Having more than one way to earn money is the best strategy in today’s economy. Everyone that works in a corporate environment realizes that they probably will not work there twenty to thirty years and retire with a lush pension or retirement package. Most people do have to change career paths at least once. This could be due to changes in the local job market, being involved in a career that are no longer lucrative, or manufacturing positions that have been outsourced through computers and overseas labor.
1. Retirement - Long Term Savings
Having a full-time income is one way to pay for the major living expenses. Since many people are not experiencing cost of living increase or annual raises there may not be any money left over for boosting their retirement accounts. Many people are broke and still working full-time well past the age of seventy in America. Seniors may qualify for social security disability benefits, but it should never be a sole source of income.
2. Emergency Account
Having a few months of savings set aside for small emergencies is important. This financial buffer sometimes is hard to maintain if the household is relying heavily on one income. A medical emergency that is not covered by insurance, could quickly turn into thousands of dollars in bills.
3. Unexpected Transitions – complete lost of main income source
People that find themselves opening a pink slip and receiving a severance package sometimes have enough money to make their next move professionally. Divorce or unplanned job relocation can completely change all personal and professional plans. Being fired without warning is happening each and every day.
Giving each stream of income a purpose is important. Modest streams of income that are at $ 50 to $500 a month that are directed to a specific account can be priceless when the unexpected happened. Financial challenges always happen, the question is when. Be prepared by finding ways to earn streams of income online or offline.
Seniors – Free social security disability evaluation
Originally posted 2012-04-30 17:19:25. Republished by Blog Post Promoter