14 September 2008

What's Your Plan B?

Do you have a Plan B? According to recent statistics, most Americans are just a few paychecks away from financial disaster. If you lost your job tomorrow, how long could you keep paying your bills? For many, the answer to that question is a scary one. In the past, jobs were easier to come by and expenses were not as extreme. It used to be that banks would not let you have monthly expenses that were greater than 33% of your gross (pre-tax) income. In our current state of affairs, many people have mortgages, car payments, credit card debt and utility payments that are way beyond that conservative 33% number. For that reason, many people are one paycheck away from foreclosure or repossession.

This is why you need a Plan B. A Plan B is the back-up plan. It is an alternative means for generating income, on top of your salaried or hourly job. For many of us, Plan B comes in the form of a Home Business. A well known network marketing professional named Jim Rohn, talks about going to your job to pay your bills while spending 10-15 hours per week building your Fortune with a network marketing company. The beautiful thing, according to Mr. Rohn, is that your network marketing business (Your Plan B) will soon be bringing in money that equals half of what you earn at your job. And if you keep at it, it will then match the money that you earn at your job.

Mr. Rohn knows how to tell a good story. He suggests that people will get very excited to learn how you are making money equal to your full-time job, building your Fortune, part-time. Not only is that a compelling story, but in the economy of today it is imperative. Your Plan B, which begins as your back-up; your extra; your rainy day money, can soon become enough of a substantial cash flow as to make your full-time job a option.

So what do you do then? I believe that once your network marketing business is bringing in all that you need to live on plus more, then it becomes your Plan A, and you create another Plan B. Focus on the primary but never forget the safety net created by having multiple streams of income.

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