Do you think is important to have a PLAN B in our life?

Reply to Do you think is important to have a PLAN B in our life? on Tue, 05 Feb 2013 16:25:36 GMT

scang — Tue, 05 Feb 2013 16:25:36 GMT

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

Reply to Do you think is important to have a PLAN B in our life? on Tue, 05 Feb 2013 12:48:59 GMT

Belle2011 — Tue, 05 Feb 2013 12:48:59 GMT

Dont really understand the purpose of Plan B in life because is there a chance to relive our life?

Reply to Do you think is important to have a PLAN B in our life? on Thu, 31 Jan 2013 04:53:20 GMT

Elaineng — Thu, 31 Jan 2013 04:53:20 GMT

scang:
you are quoting a reply of yourself?

I am replying to those who requested me to share about it.

Reply to Do you think is important to have a PLAN B in our life? on Wed, 30 Jan 2013 16:54:36 GMT

scang — Wed, 30 Jan 2013 16:54:36 GMT

you are quoting a reply of yourself?

Reply to Do you think is important to have a PLAN B in our life? on Wed, 30 Jan 2013 16:44:33 GMT

Elaineng — Wed, 30 Jan 2013 16:44:33 GMT

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

Reply to Do you think is important to have a PLAN B in our life? on Wed, 30 Jan 2013 16:26:39 GMT

Elaineng — Wed, 30 Jan 2013 16:26:39 GMT

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

Reply to Do you think is important to have a PLAN B in our life? on Tue, 29 Jan 2013 02:27:47 GMT

mksmn — Tue, 29 Jan 2013 02:27:47 GMT

scang:
mksmn:
Well, if you include efforts or sort as risk, then yes it is. But at least it's not those risk of money, which most people fear, or at least in my case. For my case, failure only happens to those who \"act smart/think they know better or know-it-all\", those who do not want to do what they are supposed to do or those who simply think that they can just sit down, shake legs and expect the system or plan to just churn money for them. There is no free lunch in this world. You don't expect to do nothing at all and get results. It applies to everything, be it work, studies or what ever plan B it is. So, putting some efforts is a must and of course the willingness to learn.

Probably some critical questions you need to ask is Does it have the right comp plan, and are there better comp plan with better products for that same effort?

That's right. Whatever we do, it is always good to do some research and comparison. Just choose the right one, and I mean everything must be right in this case and with a little efforts, it is very difficult to fail.

Reply to Do you think is important to have a PLAN B in our life? on Mon, 28 Jan 2013 04:03:02 GMT

scang — Mon, 28 Jan 2013 04:03:02 GMT

mksmn:
Well, if you include efforts or sort as risk, then yes it is. But at least it's not those risk of money, which most people fear, or at least in my case. For my case, failure only happens to those who \"act smart/think they know better or know-it-all\", those who do not want to do what they are supposed to do or those who simply think that they can just sit down, shake legs and expect the system or plan to just churn money for them. There is no free lunch in this world. You don't expect to do nothing at all and get results. It applies to everything, be it work, studies or what ever plan B it is. So, putting some efforts is a must and of course the willingness to learn.

Probably some critical questions you need to ask is Does it have the right comp plan, and are there better comp plan with better products for that same effort?

Reply to Do you think is important to have a PLAN B in our life? on Mon, 28 Jan 2013 03:20:30 GMT

VemmaMom — Mon, 28 Jan 2013 03:20:30 GMT

mksmn:
Well, if you include efforts or sort as risk, then yes it is. But at least it's not those risk of money, which most people fear, or at least in my case. For my case, failure only happens to those who \"act smart/think they know better or know-it-all\", those who do not want to do what they are supposed to do or those who simply think that they can just sit down, shake legs and expect the system or plan to just churn money for them. There is no free lunch in this world. You don't expect to do nothing at all and get results. It applies to everything, be it work, studies or what ever plan B it is. So, putting some efforts is a must and of course the willingness to learn.

true true!

