Do you think is important to have a PLAN B in our life?
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Elaineng:
AdonciaTang:
[quote=\"scang\"]yes, agreed.
It is important to have multiple streams of income, so that any one stream, esp. if the primary job is lost, the other streams of income can and will tide the person and family through
Agree. You need plans to back you up in case it fails. Its never too plan to plan, but its too late to plan when it fails.
Yes Adoncia and Scang, gald that have people have the same thinking as me.
What do you all do to earn your second income streams?[/quote]
Already PM
you -
you are quoting a reply of yourself?
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scang:
you are quoting a reply of yourself?
I am replying to those who requested me to share about it. -
Dont really understand the purpose of Plan B in life because is there a chance to relive our life?
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Belle2011:
Dont really understand the purpose of Plan B in life because is there a chance to relive our life?
The purpose of Plan B is not about reliving your life again, but it is about the options you have for
1) in the event you lose your job, what is your fall back plan, and how do you continue having an income to pay for liabilities w/o dipping into savings, borrowing or being desperate or getting a loan?
2) if you are a SAHP, or going to be a SAHM or SAHD, how do you have an income w/o having to depend on your spouse or being a dependent? Wouldn't it be better to have a passive residual income while looking after the kids and family?
3) since inflation, cost of living is constantly rising, the only certainty is death and taxes, everything else is ever changing and increasing. So how can you achieve financial freedom w/o having to work till you die, since retirement is almost not an option since it is also increasing in years probably till we die. So being an employee, with one job, and one income stream, how can you retire early or comfortably w/o being a liability to the future generation?
maybe this youtube video may help you to think about the future and if there is a need for a plan B.
http://youtu.be/rXnW7VnhkWM
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