Money Talk Daily

Archive for August, 2009

So Reuters reports that consumer sentiment is at a four-month low. That comes as no surprise. It’s clear that we are not being fooled by the happy talk that comes from the government or various media outlets. People hear about friends losing their jobs and are concerned about what’s coming next. We question whether various programs are really helping the economy get back on its feet. And we are unsure about whether anyone has a really workable solution to what is troubling the economy.

But the purpose of this blog is not to sit and stew over what might happen. We realistically look at the situation and explore ways to succeed financially regardless of what comes down the pike.

Have you looked at your spending and found ways to reduce your expenses without having your lifestyle take a hit? (We have a free ebook you can download just for that purpose – www.savemoneyathomereport.com )

How about the best form of “income insurance” – adding an extra stream of revenue? We want to help with that as well.

We cannot control the economy. We can watch it and control our responses to it. And that’s what we plan to do. Are you with us?

Craig

Something made me think today of my grandfather and his financial wisdom.

He was married and had one child (my mother) during the depression of the 1930s. He told me how important it was that he had a backup source of income at that time. When he was laid off from his regular job, he used his training in electricity to wire farm houses for extra income so the family could continue to eat.

Fast forward to 2009. I’m not necessarily predicting a second Great Depression. But I’m also not claiming such an event is impossible. What I am suggesting is that having a backup plan for earning money is still an excellent idea. Consider it a form of “income insurance.”

I have mine. Can I encourage you to work on yours?

Craig

Most of us are not in a position to use our investments as a vehicle for generating current income through some sort of market trading system. And for all but a very few, that would probably be very inappropriate. Your investments should be growing to prepare for your eventual retirement. You don’t want to be drawing on them to make ends meet.

So with the possibility of inflation eating away at the value of our salaries or wages we are really left with two alternatives – cut expenses or add other streams of income. As you’ve probably figured out, this blog is all about both.

I can get you started for free with the expense cutting part. Just click here and claim your copy of my free ebook, 75 Painless Ways to Save Money at Home.

The other part of your financial success plan includes adding some streams of income to your life. We’ll be working on that in the weeks and months ahead.

But really, the most important part is a decision by you to take action!

Craig

Do you know where this economy is going to be six months from now? I’m not so sure either. I just saw a headline that discussed how retail sales continue to bounce along near the bottom of their recent levels. That’s not encouraging.

What can be encouraging, though – at least it has been for me – is to have stream of income that has nothing to do with your “day job.” This is my 25th year of self-employment. It sure hasn’t always been easy – but it has been nice to take charge of my future and dodge the layoffs and financial crises many of my friends have lived-through.

Maybe you’re not ready to go totally self-employed – and that’s okay. But you might really want to look at hooking up to and extra stream of income that you control.

It might be the best “recession insurance” you ever get.

Craig