Intro:
Jim Sinclair wrote the following piece addressing questions about retirement from his readers. We think it is solid advice and should be read and bookmarked for future decision analysis.- Soren K
Be Prepared Financially – Self-Reliant Income
Written by Jim Sinclair. | A requisite part of being prepared has to do with planning and alternatives. In looking at alternatives, more options are usually better. Where income is concerned additional income, or the ability to create additional income helps you to be more flexible and therefore more secure. Being able to have additional income and create it when needed can be very important.
Most people are dependent upon a single or specific income stream for their daily lives. This can be employment income, retirement income, disability income, or income from their business. Being completely dependent on one source of income can leave you in a precarious position if for any reason that income source is diminished or vanishes. It can be simply losing your job, or having the funding of a benefit eliminated or reduced. It can be the failure of your primary business. Diversification of income is as important as diversification of investments, if this seems like a foreign concept. We could discuss the things in your life which you could eliminate to help you make ends meet, but the aim of this article is toward prosperity, not austerity. Still, it is important to understand that prosperity and austerity are just different sides of the same coin. We want to focus on prosperity so that extremes of austerity can be avoided. …
Full article HERE
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