Do I Need a Second Income?

I found myself asking this question when the recession was at its peak in 2009. And I am glad to let you know that by the beginning of 2010, I had my answer.

But let's go back to 2007, when the first signs of the meltdown began unravelling itself. The first sector to be hit was the home mortgage business. That was when the world realised, consciously, that you could walk into a bank, tell hem you had a 50,000 $ income a year and probably walk away with a 500,000 $ home loan!!!!! Says a lot about banking wisdom. And then this gradually led to the credit squeeze. And that was all that was required to bring the entire world's economy crumbling to its knees, begging for some respite from the world's leaders. And we, are to this day seeing the knock-on effect of this meltdown.

This knock-on effect has surely touched you too in some way or the other, either directly or indirectly, in a small or big way. At best you will atleast know some one who has been impacted. The big point I am trying to make is, all this happened without you being directly responsible for it. Many millions are affected today because of some one else's poor decisions probably a decade back. But when it comes to facing the consequences, you are on your own or rather the responsibility is yours. And the worst fear is, there is no guarantee that this will not happen again. As a matter of fact, some of the decisions that the world's top financial and economic policy makers are making today could be possibly laying the foundations of the next meltdown. Honestly, let us be optimistic.

But this does not exempt you from your responsibility. Please note, that one of the biggest casualty in this recession has been, JOBS. We could lose our jobs anyday, if not for God's mercy and grace. And for most of us working or salaried class, we just have one job. And that one job, is the most disposable piece of inventory in the eyes of a lot of C-level executives. Not that I am blaming them for it, but that is the reality of today's business world. JOBS will APPEAR and DISAPPEAR with the blink of an eye.

Why do you want to be at the mercy of that? What did I do? What should you be doing right now? Have a PLAN B. Start building a second income stream. Start generating a passive income right now. Pray that you have a job long enough to grow and profit from your own business. So, God forbid, something goes wrong, you a tleast ensure that your important bills get paid. And the opportunity that is most suited for full-time employed people is "Work from home" or a home based business.

So just think about it. Open up your mind, think about the future of yourself and your family and explore alternate opportunities.