Reply to Do you think is important to have a PLAN B in our life? on Fri, 25 Jan 2013 06:41:58 GMT

mksmn — Fri, 25 Jan 2013 06:41:58 GMT

Well, if you include efforts or sort as risk, then yes it is. But at least it's not those risk of money, which most people fear, or at least in my case. For my case, failure only happens to those who \"act smart/think they know better or know-it-all\", those who do not want to do what they are supposed to do or those who simply think that they can just sit down, shake legs and expect the system or plan to just churn money for them. There is no free lunch in this world. You don't expect to do nothing at all and get results. It applies to everything, be it work, studies or what ever plan B it is. So, putting some efforts is a must and of course the willingness to learn.

Reply to Do you think is important to have a PLAN B in our life? on Fri, 25 Jan 2013 05:22:15 GMT

scang — Fri, 25 Jan 2013 05:22:15 GMT

mksmn:
Yes, definitely. It is very important. But I don't prefer those investments or any sorts with risk, although sometimes it may really wield great money but it may also be your downfall (like forex/stocks).

I am one who is more on the cautious side and always choose those no risk type. Many people may think that how can we have a good Plan B if there is no risk? Yes there are, and I can say quite a number, if you have the foresight and choose correctly (not those finance related). So in this case, probably the only \"risk\" you have to risk is to try it out? :evil:

Those who are interested to know more can pm me. All the best to our Plan B! :rahrah:

How ironic! :shock:

Even your Plan B has its own risk, which is, the small outlay, the time and effort spent w/o the return, and the negative experience if it failed and wrong impression that it is not a workable system.

All forms of investment, be it financial or non-financial, has some form of risk. What is critical and important is, how do you mitigate the risk, and how do you ensure the gain is always much more than the risk.

You can see from the term that Real Investors always consider Risk first, ie. worst case scenario, how much will they lose? Then if they are comfortable with absorbing such loss by asking (what if I'm wrong, will I be financially ok?)....

Only then, they look at the potential upside. And they are only interested to invest if the upside potential is at least double the downside risk (by now, the meaning should be clear and I shall not repeat myself).

The average person either will ask: is there risk? (of course everything has risk, even if you sleep, there is a risk you may not wake up tomorrow). How much is the returns? (greed comes in and they are naively attracted if someone tell them a High return). Then they wonder why they always lose money in investing? When in actual fact, investing without KNOWLEDGE is actually not investing, but simply Gambling.

Even Dr Tony Tan (our current President) said before that \"when you take care of the downside, the upside will take care of itself\".

What is important in Plan B, is whatever stream of income, financial or otherwise, it needs to be manage and run with the right mindset, and execute according to the plan.

Reply to Do you think is important to have a PLAN B in our life? on Fri, 25 Jan 2013 03:50:30 GMT

mksmn — Fri, 25 Jan 2013 03:50:30 GMT

Yes, definitely. It is very important. But I don't prefer those investments or any sorts with risk, although sometimes it may really wield great money but it may also be your downfall (like forex/stocks).

I am one who is more on the cautious side and always choose those no risk type. Many people may think that how can we have a good Plan B if there is no risk? Yes there are, and I can say quite a number, if you have the foresight and choose correctly (not those finance related). So in this case, probably the only \"risk\" you have to risk is to try it out? :evil:

Those who are interested to know more can pm me. All the best to our Plan B! :rahrah:

Reply to Do you think is important to have a PLAN B in our life? on Fri, 25 Jan 2013 03:16:12 GMT

Mephiro — Fri, 25 Jan 2013 03:16:12 GMT

scang:

yes, agreed that you should only invest with money you can spare.

However, higher return doesn't necessary equates to higher risk. That only shows naivety and lack of understanding the fundamental of investing.

If you understand one of this basic fundamental, where the upside potential is twice your downside risk, you can be wrong 6/10 times, and still make more money.

Investing requires the right mindset, and execute according to the plan and method.

Is your plan B also investment? Stock market? Forex? Or property? Care to share?

Reply to Do you think is important to have a PLAN B in our life? on Thu, 24 Jan 2013 09:18:36 GMT

scang — Thu, 24 Jan 2013 09:18:36 GMT

Bellatklim:
Yes using Investment as a Plan B sound good but also must be sure that the money you invest are money that you can spare.

