I remember hearing about the work force and what is expected of new adults while I was growing up. My parents never missed the opportunity to talk about the future, largely focusing on the importance of planning and career goals. Those conversations always ended up stressing the same line of progression:
- Graduate high school
- Graduate college
- Find a job
- Work 40+ years
Everything was focused on a having a solid career for job security and retirement benefits.
But… my generation has proven to be much different from theirs. We don’t have the luxury of being guaranteed a steady job for 40+ years. We don’t have the luxury of every company offering 401K contributions or pensions. Even companies who “offer” pension plans are now finding sneaky ways to not have to pay them.
How pissed off would you be if your company promised you a retirement pension, but at the last-minute decided you didn’t “qualify” for it when you were ready to retire, and technically did everything you were supposed to to qualify for that promised income?? I’d be raging mad… and you should be too.
And looking at it now, despite all the lectures and family discussions we’ve engaged in… my parents don’t even have the luxury of retirement because the companies they work for aren’t providing what they would need to be able to retire.
So much has changed in so little time that what was the “norm” 30 years ago no longer applies today, and the lower and middle class citizens are blindly being hurdled down the path to poverty and stress because of it.
I remember watching the news, seeing Microsoft announce its plan to slash another 7,800 jobs after letting go of 18,000 employees in the summer of 2015. The DoD announced the military planed to cut 40,000 people. I was under the impression that the military and technology were viable options for job security. I couldn’t begin to count the number of students I met in college who spoke about the military as a back up plan “if [they] weren’t accepted into college.” Believe it or not, that is no longer the case. Everywhere we turn we see more and more companies announcing job cuts while fewer and fewer people are working for the same company most of their lives.
“Job security” really is a thing of the past.
People are moving more often, and are shifting places of employment even more often. And seeing people working numerous jobs, or starting entrepreneurship ventures in their spare time, is becoming more and more normal. Why? Necessity. Jobs aren’t consistently providing us what we need, so we are required to step up and figure life out as needed.
So, what are you to do when your former company’s 401K or pension plan is no longer an option for you? Are you prepared for a sudden layoff or to have a month’s notice (if you’re lucky) to find other work? Are you on target with long-term savings and investments for being able to retire? Or are you like 97% of Americans who are entirely unprepared for emergency situations and thousands (if not millions) of dollars behind what you would need to retire?
Having a “plan B” for your financial freedom and your retirement is crucial. In a time of raging consumer and government debt world-wide, most people are not set up for financial success. Many people don’t see any urgent need to prepare for the future or in case something happens today, and that is clear by a serious lack of financial education. The saddest part of that is the fact that many people would love to set themselves up for financial success and establish emergency funds, but it isn’t feasible when you’re paying off $130,000 of student loans while making $12.75 an hour for a job that required you to have a Master’s degree. Not to mention the people who barely are able to live within their means without student debt and want to save for the future, but legitimately don’t make enough money each month to set aside for future use.
I found out the hard way what not preparing for the unforeseeable future can become. Everyone at some point in time thinks “it will never happen to me,” until it does.
This even happened to me… In the peak of my 20s, I lost my health, which cost me my career in the Navy and future employability. Thankfully I had the veterans hospital to cover my medical expenses, but I still nearly ended up homeless, and beyond dead broke because of it… not to mention the friendships it cost me and massive family relation issues it caused.
I am deeply empathetic, and want to help you pull out of a similar situation (or better yet – help you avoid that situation all together), which is my motivation for writing today’s post.
What would you do if your job (and related job security) suddenly dissolved?
Personally, my losing employment and not being able to find other employment turned out to be a blessing in disguise. But that blessing was not without its own set of challenges, struggles, and strife. If you’re in the same boat of having lost your employment or employability (as hundreds of thousands of other veterans and civilians are) then you understand how real the struggle truly is.
This lead me to create my own business… and with today’s technology, there is no reason why you couldn’t do the same (especially with the right help). While I center my business around helping people enhance their health and wellness, I also have branched out to helping coach people sharing my same passion of helping others. It didn’t take me long to establish a team of 5 coaches to work with me, which has become even more exciting to watch them grow and find financial success based on helping others. I even created an ebook to help you find ideas to turn your passions and hobbies into a business you can do in your off time that doesn’t interfere with what you’re currently doing. (Of course if health and wellness is a passion of yours too, we are currently looking for some additional self-motivated coaches to teach.)
The burden is much lighter when you planned for it in advance. Having a hobby business on the side will only help you in the future. There isn’t a moment when I look back on those struggles that I wish I would have started my businesses sooner. YEARS sooner!
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Now… what if you could turn something you enjoy into a business that would bring in a residual income (meaning you could get paid even when on vacation… and realistically be able to replace your current income (or more) within a realistic 5-10 year timeframe?
I may know of a system that could help you…
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Creating a back up plan, that continues to pay you even when you need to work less
I’ve talked about it before and coached several amazing women through it so far too. I’m helping coach my mom as she works hard launching her own scrapbook business, and helping a few other friends transition their hobbies into businesses. I can’t even begin to describe the joy that comes from watching them progress to being self-sufficient without having to worry about jobs, qualifications, schedules, or future layoffs.
Seriously consider network marketing, even if you failed with it in the past (I failed 3 times before finding success). Even Forbes ran an article describing network marketing as something that “…can be one of the most significant solutions to America’s current retirement savings crisis.” Where else can you start your own business for less than $200?? Starting this blog cost more than that!!
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P.S. Have you considered coaching? Check out my Work With Me page and Survey where we help people every day.