According to a survey by Statista, 23.4% of surveyed small businesses in the US felt a large negative effect on business due to the COVID-19 pandemic. 43.8% of surveyed small businesses felt a moderate negative effect. Contrastingly, only 1.9% of surveyed small businesses in the US felt a large positive effect on business due to the pandemic.
As shown in the survey, the pandemic has proven to be the cause of obstacles for the majority of entrepreneurs and businesses. Kevin J. Donaldson, an American entrepreneur and business coach, has valuable advice regarding urgent business-building to assist entrepreneurs and businesses during uncertain times.
People should aim to sustain themselves
According to Kevin, the founder and CEO of Real Wealth Solutions®, people need to prepare for economic downturn and their retirements. The US Government Accountability Office found that over 50% of Americans over the age of 55 have no retirement savings, while 29% of these Americans also have no savings or a pension plan. Kevin says this is a recipe for disaster, but not the end of the world. Kevin believes that by minimising spend, paying off debt, forming an emergency fund and creating multiple streams of income is the best way to prepare for economic downturn and retirements. One way to form multiple streams of income is becoming an entrepreneur.
Kevin believes that people should create their own wealth. A way to do this is for every American household to start at least one business. Seeing that businesses are often able to survive economic downturns better than paper assets, people should start their own business to create more financial stability. According to Kevin, during the 2008 recession, business owners, especially in the health care, home security, and travel and luxury industries, were able to survive and even make profits. During the pandemic, the travel industry took a beating, but the other mentioned industries were shown to thrive. If people would like to start a home-based business, they should search for the gap in the market. Once they’ve found the gap, they would be able to build a business, and then multiple businesses, around the solution.
If people are able to be financed by their own home-based businesses, they would be able to sustain themselves by paying for education, keeping their homes and being able to live their desired lifestyle. Kevin’s company, Real Wealth Solutions®, offers tools to American people to start their own business. His best-seller, 10 Secrets of the New Rich, does the same.
Who is Kevin J Donaldson?
Kevin J Donaldson is the founder of Real Wealth Solutions®. Besides being an entrepreneur, Kevin is a business coach, and is a life insurance broker, he works in pharmaceutical sales, he joined the New York Air National Guard, he is a photo-broadcast journalist, and is certified in Hypnotherapy. On top of all of this, Kevin is also an author of a best-selling book, titled ’10 Secrets of the New Rich.’
Kevin was born in and lived in Brooklyn, New York with his parents of Trinidadian descent. At the age of 10, Kevin moved to Rochester, New York. By the time Kevin graduated high school, he had obtained his license to be a practical nurse. He then studied at Stony Brook University, where he used this nursing license to sustain himself. Kevin graduated with a Bachelor’s of Science in Applied Mathematics and Statistics from Stony Brook University. HIs education, drive and entrepreneurial spirit led him to forming his company, Real Wealth Solutions®, in 2010. Kevin formed his company to help ordinary people achieve financial freedom and pass on generational wealth to their families.
What is Real Wealth Solutions®?
Real Wealth Solutions® aims to transform individuals into entrepreneurs and businesses into enterprises. Real Wealth Solutions® offers a range of financial services. Real Wealth Solutions® offers three plans to do so:
- The Executive bonus plan ensures that the death benefits and withdrawals on retirement of the client are tax free, which also ensures peace of mind. This plan also ensures that the client has access to their funds after they retire, leave or sell their business.
- The non-qualified insurance plan creates bespoke tax-deductible plans.
- Retirement planning for business owners serves to assist them in forming an insurance and retirement plan. These plans will also serve to up personal funds.
Additional services of Real Wealth Solutions® are business coaching, luxury travel advising, digital marketing training as well as education in speaking engagements.
The bottom line
Economic downturn has become more of a guarantee than a possibility at this point. To survive economic downturns, the advice offered by Kevin J Donaldson may prove to save the incomes of many Americans. For those interested in forming their own business, Kevin’s company, Real Wealth Solutions®, is able to offer tools and advice.