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Is Your Job Secure in This Recession, and What is the Solution?

With the recession affecting many people both in the UK and USA, there will be more and more people either looking for a job or at how stable theirs is. It can be a real eye opener when a person realizes that the days of a job for life are perhaps a thing of the past.

What if one day, unexpectedly, you are ‘down sized’, ‘cut loose’, ‘let go’. Call it what you like, but you find yourself without a job, without income. I know how it feels, it happened to me.

First, you panic, then you get really mad and finally you settle down and realize you better do something and do it fast. For many, this has been a very real life experience, one that we wish never occurred.

Healthcare, travel and insurances will be significant expenses in your budget. It is for these reasons that you will need a reasonable, steady and reliable source of income to enable you maintain an enjoyable lifestyle during your retirement years.

There are 2 places you ought to be thinking about - pre-retirement and after-retirement. It is easier to plan about pre-retirement because you know your current financial situation, earning ability and preferred lifestyle.

Let me give you a clue. Joe is 65 years old and will retire at the end of this year. His Financial Independence Number is 1.2 million and it equals the value of his investments. Joe can therefore expect to spend $50,000 every year for the next 35 years till age 100. He will invest the $1.2 million in an interest earning account that will give him at least 5% interest per year during his retirement.

The second floor is savings and investment. Save money for two types of expenses. Large one-off expense e.g. vacation, furniture and car. Also save consistently every month for emergencies - because “life happens” to your family, friends and dear relatives at the most unexpected time. Invest to improve your lifestyle during your working years and to ensure a good and comfortable retirement.

Whatever you choose to do, whether a home based business or a new job and career, you must do it with all your might.

Peter Werth is a wealthy MLM Home Business Opportunity distributor. Visit his web-community for practical MLM Home Business Selection Advice today! Click here to get your own unique version of this article with free reprint rights.