Is Your Job Secure in This Recession, and What is the Solution?
“If you know where you are going, any road will take you there. If you do not know where you are going, no road will take you there”, said a wise person. This quote is very relevant to your quest for wealth and financial independence.
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.
So why not access your actual job or former job, what was the pay, what was your outgoings getting to work, lunch and long have you spent getting to the position your in. Be as honest as you can be, but work out what your real take home pay was. This then gives you a figure to look at replacing or better still increasing on. You will have to access what your economic comfort zone is for you and your family, all taking part in it, because you will need your partners support I’m sure during a change.
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.
So maybe that’s what you got to replace so check out the average affiliate sale is $35, it gives us a starting point. So work out what your real take home is after expenses and how many sales a day you will have to do to make that. It is not as many as you think, so why not look into an alternative way of earning a living. That gives you more time with your family or friends and lets you work your hours and from home, no commute.
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.
The second floor is savings and investment. Save money for two types of expenses. Large one-off expense e.g. vacation, furniture and car. Also save consistently every month for emergencies - because “life happens” to your family, friends and dear relatives at the most unexpected time. Invest to improve your lifestyle during your working years and to ensure a good and comfortable retirement.
Invest at least 10% of your gross income and save at least 5% for emergencies and large purchases. As a rule of thumb, make sure your investments have a potential of earning 10% interest per year and your savings earn at least 4% interest per year to keep up with inflation.
Peter Werth is a wealthy MLM Home Business Opportunity distributor. Visit his web-community for insightful MLM Home Business Selection Advice today!
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Tags: employment, home business, income plan, money, Small Business, wealth plan