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In today's economy a household without many
income producing revenue streams is a disaster waiting to happen. Every American is aware that the days of
working for one company for the rest of your life are gone. We all heard the
horror stories of people losing their jobs after thirty-five years of service to
the same company: essentially putting all their eggs in one basket only to lose
it all in the end. The media reported stories like these over and over again
until the American people woke up to the realization that their jobs were not
secure. Employees as a result began offering their services out to the highest
bidder, maximizing their income potential. Although this resulted in an increase
in wages for top performers, it hadn't truly changed the potential for
disaster. What people have failed to realize is that the days of working
for one company for ten years and then another company for twelve and yet
another for nine is gone as well. Relying solely on your ability to continually
find employment before your unemployment insurance runs out is as dangerous as
juggling eggs. Eventually one or all of your eggs may drop and you will be left
with a big mess.
Don't work harder:
work smarter!
Today every American should pursue many income
producing revenue streams to diversify their risk should one income stream fail to thrive.
Now I am not advocating working two, or three jobs. That would be the wrong
thing to do. I am merely pointing out that putting all your eggs into one basket
for ten years and then moving those eggs to another basket for twelve years and
yet moving them once again for another nine years is as risky as working for one
company your entire life only to see your retirement obliterated in an instant.
If you think it can't happen to you, ask the employees of Enron if it can
happen.
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Money market accounts are nice to watch grow over the years, but
are of little help when you are not working unless you decide to withdraw the
money to sustain your lifestyle. But if you have reached a point in your
life when you must pull excessively from your retirement, then I would argue
that you have not pursued enough passive income producing revenue streams in your
life and as a result, your eggs are dropping. Your home is a wonderful asset as
long as you can continue to make your mortgage payment every month. But there
again, if you lose your job and you don't have at least one more income
producing revenue stream to cover your mortgage payments, then you will lose
your home.
What is the answer?
The answer is to find passive income producing
opportunities that generate an income whether you are employed, unemployed, sick,
retired or on vacation. Ideally, through enough time and effort, your passive
income pursuits will grow until they surpass your monthly expenses and that is
when you become financially free. If you are currently working 40+ hours a
week and have not developed a passive income producing revenue
stream, today is
a good day to start one. If you are unemployed and your unemployment insurance
is quickly running out and the employers are not beating down your door, or even
if they are, you should fill out the Stay
At Home Jobs submission form or call me at (303) 990-2147 and I will share with you how you can create a passive income producing revenue
stream that can eventually sustain your lifestyle whether you are working hard
or hardly working.
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