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SHOCK! HORROR!
What If Your Income STOPPED At 5 P.M.
Yesterday?
By Noel Peebles
If
you are not already seated - sit down and take a deep breath - because you might
break out into a cold sweat at what I'm about to say.
How much are you really worth? What is your true wealth?
Now, I didn't ask how big your mortgage is, or how much you owe on your car,
furniture, or credit cards for that matter. However, those things (liabilities)
will have an important bearing on your true wealth.
Just imagine the worst-case scenario. For some unforeseen reason your job
finished at 5 P.M. YESTERDAY and your income STOPPED dead in its tracks. No more
money flowing into your bank account! You could have had an accident -
or an outbreak of foot and mouth disease (or an earthquake) has suddenly
bankrupted your employer and affected the whole nation. Think of some "Titanic"
event happening to you. How's that cold sweat developing?
In effect, this is what has happened. You have stopped trading your hours for
money. You have suddenly stopped earning a living.
Now, reassess your true wealth.
What liabilities do you have...and what are those assets really worth? You have
no money to pay your mortgage, no money to pay your car installments, no money
for your credit card bills.
If you are in business - how will your creditors react? Will those nice people
at the bank let you never pay your mortgage interest again? Are you suddenly in
a precarious financial position?
Take stock of your assets. If you had to sell your furniture, car, boat etc in a
hurry...how much would you get in COLD HARD CASH?
Think about it! If you stopped trading your hours for money - how many days,
weeks, or months could you survive for financially… WITH NO INCOME? Even if you
did have some money tucked away...how long would it last?
Don't be too discouraged - you are not alone. In reality most people "earning a
living" would be in the same position.
The same is true of most small business entrepreneurs.
If their bank accounts were suddenly frozen, or their
customers stopped buying - most would wake up with a
very severe headache (to say the least).
Quite astounding, when you consider that this type of monetary dilemma was once
predominantly confined to the younger generation. Not these days - more and more
people in their forties and fifties are discovering the true limits of their
wealth.
However, it would take a sudden unforeseen "Titanic" event (such as a job loss),
for most of us to realize how financially fragile our circumstances really are.
Sobering isn’t it?
© Noel Peebles, Author 'Home Biz Ideas Goldmine'
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