Posted by BillW. on July 30, 2001 at 21:54:36:
Tricia,
What your friend and , actually, anyone needs to consider in these type of possible situations are ways to supplement or replace the lost income stream, and, of course, to clear out debts if someone should pass away. This is for all people, not just ones in their 50’s.
Every person should strive to create at least 5 streams of income protection that they can use, should the need arise. Some of these already exist and some, you have to create.I use 5 as an arbitrary number, because if even 3 of these work out, you should be OK. Most people have only one - social security- how sad to see them attempting to live in today’s world on just a few hundred dollars a month.
DON’T LET THIS HAPPEN TO YOU!!!
Here are 8 to consider:
- Social security/disability. You are probably already paying into this. Doesn’t provide much, but some is always good.
- Insurance- specifically loss of income type insurance. Get the kind that pays if you can’t work in your chosen field. There’s LOTS of info on this. Check around.
- Train yourself in a career with a better payscale, or take classes which make you more valueable in your work. After a while, maybe you’ll make enough to make the payment by yourself. Don’t get stuck in a dead end, low paying job where you do the same freakin thing every day until you’re bonkers.
- Invest wisely. Pay yourself first. 401K, pension plans, savings, stocks, etc., whatever. Don’t put everything into one type of investment. There are lots of advisers out there.
- Create a second business on the side, whatever it is. Get some people working in it and providing income to you from that business.
- Get some passive money coming in. Create notes on real estate, cars, etc. Whatever works for you.It’s nice to have dozens of checks in the mailbox every month on the first.
7.For gosh sake-- invest in real estate!!! Who would have guessed. It will meet several of the above needs. Not to mention, when you buy correctly, FROM MOTIVATED SELLERS, you will create more cash flow than you need.
Problem solved, now let’s see if we can do it. - And, not the least important- PROTECT YOUR ASSETS. Learn how. The info is readily available. Make yourself and your cashflow bulletproof.
TIME TO GET TO WORK!!!
BillW.