Welcome everyone! I would like to discuss the current state of our economy and the implications for its financial future. Unless you’ve been in a cave somewhere, you’ve noticed how the media has bombarded us with the state of our economy. In my opinion, sometimes the media promotes your opinion rather than the facts, so some of what you hear should be taken with a grain of salt. Some say we are coming out of the recession and others are not so optimistic. Combine that with the controversy of nationalized healthcare and the huge debt our country is sinking into, and there is a lot of anxiety on the part of the masses that affects the attitudes, opinions and optimism of the people, or the lack of them.
Regardless of opinions, there are definitely many people who are unemployed and their future is in doubt. For those of you who are still employed, you may face other complications, such as a reduction in benefits, a freeze on salary increases, or the threat of possible downsizing. To compound the situation, many people are forced to prematurely dive into their savings just to make ends meet. Depleting your savings is bad enough, but when you combine that with low rates of return, your financial future has been compromised.
Then what do you do? Those who are lucky enough to have a job will keep working and hope for the best. Others who are unemployed or unhappy with their future contemplate their alternatives. Which are which? Find a better job? Perhaps, if you are good enough or lucky enough. Many people choose to be self-employed for the simple fact that they can’t find anything else, or they feel like they can finally control their destiny.
Okay, so you want to start your own business. What are you doing now? Do you buy a franchise or make sales of some kind, such as real estate, insurance, etc.? Where could you be on pure commission or at best on a base salary with overrides, or maybe consider network marketing? They all have their pros and cons and that’s where we go next. We will discuss the advantages and disadvantages of these options in my next article. Until then, be careful and remember: “Love what you do. Many things will catch your eye, but few will capture your heart, pursue them.”