I suspect most of us were raised and educated to work as hard as we could, pass our exams, get a good job and work until we’re 65 then have a happy retirement.
Sound familiar? Is that what your parents and teachers told you? This cartoon seamed to sum up many people’s thoughts on this traditional plan:
We know that the “Job for Life” no longer exists. Most of us can expect to have periods of unemployment during our career – even less money – reducing our pension prospects etc.
As for pensions, most of us know it will only be a very small percentage of the population who retire with a decent pension – most will receive less than a half of what they were earning perhaps even less than a third! And if we’re struggling to make ends meet on the salary, how will we cope on a half or a third?
Indecently, Plan A – the 40 year plan – well that was yesterday – today it’s going to be more like 45, 50 or more years! For some that means never retiring.
So if Plan A – the so called, 40 year plan – isn’t working what is Plan B – more importantly, what’s your Plan B?
Multiple income streams would be my suggestion – that’s what I have done and it’s working. For most people in the UK, having a part-time home-based business could be a sensible way to generate an additional income stream.
There are many opportunities out there from part time work, party plan, catalogues to network marketing – not an exhaustive list, I know.
If you are looking to find a suitable income opportunity to create your Plan B, then you may find the smart incomes plan of interest.