So, what can you do to protect yourself against this New Reality? Let’s have a look at a few options.
Win The Lottery/Lotto?
Come on, it’s not going to happen is it? If you are seriously relying on winning the big one you may as well resign yourself to the status quo.
But if you do carry on as before, here’s another saying to consider:
“If you keep on doing what you’ve already done, you’ll keep on getting what you’ve already got”.
Yes of course it’s a cliche but true nevertheless. How can you expect a better outcome to your life if all you ever do is the same as before? It makes no sense does it?
Somebody’s going to leave you a fortune in their will?
Really? Do you know that for a fact or is it just more wishful thinking? It’s wishful thinking isn’t it, you know it is and it’s just not going to happen!
A nice Nigerian man will send you a fortune if only you’ll give him your bank details!
Yes, we’ve all seen this one and yes, once you’ve given him your bank details he’ll skin you alive! I hope nobody has fallen for that one.
Start a business?
Well at least this is somewhere along the lines of better thinking……start a business.
How about some options and realities:
1 – Brick and mortar cornershop/mom and pop store:–
Buy/lease the store, buy/start the business, buy the stock/inventory, insurance, red tape, record keeping, open all hours, take on staff and deal with their tax, insurance and pensions, (if you don’t take on staff you just bought yourself a job with no time off), bank charges, accountancy fees, etc., etc., etc., the list goes on and on.
Cost: Hundreds of thousands of pounds/dollars before you open your doors and thousands of pounds/dollars each month ongoing! Do you have that sort of money available to you, probably not?
Potential: After you’ve paid for the mortgage/lease/rent, the stock, insurance, fees etc., and all the staff costs and wages, maybe you might have something left to pay yourself! And if you don’t have enough left over guess who doesn’t get paid…..you! And if your turnover is even less, how long until the bank thinks about calling in their loan/s?
That’s scary isn’t it?
2 – Buy a franchise:-
Have you seen the price of a decent franchise? I mean one where making money is more or less guaranteed because the brand name is well known in it’s field, eg a globally known Fast Food Franchise in the UK is around £300,000 (about half a million dollars) for the licence fee.
Granted, it will make you a good income but do you have that sort of cash? Plus, you still have plenty of the other headaches and ongoing costs associated with the more traditional business as in number 1 above.
Ok, you could go for a much cheaper franchise if you don’t have that sort of money but you get what you pay for. You can still expect to pay out several or tens of thousands of pounds/dollars just to join up, you will still have lots of the above headaches and you just bought yourself a job!
To be honest, I’ve seen adverts every week for years for the so called lesser cost franchises and I haven’t even heard of most of them, so where does brand awareness come in there? You would basically be starting from scratch with a lot of them, trying to build their brand with your money and efforts. And you still just bought yourself a job.
Not looking too good is it?
Thanks for taking the time to read through this page, if I can be of help to you please feel free to drop me a comment below and I’ll reply as soon as I can.
Founder of Extra Income For Life