I suspect most of us were raised and educated to work as hard as we could, pass our exams, get a good job and work until we’re 65 then have a happy retirement.
Sound familiar? Is that what your parents and teachers told you? This cartoon seamed to sum up many people’s thoughts on this traditional plan:
Well, we all know that JOB stands for “Just Over Broke” – earn just enough to keep you there.
We also know that the “Job for Life” no longer exists. Most of us can expect to have periods of unemployment during our career – even less money – reducing our pension prospects etc.
As for pensions, most of us know it will only be a very small percentage of the population who retire with a decent pension – most will receive less than a half of what they were earning perhaps even less than a third! And if you were struggling to make ends meet on the salary, how will you cope on a half or a third?
Indecently, Plan A – the 40 year plan – well it’s going to be more like 45, 50 or more years!
So if Plan A – the so called, 40 year plan – isn’t working what is Plan B – more importantly, what’s your Plan B?
Multiple income streams would be my suggestion – that’s what I have done and it’s working. For most people in the UK, having a part-time business could be a sensible way to generate an additional income stream.
If you are still looking to find a suitable income opportunity then you may find this Plan B of interest.
Best wishes, Alan Burman