How safe is your money? And what are you doing to earn more money?
Wow, another massive bank failure last Friday with the collapse of IndyMac in Pasadena. Did you hear about the guy who had $400,000 deposited with the bank and came away with only $175,000. He lost $225,000 instantly!! He had been told (apparently) that he was insured up to $100,000 in each account…that is not the case! You are insured up to $100,000 per person per bank. So if you have $400,000, put $100,000 in 4 different banks!
How many more bank failures are to be expected? The Wall Street Journal ran a story in January saying the FDIC is bringing out of retirement veterans from the Savings and Loan debacle to help them cope with the likely 150-200 bank failures they are expecting!
So, what are you doing to protect your hard earned cash?? Are you sure your money is safe? Are you aware that the purchasing power of the dollar has fallen by 52% since 2002? Didn’t realise? How many dollars does it now take to buy a gallon of gas? A gallon of milk? Get the message?
So, what can we do to protect ourselves? Well, we obviously need to generate more income and then we need to spend and invest that income wisely. This blog is dedicated to help you Generate 7 Streams of Income, so let’s discuss what we can do.
Firstly, look at your current job. Are you being paid what you are worth? Are there ways that you can make more money at this job? Can you suggest to your employer ways for the company to make more money and in turn to reward you for your efforts and ideas? Can you develop a whole new source of income or product or saving for the company that you can put in place and be rewarded as a result? Can you change the structure under which you are paid? Can you have your salary reduced in exchange for commissions and/or bonuses based upon your performance? For example, if you work in customer service, how does your company measure your performance? If there is a measurable way that you can be assessed, offer to take a smaller salary in exchange for a bonus for improving service offered to your customers. Does your company use the internet to the best of its ability? OK I am sure it has a website, but does it generate enough sales or leads or enquiries? Can you offer to work on this in your time in exchange for some kind of bonus package? What would the company have to lose? If you need help on this and/or how to present an idea like this to your company, post a comment and I am sure we can help you.
So let’s put this question out there….Can you share with us how you went to your employer with a way of generating more profit for the company and in turn you increased your income?