By Justin on Nov 22, 2008 in News | comments(0)
Yesterday I was on MSN and read this article which deals with people in their fifties, sixties, and even seventies that, instead of retiring soon, will be putting off retirement for another five plus years or even indefinately due to the current economic downturn. Most site the fact that the plunge in the stock market has cratered the value of the their 401(k)s. Gone (mostly) are the days when a pension was guaranteed upon retirement, some government jobs still offer them but for the most part employers have shifted to 401(k)s which place almost all of the risk on employee instead of the employer.
I’m not knocking 401(k)s per se, if your company contributes funds then it would be crazy not to take advantage of free money, but the old analogy “don’t put all your eggs in one basket” has never applied so transparently.
Don’t let your retirement be dictated by the whims of (sometimes irrational) markets, be they US or global, start a business of some sort. Not just only, but anything, to put you in the driver’s seat.
Popularity: 19% [?]
By admin on Nov 20, 2008 in Uncategorized | comments(0)
So I’ve decided to revive this little experiment. It will be a struggle to get back to writing regularly, but I have a couple projects that I need to recoup my money on gamersmark.com and 2goware.com. Collectively I’ve sunk about $7,000 (pocket change to some and a kick in the nuts to others) and I would like to work on getting that back. The problem has been that I have a pretty demanding job, and it pays pretty well, complacency has gotten the better of me. It has been easy to write off the purchases as failed experiments and just focus on my job, but I’ve always been interested in business and entrepreneurship so I can’t get past a nagging feeling that I need to keep trying. Also, my two eBay affiliate stores continued to make money these last few months even as I let them languish, so I can’t totally dismiss that out of hand. I started reading the book “How To Get Rich” by Felix Dennis the founder of Maxim Magazine and he stresses that you will never get rich working for somebody else, something I already knew but never had it driven home quite so clearly. I haven’t finished the book yet but I’m enjoying it and would recommend it to anybody looking to control their own destiny.
Popularity: 19% [?]
