I have talked about this before but I feel it is important enough to revisit. In today’s economy we can safely say that business as usual no longer exists. The entire world’s economy has been adjusted and I believe on a permanent basis. The old rules no longer apply.
No longer can anyone expect to work 30-40 years for an employer and expect a nice pension and appreciation. Can we really rely on the U.S. government for Social Security?
It behooves all of us to take control of our lives and not leave anything to chance.
My personal belief is that retirement does not have a lot of merit. Granted we may want to slow down our activities involved in working as we grow older but I do not see retirement referred to in the Bible.
Our lives evolve and we may be doing something different in our latter years but we still need to be productive and active. Repeated studies have shown that people who retire with no goals, activities and some type of work usually die early.
So what am I getting at? To live a long and productive life we need multiple streams of income.
The first level of income is income you work for. That’s a start. Most people start at this point at some time in their work career. What does this type of income provide:
1. Ability to tithe and give.
2. Ability to build a savings plan.
3. Pay living expenses.
4. Provide for asset building.
Notice that there is a priority in using the income that comes in. Tithing and giving come first. This might be a new concept for you and I will cover this on another post.
Income you work for can also include being self employed income as well and can be further defined as non-leverage income. When you don’t work, you don’t get paid.
If you work at a labor intensive job, it becomes very important to develop multiple streams of income before you get older.
Jacques
CreatingWealthThatLasts
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