Over the past several years, many people have endured demoralizing corporate lay-offs or downsizing. In fact, the Bureau of Labor Statistics reported that as of 2013, 11.3 million people are unemployed. That is a frightening statistic. Are you one of those millions?
The sad part of this scenario is that most of these individuals did not have a “plan-B” or a safety net that they could fall back on if they ever lost their job. Now that they have gotten laid of, they have to scramble to try to find some work in order to keep the lights on and food on the table! More times than not, they end up taking a job that pays them less than what they were making before just so they can have some type of income. Not a good situation, is it?
What about you? Do you have a safety net? I’m sure you are thinking that you have a good job and are on the fast track for growth within your company. I have heard that all too often only to then hear that there was a corporate takeover and the new company is bringing their staff in with them. Maybe you have a bunch of money in your savings account (not many do) and you can go for a period of time without any income. Can you go 90 or 120 days with no income? You have worked hard and have been very disciplined in order to save money so why would you want to have to resort to using it in order to survive before you retire?
I recommend that you develop a secondary stream of income. You can not expect to work with one company for the next 30-40 years and retire with any financial dignity. It just doesn’t happen like that anymore. Having a secondary income can be done in your spare time. It does not have to interfere with your current career or family time. This can be done on your own accord with as much or as little effort as you would like to put in. Think about it, if you could make an extra $2,000/month in your spare time, would that help things around the house? Could you start to get out of debt quicker? Travel more? Be able to keep your current standard of living if you got laid off? Now you can make more or less per month, but I’m just using that number as an example to get you to think about why it would be a good idea to make extra money outside of your career.
If you have not thought about having a safety before, I would encourage you to do so. We can’t predict the future, but we can make every effort to make it more secure regardless of what happens. My wife and I have helped hundreds of individuals and families create a secondary source of income as a safety net. If you would like to find out more about what we do, click on this link and provide some simple information where we can fill you in on all of the details.