Make of it what you will, but during the pandemic, Americans are saving a greater percentage of money than ever before, according to new data.
It’s normal for the savings rate to go up when there’s a crisis.
For example, the previous record American saving rate was 17.3% in May 1975. There wasn’t a pandemic back then… but it was a tail end of a recession brought on by skyrocketing gas prices, spending on the Vietnam War, and a Wall Street stock crash.
However, I always look at studies like this with caution.
The problem is that these just look at the average number.
Think of it like this. If I have a million dollars and you have zero dollars, on average, we have $500,000 each. It doesn’t help you one bit though when
your card declines at the grocery shop though, right?
Hopefully, that’s not the situation you find yourself in these days. If it is… we need to do something about it. Even if it isn’t, let’s focus on something that will help you prevent it from happening.
Now, I’m not qualified to give financial advice. Common sense applies – spend less than you earn, build an emergency fund, take care of your health, and so on.
That’s not what today’s blog is about.
Instead, I want to show you an asset that you can start growing today which is going to help you as an emergency fund, as an investment vehicle, an appreciating asset, and on top of all of it, it will keep generating you income as long as you treat it right.
I’m talking about an email list.
Yes, it’s not fancy… or “sexy”. It’s not the latest trend, either. Plus, it takes some work to build and keep up.
It’s almost as if it’s similar to saving money.
Now, how do you build an email list?
It’s a broad subject and it doesn’t help that most people overcomplicate it. So it intimidates most marketers.
The truth, however, is you can start simple.
For example, the only thing that really matters is that you have something you can either give away for free or sell at a low price in exchange for people’s email addresses. I recommend selling something small right away, so you build a list of buyers… but a freebie can work, too.
The next step is to keep emailing that list all the time.
Don’t worry if it’s just a few people right now. You need to get in the habit of getting in touch with them as often as possible. Keep sending them offers, too – and you’ll start seeing conversions.
The last piece of advice is not to worry about inconsequential things like which autoresponder to use. I can guarantee you that at the beginning, anything you use will be better than nothing. When it comes time to switch, you’ll know exactly what you’re looking for and will be able to make an informed decision.
The bottom line is this.
A properly built email list is like having a second savings account, a business, an investment combined. You can rely on it to make you money whenever you want with little maintenance.
So get to it – and let me know if you have any questions.