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Do You Have a "Plan B?"

The definition of insanity: doing the same thing but expecting different results. - Anony.

Several years ago I was at a business opportunity meeting where the speaker was at a white board, describing the average person's day.

"He starts here," said the man, making a dot on the board. "This is home. Then he goes here," he said, drawing a half-circle to a point where he made another dot. "This is work. He does his job, and then returns home." He made another half-circle back to the home dot.

"He does that day after day," he continued, making the circle, "going home to work, work to home, home to work, work to home for weeks, months, years. And if he's really lucky and his health is good and his job doesn't disappear out from under him one day, he'll do this for forty-five years. Then he'll retire and go on Social Security and live on one-half to one-third of his previous income.

"But he'll be in good company. 95% of Americans follow this path. Only 4% retire with enough funds to maintain their lifestyle, and only 1% will retire wealthy."

You could have heard a pin drop. I looked around at some of the other people at the meeting, and their gaping mouths pretty much confirmed what I myself was thinking: Home to work, work to home is MY life. One source of income, total reliance upon it.

It was incredibly unsettling, as it was meant to be. For even though I was working really hard and enjoying the rewards, I was stuck in a rut--destined for the same fate as nine out of ten people. And I didn't even realize it.

Turns out few people do. It's why 95% of the population faces a lifestyle reduction when they retire. Many can't afford to do so and end up being supported by their families or communities when they're no longer able to work.

So what about the other 5%? How is it that they enjoy "the good life?"

Well, they DON'T do what everyone else does. They have a "Plan B".

In other words, they don't put all their "eggs in one basket" by relying on a single source of income.

Many save and invest. Others find ways to multiply their income by speaking, writing, consulting, etc. Still others find ways to turn their hobbies into cash, like Ken Evoy of the "Make Your Site Sell!" fame (http://www.sitesell.com/nifty.html).

The bottom line is if you don't have a "Plan B", you could be destined for a poor retirement. And now, having read this, you can't say that you didn't know.

So how do you put together a "Plan B", particularly if you don't have any money to invest and little time or talent to do anything else?

Let me be blunt: Make the time. It's THAT important.

Turn off the television. Put down the magazine. Skip the movie.

When I was looking for ways to multiply my income, I'd get up early and work for a few hours before I went to my job, then squeeze in more time during my lunch hour. I listened to educational tapes during my commute, and read marketing books before I went to bed. All of this on top of running my house, raising my child, and waddling through a second pregnancy.

Now I'm certainly no superwoman--just a person determined to make the most of her life now instead of spending her twilight years regretting that she hadn't. Yes, it was tough for a while, but I knew it would be temporary, and it was.

So what did I learn in my quest that I can share with you?

First, finding other sources of income isn't really that difficult. If you stick with what you know and are good at, you can make money a lot of different ways. I detail several of them in "101 Ways To Turn Your Knowlege Into Cash" (www.niftybusinessideas.com).

Secondly, the hardest part of getting out of the rut was fighting the siren's song coming from my couch every night, beckoning me with soft cushions to come sit in front of the television. "You're tired," it would sing, "come sit for a spell." Once I learned to ignore it, it stopped calling.

Third, be aware that others will try to dissuade you from your goal. They're well meaning, or so they say, but the truth is, they don't want you to get ahead. Keeping up with the Joneses is one thing; surpassing them is something else entirely.

The best advice? Keep your dreams to yourself until they become reality. A lot of would-be five percenters get pulled back into the fold by jealous ninety fivers.

Fourth, find mentors you can trust. Look for somebody who has what you want, and find out how he got it. Your broke brother-in-law may try and tell you how to make a million dollars, but if he hasn't done it, he doesn't know. Don't listen to him.

Fifth, make a plan and STICK WITH IT. Start small, with a new twist on a familiar subject. Once you have a few successes under your belt, then try other things. A lot of people stall before they get started by undertaking something they've never done before. Don't let this happen to you (or if you already have, don't let it happen again). Go for the easy money first: build on your past successes.

Finally, remember that it's YOUR life and YOUR future, so take charge of it. Don't be at the mercy of others when you retire. Make--and execute-your "Plan B" now.

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