There is nothing more apparent in recent years than the fact that the cost of living is rising, while at the same time, income is stagnant and even shrinking or disappearing. This should be a concern to everyone whether it is salaries or investments for retirement.
We do not control the economy as much as we would like to believe we do as consumers and stockholders. The sad truth is that many people who have wisely invested their money over the years to build a ‘nest egg’ have seen that disappear, sometimes entirely. Real property has been lost right along with their cash investments.
There is no longer the security of knowing you will have a job as long as you do your best to keep it. Due to corporate ‘downsizing’, ‘workforce reduction’, ‘outsourcing’ and bankruptcies, there is good reason to prepare for the time when you could be suddenly unemployed. If you were planning to retire you could instead be looking for part-time work to make ends meet.
You have no doubt heard the expression ‘you can’t get blood out of a turnip’? Well in this context, a fixed income (social security, pensions, etc.) are worth exactly the same amount, but every other cost has risen exponentially. Rent, utilities, food, medical insurance and other necessities are skyrocketing. It means that the dollar you had is worth about 25 cents in the real world today.
So it makes a lot of sense that you should be using your ‘spare’ time to build something extra that you can depend on to supplement your income. There is always a chance that you won’t ever need it and at the ‘end of the day’ you can spend it for a vacation or to make a down payment on a new car or other luxury. Either way it just makes sense to do something extra to ‘feather your nest’.
While it is still important for your mental and physical health to relax and enjoy yourself on a regular basis, it would be wise to spend some of your time learning something or developing something that will be both fun and empowering, like to start a business from the comfort of home. The easiest and most economical way to do this is online.
The Internet solves many logistical considerations. Maybe you think the most direct and economical way is to just get a second job. It is not an easy life to leave one job and rush to the next job, often with no other break time in between. If you have ever had to do this routine, you will realize how much stress and unpaid time you spend commuting to and from home and job to job. This scenario could not be recommended other than for extreme, very temporary dire straits.
When you work at home you can still at least spend some quality time having dinner with your family between arriving home from your job and starting your work online. The atmosphere in your home is at least more welcoming and comfortable than a second job. You could actually rest a little. Even as much as a 15 minute ‘cat nap’ would do wonders for your efficiency if you could afford that much luxury for yourself – and you should.
So it is a good idea to think in terms of ‘what if’ and be prepared for all eventualities, while you hope and pray that they never come. Don’t worry, which does nothing to help; just focus on building a ‘fortress’ to protect yourself should the possibility of losing your income ever arise.
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