The biggest cause of arguments in the household is money! Whether it be the lack of it or the household plan around money, the distribution of money or the savings of money, the loss of a job or going from full-time employment to casual. Does the conversation around money cause grief and arguments in your household? Or is it the anxiety and stress it brings to you alone?
Are you living from week to week, with no real plan B? There is no more job security or stabiliy! There is no more working at a job for 20-30-40 years and getting a great retirement at the end of it!
The other fear around money is the lack of retirement funds that people have saved. Especially for those in our generation the 50-60 age bracket. Compulsory retirement saving funds were not always around for this group and so the savings they have are not going to be enough to carry them through their retirement. They will be relying on a government pension which is a little scary! Firstly, it's not a lot of money and secondly, you have no control over the changes that occur with it.
I am a big stand for finding a business model outside your job that has the potential to replace a household income. It is one of the most important things you can do to protect your family.
The fear around money in a household is not always internally driven, a lot of it comes from our external environment. I've just heard on the news that retail spending in the lead up to Christmas is dropping, why is that?
Firstly, in Australia it is down to the very high cost of living as people are concentrating on paying their mortgage and keeping a roof over their heads. Secondly, wages have not increased in a long time. And, thirdly, online retail is increasing... people are shopping on the internet. Combine this with the instability around jobs and people being made redundant.
Thousands of jobs were let go just last week with a major car factory ceasing here in Australia. The problem with the redundancies, are the skills that these workers have, are redundant and so you have people not sure what the next direction is for them. Workers that are 40-50-60 years old that are not sure if they should re-skill. Redundancies are happening all around us in different industries. There are some industries that are completely re-inventing themselves.
With the advent of artificial intelliegence and advanced, complex technologies, who knows where some jobs will be in the next 5-15 years. It is important to be looking at the future and thinking about what skills would be useful moving forward. How can I future-proof myself with all the advancements coming.
So again, I ask the question what are you doing to future-proof your income and ensure that your family will be financially independant if anything like this happens?
Trish and Chris have been all about creating an additional income that will future proof both of them with consistent incomes. They have partnered up to create an online business selling other companies products and services. The driving factor behind Chris was around the lack of retirement funds she had for when she permanently left her job. This was a big driving factor around finding something outside her job that she had control over and that she could build to generate good income. Trish has always wanted to be independant from bosses and companies that she had no control over. This was a driving factor behind her creating and developing an online business.
If you would like to discuss the possibilities for you around creating an online business schedule a call with us.