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When you're
thirsty, it's too late to dig a well.
Maybe you've heard that
before. If so, you might have smiled and nodded at the wisdom
contained in such a short sentence. You may have even remembered it
long enough to tell someone else.
But did you do anything with that
wisdom besides acknowledge it and maybe pass it on? Did you consider
it carefully and adapt it to your own life?
Obviously most of us no longer
have to dig our own well for drinking water and very few people who
have access to the Internet run the risk of being thirsty due to a
lack of water, but ALL of us run the risk of losing
our income for one reason or another and that's why we're concerned
(or at least we should be) with how long it could take to replace a
lost income.
In other words, how long it might
take to dig a well.
If you wait until you lose your
income, you may learn that finding another one simply takes too
long. Most people don't have enough money saved to be able to
survive the loss of an income for even a short time without going
deeply into debt in order to continue to provide for basic
necessities such as food, clothing, and shelter.
Having an additional income... a
"Plan B"... could mean
the difference between your family experiencing a serious financial
setback or a temporary inconvenience.
Have you considered what you
might do TODAY to prepare yourself for what could happen if
you were to lose your income TOMORROW?
That's what the Plan B
Newsletter is all about. This
is where you'll be able to read, learn about, and evaluate ideas and
concepts that are designed to help you prepare to meet the
challenges of losing your primary income and thereby weather life's
storms with less pain and disruption.
You already have a
"Plan A".
Or at least you should.
That's your job or your career or your primary source of income,
whatever that is.
Until you have your Plan A
in place, you shouldn't even consider spending time on your Plan
B. That would be nothing more than an unnecessary distraction
and would only hold you back. If you don't have your primary income
in place yet, you should focus all of your energy in that direction.
BUT... if you do have your
Plan A in place, don't make the mistake of stopping there!
Start digging your well! Start learning and working toward creating
the additional income and security that only a solid Plan B
can provide.
Why is having a Plan B
so important?
Times have changed. The
days of working an entire career for the same employer or even in
the same industry are gone. Statistics show that a person graduating
from college today will work for twelve different employers in five
different industries over the course of his career.
Would it be reasonable
to expect ALL of those transitions to be smooth and
well planned?
Of course not. It would
be far more reasonable (and responsible) to prepare for the reality
that some of those transitions will be completely unexpected, come
at the worst possible times, and create significant hardships.
When you accept that
life is going to present you with some serious challenges that only
an extra income can address, and you make the effort to create that
extra income, you position yourself to benefit in more ways than you
might expect.
Why? Because Plan
B income is different than Plan
A income.
For most people, Plan
A income is generally stretched pretty thin. Plan A
income pays for the things we need. Food, clothing, shelter,
transportation, and all of life's other necessities come from your Plan
A income. If you have enough Plan A income to save some
money for emergencies and unexpected expenses, you're doing well. If
you have enough Plan A income to do all that AND
save for college and retirement, you're doing extremely well.
On the other hand, Plan
B income is discretionary income.
It gives you options.
With Plan B
income, you have the freedom to quickly build a significant savings
account that can not only protect your Plan A income from the
effects of emergencies and unexpected expenses, but also earn
interest income for you as it waits to provide that protection.
If your Plan A
income is insufficient to allow for such things as saving money for
college or retirement, your Plan B
income can be used for those purposes.
Plan B
income can also position you to take advantage of investment
opportunities that come your way. Having enough income to be able to
invest in other income-producing assets can be the beginning of an
"income snowball" that grows larger with each new
investment.
So while Plan A
income is vital and immediately important, Plan B
income can enhance or provide protection for your lifestyle and also
provide the flexibility necessary to create long-term financial
security and generate wealth.
Which is more important?
While Plan A income is more urgent, both Plan
A income and Plan B income
are equally important to a safe, secure, and
intelligent financial future.
With that in mind, I
hope you will take time to read, enjoy, and benefit from the Plan
B Newsletter.
I'll do my best to keep it brief,
informative, and maybe even a little bit entertaining. I'll probably
also try to help keep you motivated from time to time because I know
how hard it can be to work hard at your Plan A job and still
be motivated to work on your Plan B
income. If I can include something here to help you stay focused,
then I feel I've done you a favor.
If there's a topic that you'd
like to see covered, feel free to send me your suggestion. My email
address is dave@planbnewsletter.com
And remember, you're receiving
this newsletter at no cost or obligation as a complimentary gift
from one of my business partners in OnlineBusinessAlliance.
To learn more about using OBA
as a vehicle to achieve your Plan B
goals and objectives, CLICK
HERE.
Your friend and partner,
Dave
dave@planbnewsletter.com
OnlineBusinessAlliance
Friends
and Partners Helping You Achieve Your Goals.
The
Five Dollar Franchise
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