No matter what, there are risk in investment, higher the return higher the risk. Even if you have the best mentor to guide you. Investment with proper documentation is avaible but need to find and returns are not very high its only like 15% for 12 months.

yes, agreed that you should only invest with money you can spare.

However, higher return doesn't necessary equates to higher risk. That only shows naivety and lack of understanding the fundamental of investing.

If you understand one of this basic fundamental, where the upside potential is twice your downside risk, you can be wrong 6/10 times, and still make more money.

Investing requires the right mindset, and execute according to the plan and method.

Reply to Do you think is important to have a PLAN B in our life? on Thu, 24 Jan 2013 08:16:58 GMT

Bellatklim — Thu, 24 Jan 2013 08:16:58 GMT

Yes using Investment as a Plan B sound good but also must be sure that the money you invest are money that you can spare.

No matter what, there are risk in investment, higher the return higher the risk. Even if you have the best mentor to guide you. Investment with proper documentation is avaible but need to find and returns are not very high its only like 15% for 12 months.

Reply to Do you think is important to have a PLAN B in our life? on Wed, 02 Jan 2013 05:48:50 GMT

scang — Wed, 02 Jan 2013 05:48:50 GMT

yes, plan B always include mutiple streams of income from various aspects

Reply to Do you think is important to have a PLAN B in our life? on Wed, 02 Jan 2013 03:33:03 GMT

White_Gale — Wed, 02 Jan 2013 03:33:03 GMT

I agreed. Plan B is definitely a must if you want to retire early and comfortably.

Reply to Do you think is important to have a PLAN B in our life? on Wed, 02 Jan 2013 03:24:36 GMT

Elaineng — Wed, 02 Jan 2013 03:24:36 GMT

[yes please share a plan B!

in life, we always need a second plan.[/quote]

I'm more willing than that to share with you the PLAN B you can have. email me at vtamompreneur@gmail.com if you are intresseted and serious about looking for a PLAN B

Reply to Do you think is important to have a PLAN B in our life? on Sun, 30 Dec 2012 02:41:36 GMT

AdonciaTang — Sun, 30 Dec 2012 02:41:36 GMT

scang:
AdonciaTang:
[quote=\"Elaineng\"]

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?
Investment.

Yes, that is definitely a form of passive income, if applied correctly.

Same goes for many other forms of mutiple streams of income.

What is important is the right mentor to teach and guide you, and also the right team, or group, who you can consult, discuss, give and get good advice, and encourage one another.[/quote]We have been doing it for years. so its definitely right for us. My hubby was investing by himself before I even met him. So after I met him and got married, We invest our money together as a family and get a lot more out of it.

Reply to Do you think is important to have a PLAN B in our life? on Sat, 29 Dec 2012 16:50:51 GMT

scang — Sat, 29 Dec 2012 16:50:51 GMT

AdonciaTang:
Elaineng:

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?
Investment.

Reply to Do you think is important to have a PLAN B in our life? on Sat, 29 Dec 2012 13:11:01 GMT

AdonciaTang — Sat, 29 Dec 2012 13:11:01 GMT

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]Investment.

Reply to Do you think is important to have a PLAN B in our life? on Thu, 27 Dec 2012 04:01:35 GMT

scang — Thu, 27 Dec 2012 04:01:35 GMT

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]There are a couple of areas you can have multiple streams of income.

It is all about gaining the necessary knowledge and applying them.

PM your contact if you want to discuss on it.

Reply to Do you think is important to have a PLAN B in our life? on Wed, 26 Dec 2012 09:33:27 GMT

Sallye — Wed, 26 Dec 2012 09:33:27 GMT

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]yes please share a plan B!

in life, we always need a second plan.

Reply to Do you think is important to have a PLAN B in our life? on Wed, 26 Dec 2012 07:16:39 GMT

pacetone — Wed, 26 Dec 2012 07:16:39 GMT

Yes, it is always easier said than done. Please share your plan B.

TIA