How Secure Is Your Source Of Income?

“If you know where you are going, any road will take you there. If you do not know where you are going, no road will take you there”, said a wise person. This quote is very relevant to your quest for wealth and financial independence.

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.

So why not access your actual job or former job, what was the pay, what was your outgoings getting to work, lunch and long have you spent getting to the position your in. Be as honest as you can be, but work out what your real take home pay was. This then gives you a figure to look at replacing or better still increasing on. You will have to access what your economic comfort zone is for you and your family, all taking part in it, because you will need your partners support I’m sure during a change.

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.

What about starting your own business? This seems to be the next logical, and in most cases, the better choice. Whether you choose to start a home based business, a service business or online business, you must make a choice.

Multiple streams of income are imperative, not just for survival, but in order to secure your future. So start now, make the decision that you will develop other ways of producing income for you and your family.

The second floor is savings and investment. Save money for two types of expenses. Large one-off expense e.g. vacation, furniture and car. Also save consistently every month for emergencies – because “life happens” to your family, friends and dear relatives at the most unexpected time. Invest to improve your lifestyle during your working years and to ensure a good and comfortable retirement.

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 an expert MLM Home Business Opportunity business owner. Visit his web-community for practical MLM Home Business Selection Advice today!