This is a day for head scratching…the front page of my newspaper has the story that in California IndyMac is having a barage of customers becoming ex-customers. Makes a person nervous.
A few days ago, my newspaper had a story about day laborers, those who literally seek work by-the-day, and how the housing market – very little new construction, and very little remodeling by homeowners – is causing serious financial difficulties for those who depend on daily jobs. The Washington Post on July 8 had an interesting story about a particular day laborer who sought recourse when he was cheated out of his pay.
Have you heard of the new Twitter-like site called Plurk? Plurk.com is yet another new place to socialize and network. I’m still working out how best to utilize social media as a business tool for home-based businesses.
How do these three seemingly disparate items work together? From my recent reading of Donald Trump and Robert Kiyosaki’s book about the need for the middle class to decide where it will end up [either rich or poor] it appears that we all need to take a close look at our current financial situation. If we are putting all our financial eggs in a savings basket in a particular bank – what if that bank fails? What if the dollar continues to devalue? A savings amount of $20,000 now, might be worth less in the not too distant future. If we are thinking our future financial wellbeing is going to sit in the equity of our home, and this is all we have…what if we lose our job? Can’t make our mortgage payments? What if the equity in our home dries up? What real means of achieving financial security are we currently utilizing?
That brings up the idea that essentially, unless we’re already financially “rich,” – in assets not savings – then we’re all day laborers. We get paid for each day we work. We don’t show up, we don’t get paid. Something happens to our employer, we don’t get paid. A bank misuses its customers funds, we don’t see our money ever again. We need a better plan than being a day laborer.
So how does social media enter into all this? I’m not sure. One look at sites such as Plurk, Twitter, Facebook, LinkedIn, MySpace, YouTube and others will show you that people are networking like mad; trying to make connections that will increase their bottom line.
Now just might be the time to invest in a home-based business, especially one that will produce passive income in amounts that will generate the financial tools necessary to do as Mr.’s Trump and Kiyosaki suggest – become “rich.” What do you think?
Filed under: Economy, Home-based Business | Tagged: bank run, day laborer, Donald Trump, financial security, home-based business, IndyMac, labor, Plurk, Robert Kiyosaki, social media, Washington Post |