Are You In Need Of An Income?
Are you in desperate need of an income? We are entering dire times when the world’s economy is in turmoil and businesses are failing everyday. Everyone who holds a job is a potential prospect to be retrenched.
The Need For Multiple Sources of Income
That is why we need to have multiple sources of income to buttress ourselves in case we are retrenched. In the event that we are unfortunate, and happens to be the ones to be retrenched as companies downsizes, there is a replacement income waiting for us, so that we can put food on the table and the family does not fall hungry and helpless.
I know how it feels if you are unemployed. Even if you have years of experience and all the proper qualifications, recession affects all companies, downsizing occurs everywhere,and you can still be a potential candidate for retrenchment. When you are out of a job, you have lost your income. If that continues for prolonged periods, you have a potential financial problem on your hands when you are unable to foot daily expenses, pay the mortgage or feed your family.
An “Escape Plan” During Bad Economic Times
If in the past, we have been comfortable and feeling secured in our jobs, we must realize economic times have changed. The financial crisis currently fanning strongly throughout the world means we must have an “escape plan”, and to implement that escape plan right now before we are struck down as the economic crisis develops further.
Just this week, Australia was struck with bushfires in the state of Victoria. Raging fires swallowed up more than 2,000 houses and killed over 181 persons, and devastated several townships. Many of these victims who died in the bushfires were not even aware of the intensity and power of the bushfires. Many who were new dwellers in the countryside did not have escape plans against the occurrence of bushfires. When the bushfires came, they hurriedly implemented their escape plans and their fire plans to fight against the raging fires and to try to save their homes and property, but it was far too late for them. Time is of essence in any plan of defence and fight for survival.
Economic Recession Affects Everyone
If you are thinking that the economic recession is not going to affect you, think again. We are just seeing the initial effects of the sub-prime mortgage crisis, the subsequent stock market crash, the end of the commodity cycles, and companies and banks worldwide are starting to fail. The greatest impact of these business failures and the business slowdown have yet to show their ferocity and extent.
Establish A Personal “Escape Plan”
It is in times like this that we must take better care of our personal finances. Reduce debt, and create wealth by saving and by creating new wealth.
Establish a personal “escape plan” and establish multiple sources of income before the event that you are retrenched, and even if you escape any retrenchment, the very process of taking action to create and generate wealth will help you quickly buttress yourself against any future financial difficulties that may come your way.
Would you rather be someone who is a maverick money maker, always ready with his financial escape plan and be able to create additional wealth during dire financial straits, or remain as an uninformed financial lamb to be slaughtered when the financial mess hit the fan?