Can Having a “Plan B” Save Your Life?
Did you know that in a recent study of over 8700 Americans aged over 50 found that 0lder adults who lose their life savings may also lose years from their life? The findings, published April 3 in the Journal of the American Medical Association, add to research looking at the health toll of heavy financial loss.
They found that people who suffered such losses had increased risks of depression, anxiety, substance abuse and suicide. The study also found that those who suffered “wealth shock” (losing 75% or more of their income) the death rate in that wealth shock group was similar to that of adults who’d never built up any net worth.
There is a retirement crisis in America. Many people think Social Security will cover more than it actually does, and too many people have little to no savings — and are not doing enough to change their financial situation…retirement should never mean that you live below your current means. The bottom line is that you should prepare to live a long time and save enough money to not only maintain your lifestyle but also cover unexpected health costs.
We all know that money does not grow on trees and that life can be unpredictable; the bottom can fall out at any time. Could having a “Plan B” be the answer to this predicament? I am talking about a long-term financial/work plan to ensure at some point you will make money in your sleep and have the potential to be financially free. Most importantly, your Plan B Business should be doing something that makes you happy, just as in your primary career, and is simple to manage (for obvious reasons).
In my own situation, my husband was a successful interior designer of shoe stores for many years. There was always another store to design and he was ready for it. But one day he realized he was not on the top of “his game” and knew that his working days were over. That created, of course, a definite dent in our income. We both had social security funds but that did not allow for the comfortable lifestyle we were used to.
Fortunately, I had become interested in sharing with others great health products as well as a business opportunity and had created a “Plan B” income doing this. I was persistent (I also enjoyed it), and created an organization that continues to grow each day, providing Ray and me that “Plan B” to fall back on.
Because I was open to possibilities, I was able to provide the extra income we so needed. I also found wonderful friends to work with. I have always had an interest in health, I loved spending time with other like-minded individuals who also had this same interest, and my involvement with this company helped me to improve my social skills as well as to learn how to use social marketing in my business. A Plan B business can help you grow in unexpected ways and is a great confidence-builder.
Consider what you will do if your current income disappears. Will you be able to afford those unexpected health costs? What about fresh, healthy food or access to a safe place for exercise? Will your lifestyle become diminished as your finances disappear? How about that travel you never had time for? These, of course, are just a few concerns. Have you ever considered looking into having a “Plan B?”
With the recent financial climate, I feel that what I have to share, is more important than ever. I offer a site online that can give you some information for attaining your own “Plan B” and can give you the tools to make that a possibility for you. Just go here for more information. I would love to connect with you and see if this might be a reality for you as well. No obligation…..just an opportunity to take a look.
“Take the first step in faith. You don’t have to see the whole staircase, just take the first step.”
Dr. Martin Luther King Jr