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One Income Is Risky
David St Lawrence: “If a company has only one customer or only one product line, almost anyone with business experience would say that they are severely at risk, no matter how well they are doing. The same could be said for any individual, whether self-employed or not. When you put all of your eggs in one basket, you run the risk of losing everything if circumstances change.”
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Chuck on July 14th, 2004 7:06 am
In my day job I work with dozens of laid off factory workers.
In many cases the husband, wife, and kids worked in one factory making what is for a rural area great income… up to $17 per hour.
Many have been unable to replace 50% of their wages.
The time to have a replacement strategy is when you DON’T need to replace anything.
I have an uncle by marriage who’s about 70.
(Same rural area)
He was a contractor with no retirement plan except social security.
His wife makes money by doing yard sales.
He makes money by recycling scrap metal.
They are very resourceful and live well.
I worry about people growing up in our plastic internet age whether they will know how to adapt and create income streams when the job leaves?
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