How Secure Is Your Source Of Income?
After many years of hard work, you find yourself at the top of your field. All your income is riding on one customer, one job, or one avenue of revenue. Does this sound like your situation? If you answer yes, then you must consider creating multiple streams of income.
What if one day, unexpectedly, you are ‘down sized’, ‘cut loose’, ‘let go’. Call it what you like, but you find yourself without a job, without income. I know how it feels, it happened to me.
First, you panic, then you get really mad and finally you settle down and realize you better do something and do it fast. For many, this has been a very real life experience, one that we wish never occurred.
Healthcare, travel and insurances will be significant expenses in your budget. It is for these reasons that you will need a reasonable, steady and reliable source of income to enable you maintain an enjoyable lifestyle during your retirement years.
There are 2 places you ought to be thinking about – pre-retirement and after-retirement. It is easier to plan about pre-retirement because you know your current financial situation, earning ability and preferred lifestyle.
Is $50,000 per year good enough for Joe? That is up to Joe to determine. More importantly, what is your FIN? I mean your Financial Independence Number? This is the magic number that will determine how good your retirement lifestyle will be.
You cannot let a bad situation get you down and keep you on the ground. You must make a decision to get up and turn things around. Without action, nothing changes.
The third floor is income management. Is income from your investments large enough for you to live on? If the other floors are taken care of and your answer is yes, then your house is complete. You are financially independent. You can stop working for money and start enjoying life. If your answer is no, then pull up your sleeves and get to work.
Peter Werth is an expert MLM Home Business Opportunity business owner. Visit his web-community for practical MLM Home Business Selection Advice today! Get a totally unique version of this article from our article submission service
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