With the threat of a new recession looming, American entrepreneur and business coach Kevin J. Donaldson is offering some urgent business-building advice to ordinary Americans to protect themselves.
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Too Few Americans Prepare
According to Donaldson, too few Americans are preparing for their retirements. In fact, according to the U.S. Government Accountability Office, more than half of Americans 55 years and older have zero retirement savings, and 29% have neither savings or a pension plan.
“Too few Americans are preparing for retirement when it should actually be #1 on the list,” Donaldson says. “That’s a recipe for disaster, especially with the likelihood of a new recession hitting soon. The solution is to prepare as early as now, before it’s too late.”
Donaldson believes the best way to prepare for retirement AND the possibility of another recession is to cut spending, get rid of debt, fill up an emergency fund, and create additional streams of income. Of these, Donaldson believes additional sources of income, particularly through the establishment of sustainable home-based businesses, solves multiple money problems at once.
Home-Based Businesses vs Paper Assets
The founder and CEO of his own mastermind group, Real Wealth Solutions, Inc., Donaldson believes that while there are many ways to create wealth, every American household should at least have one business.
“Businesses tend to weather economic downturns better than paper assets, like stocks and 401(k)’s. We saw this in 2008,” Donaldson says, referring to the global recession that year. “People lost their jobs, their homes, their retirement funds. But business owners, particularly those in industries such as health care, home security, and travel and luxury, stuck around, and even made profits.”
Donaldson suggests starting home-based businesses that sell products and services that people will always need, no matter how bad the economy becomes. “Start with your community,” he suggests. “Try to find the products and services your community needs, but isn’t getting, and then find solutions to fill those needs. Then build home-based businesses around those solutions.”
A Business in Every Home
Donaldson believes that when American families are financed by their own home-based businesses, they can continue to pay for education, keep their homes, continue living their chosen lifestyles, and stay busy even during a bad recession.
“Experts say there’s a good chance the next recession will hit within the next three years,” Donaldson says. “That may sound scary, but I like to look at it this way: Three years is more than enough time to get at least one home-based business off the ground. If people follow the right business advice, they can have two or three home businesses in place and humming in three years’ time.”
Donaldson teaches ordinary American homeowners and wage earners how to start their own businesses from home through his mastermind group, Real Wealth Solutions, Inc., and through his book, 10 Secrets of the New Rich. His group’s goal is to establish one home-based business in every American home.
About Kevin J. Donaldson Kevin J. Donaldson is an entrepreneur, speaker, business coach, and bestselling author. He is the founder and CEO of Real Wealth Solutions, Inc., a mastermind group whose advocacy is to teach ordinary people how to start sustainable, successful small businesses from home, enabling them to enjoy more control, stability, wealth, and happiness in their lives.
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