Inflation and economic trends require families to have two incomes just to stay even with their expenses. It may be that, in the future, even two incomes will not be sufficient. It is a good idea to be prepared for bad economic times rather than to simply hope for the best and suffer if the best does not come. Families should have multiple flows of income to guard against facing an insecure future. It is very important to have a source of extra income.
Wealthy people have always known that it is important to have more than once source of income. If one of their income sources failed for some reason, they always had fall back sources to carry them through. People with ordinary, average incomes have generally faced problems if they lose just one source of income. The loss can have a dramatic impact on their lives, and it can take years before things get back to normal for them. Physical and emotional health can also suffer as a result of financial uncertainty and stress.
Having more than once source of income, or extra income, offers a safety net. If one income source disappears, the others will still be there to […]

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Probably because it is time for New Year’s resolutions, a lot of us focus on our finances around this time of year. Everyone I know has the same resolutions. They want to make more money, find their soul mate, lose weight, exercise more and get healthy. I am terrible at keeping resolutions, so this year I am focusing on my goals. That way I won’t fail in the first month of the year!So, what kind of financial goals should we work on this year? I was reading an article in one of my magazines called “10 Rules For Building Wealth”. As I read it, I realized that it was a pretty negative article. Some aspects were good, but most point to the fact that we really are not choosing our investments correctly. It suggests that we need more education in the area of wealth accumulation. Our net worth needs to increase and be protected. Risk is really not an option when it comes down to it. I work with clients daily who need to know what there portfolio really says. I find it true that most of us receive our quarterly statements, see if there was an increase or decrease, […]

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