Sep 01 2009
Is Your Job Secure in This Recession, and What is the Solution?
With the recession affecting many people both in the UK and USA, there will be more and more people either looking for a job or at how stable theirs is. It can be a real eye opener when a person realizes that the days of a job for life are perhaps a thing of the past.
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.
Most people find it difficult at best, to find a job that will replace the income they had and changing careers is very frightening. So what do you do? You might find another job that you feel is suitable, but in the long term, it is not always, what you thought it was going to be.
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.
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 filthy rich MLM Home Business Opportunity distributor. Visit his website for insightful MLM Home Business Selection Advice today! Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.