
greedy, with a safety net still intact.
(25:24):
Who wouldn't want to be greedy when
others are fearful?
Maybe you don't want to really be greedy,
but you definitely don't want to be
fearful like everyone else is. This
points to what may be the most powerful
aspect of the Bank On Yourself approach
for business owners, navigating economic
volatility. Here you go, here it is.
It enables strategic opportunism with
(25:47):
reduced risk. It allows you to
move toward opportunities when others are
paralyzed by uncertainty without betting
the entire business on a single strategic
move. And for those still looking to
reduce your taxes in the current year by
contributing to pre-tax retirement
accounts,Consider all the tax advantages
Evelyn got in her expansion
(26:09):
and go back to our first episode this
month in our Future Proofing series,
where we revealed why business owners
often end up in higher tax brackets in
retirement than before.
And here's something most business owners
don't fully appreciate until they've
lived through significant economic
disruption. Or like for us, I
(26:32):
think about. We went through a flood,
right?So we kind of appreciate that. And
I don't want to go through a flood, but
it's volatility creates
opportunity for the prepared. The
greatest transfers of market share and
wealth often occur not during boom
times, but during periods of economic
(26:52):
stress when only the most
financially adaptable businesses can
capitalize on opportunities, those
who have the cash. With the Bank Yourself
approach, business owners can build
long-term financial security while
maintaining the flexibility to navigate
volatility and seize
(27:13):
opportunities when they emerge.
And you never know when they will emerge.
Often at the precise moment when
conventional financial structures are
most constrained is when you need the
money. Yeah, so think through the stories
we shared today of Victor, Lila, Daniel,
Alexander, Marcus, and Evelyn, and how
(27:33):
they highlight a fundamental truth for
business owners navigating all
kinds of volatile economic environments.
The financial structures you build during
stable times determine your options
during unstable times. And I would add,
and it's never too late to build
financial structures that are going to
serve you during both stable and
(27:54):
unstable times. Traditional approaches to
business finance and personal wealth
building force owners to choose between
long-term security and short-term
flexibility. They create artificial
separations between business capital and
personal capital. They assume stable
economic conditions will persist
indefinitely when we all know that is not
true. But the Bank on Yourself
(28:15):
strategy recognizes the business
reality that business owners face.
In a world of increasing economic
volatility, financial flexibility isn't
just a nice to have. It's an essential
for both survival and strategic
opportunity. It's not about rejecting
traditional retirement vehicles or
(28:35):
business finance principles entirely.
It's about creating a mix of them
and looking at different options and what
works for your specific situation
and your specific business and your
specific goals, hopes, and dreams. Not
just taking the cookie cutter approach
that every financial advisor is telling
every person they meet, no matter what
(28:56):
their background is. The business owners
we work with who embraced this approach
share a common perspective. They say for
the first time, I feel prepared for both
the future I can predict
and the disruptions I
can't. They're ready for the ups and the
downs and able to leverage
(29:17):
whichever way it goes. Remember Lila's
experience from earlier?She eventually
rebuilt her salon business, but
with two fewer locations
and significant debt that will limit her
growth and increase her vulnerability to
the next economic shock. This
outcome wasn't inevitable. It was the
(29:39):
direct result of financial strategy that
worked well in stable
times but failed during volatility.
With the banking yourself approach,
business owners can build wealth for the
future while maintaining the capital
flexibility to navigate economic
turbulence when it's
(29:59):
inevitably arrives. This creates
something increasingly precious in
today's environment, certainty
during uncertain times. I mean, we
want stability, and that's something we
work on a lot is building the
financial foundation. So
here's the thing. You're probably
(30:20):
wondering if this Bank On Yourself
strategy could help you too and how and
all the things. It doesn't work for
everybody. It might help you, recession
resist and inflation protect your
business. You just got to find out. Well,
how do you find out?Well, it's not a
secret. We've actually created something
special for you today. We're publishing
(30:41):
it in the Wealth Wisdom Financial
Community, it's called the Business
Economic ResilienceBlueprint
that will help you evaluate your current
financial strategy and identify potential
vulnerabilities and opportunities. It has
seven critical financial levers every
business owner needs to adjust before the
next economic downturn, plus a framework
(31:03):
for calculating how much accessible
capital your specific business might
need during extended disruption. All you
gotta do is join the Wealth Wisdom
Financial Community at
wealthwisdomfp.com/community. You can
even try it for free. You get this
resource, as well as access to a library
of awesome resources with a search bar
that you can search and find what you're
looking for, as well as an invitation to
(31:25):
our monthly group coaching. In today's
economic environment, having your capital
locked away where you cannot access it
could be the difference between merely
surviving. And strategically thriving
during the next inevitable disruption.
Jump into our community. We're supporting
each other. We're helping each other
build stability. And no matter what kind
(31:45):
of economic instability that we're
facing, we'd love to see you in there.
Again,
wealthwisdomfp.com/community.
And you you had mentioned that it might
not work for everybody, but here's the
thing. It probably works for a good
majority of people. They just never look
into it. They never look into it. So look
into it. Go to
(32:06):
wealthwisdomfp.com/call,
do a full analysis and see
it's not going to replace everything, but
it's a way of having that volatility
buffer, that way of having access to
capital when something does happen. And
so by. thinking proactively
about it, not right when things are
(32:26):
happening, and then you call us and say,
Hey, can you help me?We would like to
make sure we're building the good
foundation now before the
proverbialFor
now, yeah, thanks for joining us.
Hit that subscribe button so you don't
miss an episode. Give this video a like
if you watch it on YouTube or comments.
(32:48):
We'd love to hear from you. And as
always, we hope that you live long
and profit. The stories in today's
episode are purely fictional and do not
depict any actual person or event. The
topics presented in this podcast are for
general information and maybe some
entertainment only, and not for the
purposes of providing legal, accounting,
(33:10):
investment or business advice. On such
matters, please consult a professional
who knows your specific situation.
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