- Here's a straightforward question for you. What decisions could you have made nine to 12 months ago to mitigate the pain that you're experiencing right now today?
- And once you think about that decision, or decisions, plural, maybe it's “I shouldn't have bought that boat or that jet.”
- Maybe it's “I could have not bought that new beach house or that new car.”
- Maybe it's “I could have stashed some more cash on the sidelines.”
- “Maybe I should have slimmed my team and gotten rid of my B players.”
- Whatever decisions you could have made nine to 12 months ago to fix the pain that you're in now, I want to ask you:
- What decisions do you need to make today to solve for the pain that you're going to have nine to 12 months from now?
- The reality is recessions are cyclical. And while the severity and depth of this current crisis may be different than past crises, we've all been through this before.
- The AIDS crisis of the 90s. The Great Recession, the SARS and the MERS outbreaks that we experienced back in the early 2000s and mid 2000s.
- These things are going to happen again.
- The stock market is going to crash again, doesn't mean it's going to happen tomorrow or next year or next month.
- Doesn't mean we need to scream, “The sky is falling.”
- But if you're 100% all of your eggs in any one basket, you have a serious concentration risk.
- If you are 100% dependent upon the sale of your practice in order for you to retire, that's a problem that would be on my list.
- If this was my practice, in my situation I would want to consider solving for where the concentration risks are in your future and realize the decisions you make today are going to reflect the results.
- You have six to nine to 12 months from now.
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