I wrote on my investing blog this piece “Beached White Males (BWM) – How to Generate Extra Income” as a heads up to all the “Suits” out there that they need to think about additional forms of income. Why? Because their jobs are not safe due to the recession (yes we are still in one people) and the general state of the world at large.
“Beached White Males” is the latest group of people identified for extinction or possible massive culling by business owners. BWM’s are often considered the “Fat” of a business and normally collect around middle-management in the boom times of an economy. They are normally the first to go when the business needs to trim down the expenses as their jobs are considered non-essential to the business of making money.
Most end up in the self-employed camp as they are considered too old to employ. I have never understood how 50+ age groups are “too old” as I think they are the best for my businesses – mature, professional and with life skills that are vital for customer support and understanding how people (prospects) think.
The point of this post is that, in my opinion, a family unit needs to think about how they can bring in additional forms of income and not rely solely on employee income.
For me I am looking at Forex trading as a possible source of extra income. I am a business owner but you should never rely on the existing channels of income regardless of your employment status – you should always be looking at spreading out.
Most wealthy people have more than one income source and many asset classes such as property, shares, gold etc….
Why not start out my looking at your hobbies and look for ways to monetize them or if you invest in property look at shares or Forex.
As I stated in the post on MarksInvestingBlog.com – the key focus is to stop watching TV and take control of your life.
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