#rich #YoungAndRich #entrepreneurs #investors #RichAtAnyAge
A survey of U.S. investors with $25 million or more says the average age has dropped by 11 years, to 47 years old.
The ranks of these Americans has doubled since the depths of the Great Recession.
The average age of those with a mere $1 million is 62, a number that hasn’t budged in years.
These figures come from an article by Ben Steverman for Bloomberg. I was also published Jan. 24, 2019, in The Atlanta Journal-Constitution.
About 172,000 U.S. households have a net worth of at least $25 million, the article says. That’s up from 84,000 in 2008. The study was created by the Spectrum Group, according to the article.
The “vast generational transfer of wealth” is “just beginning,” the article quotes George Walper Jr., president of the Spectrum Group.
The article doesn’t spell out how these folks are getting rich, but here are a few theories.
First, they could have invested well in the stock market, which crashed big time during the Great Recession. A big, universal downturn in the markets creates numerous buying opportunities for those willing to take a chance on them.
Even the casual observer has seen the market go up like crazy over the last decade, so those buying opportunities – at least many of them – have paid off handsomely.
Another theory, as Walper suggests, is that older rich folks are dying, and giving their wealth to their children.
A third theory is a rise in entrepreneurship. Young folks have seen a need, or created a product, that has become very popular. Think Uber, Lyft, scooter rentals in cities etc.
Here’s an area that can make ANYONE rich, who is willing to explore it. You certainly don’t have to create a new product, or meet a need. You just have to be willing to look at ideas that are not necessarily new, but could be new to you.
There are many vehicles out there that can produce wealth for anyone, with any background, education etc. You don’t even need to be a genius. You just need to learn a system and be coachable. To check out one of the best such vehicles, message me.
Amid the doom and gloom you may have witnessed in the last decade, these stats should give you a glimmer of hope. Prosperity is there for those willing to look for it. It is there for those who, rather than wallow in their circumstances, are willing to embrace something new.
And, it doesn’t matter whether you are young or older. You just need to be willing to see something that looks very promising, and go with it, no matter what you might be told is best for you.
Our parents, at least those of us who grew up in more modest households, have told us to look for security, a good job, good benefits and stay there until we retire. That was SAFE.
Yet, such situations today are rare. Few jobs are safe. Few lifestyles are secure. Few futures are certain.
Increasingly, it is up to you to determine your prosperity. Certainly, if you choose certain paths, there are many out there willing to help you. But, you have to DO it.
If you don’t see yourself as young and rich, that’s OK. But think about the life YOU want, and know there are ways out there to get it. You just have to be willing to look for them.
Peter
Author Archives: pbilodeau01
RETIREMENT CRISIS IN AMERICA
#retirement #RetirementCrisis #RetirementAccounts #pensions
The three legs of the retirement stool are rickety, at best.
As Bob Pisani put it in his article for CNBC, all three legs – retirement savings, pension and Social Security – “are all in dire shape.” His article was published April 1, 2019.
The article was published to plug CNBC’s new financial wellness initiative it calls, “Invest In You: Ready, Set, Grow, “ published in partnership with Acorn.
At Vanguard, the financial services group, the median 401(k) account value for an investor age 65 and older is a mere $58,035,” the article says.
That’s about a year’s salary for the average person, and a pittance, considering all the time these folks had to save.
The St. Louis Fed concluded, “It could be worrisome that, for many American households, the total balances of their retirement accounts may not be sufficient to ensure a solid life in retirement,” the article says.
There could be many reasons for this crisis. The average person can do little about the condition of Social Security, or if their employers have cut back, eliminated or never offered pensions.
The savings part is the only thing within a person’s control.
If you are already in the 65-and-older cohort used in the Vanguard numbers, starting to save more may be advised, but it may be an exercise in futility. Working until you die may not be an option, either, because employers may not want you around anymore, or because your job is so demanding you’ll kill yourself before you get to retire.
If you are young, start socking away money now, however you can. As it grows, move it carefully from a bank to a more lucrative investment. Get good trustworthy advice as you do this.
If you are not sure how to begin saving, find a good financial coach. Bear in mind your income may not be the issue. Your spending may be the key to saving. Keep track of where every penny goes. Those pennies saved can be dollars earned in the future, to borrow from Ben Franklin.
If you are middle aged, and still have a decent job, but have very little, if anything, saved for retirement, start socking money away in bigger chunks. Again, that could involve analyzing spending habits to find savings.
Finally, no matter your age, job situation, education or background, there are many ways out there to earn extra money by devoting a few, part-time hours a week away from your job, or you can devote more time if you don’t have a job. The money you could earn could dwarf what you are otherwise earning, or did earn, at a regular W-2 job.
To check out one of the best such vehicles, message me.
The responsibility for retirement security has gradually, over the decades, be foisted upon individuals. Some 50 years ago, one knew he had a secure job, with a pension coming, as long as he or she behaved himself or herself, did satisfactory work etc. Social Security, plus that pension, and maybe a stress-free, part-time job in retirement could make one comfortable.
Pension plans and Social Security have become less stable, though Social Security should be around in some form for years to come. Pension plans? Not so much.
So the burden largely falls on the individual to secure his own retirement. If savings alone isn’t going to give you what you want in your later years, perhaps it’s time to think about doing something different – perhaps something you thought you would never do
Peter
FEELING ILL AT WORK? YOU MAY BE IN A SICK BUILDING
#SickBuildings #SickWorkplaces #SickAtWork #germs
Your work area can be making you sick.
It’s not just the germs from other people.
It’s the building. You may be working in a sick building.
Maurie Backman discussed this syndrome in an article for The Motley Fool. It was also published April 9, 2019, in The Atlanta Journal-Constitution.
“Many office buildings – especially high-rise ones – have pretty poor air quality, (because) windows are perpetually closed and nothing but recycled air circulates,” the article reads.
Also, dust can accumulate in untreated vents, allowing you, and everyone around you, to breathe it in, the article says.
That’s not to mention mold and other allergens festering around your workplace, the article says.
The article recommends that if you believe your office environment is making you sick, speak up. That’s assuming you have a reasonable employer or boss.
If you don’t get satisfaction, look for a new job, the article recommends.
Of course, if you succeed in finding a new job, don’t bet on the air being any better, unless you go from indoor to outdoor work.
Then, there’s the idea of working from home, with windows you can open and, perhaps, an outdoor space from which you can work.
Naturally, not every employer will let you work from home – or from wherever you are.
If the idea of working from wherever you want to be is appealing, there are many ways you can accomplish that without having to look for a W-2 job that will allow you to do it. There are many vehicles out there that allow you to earn money – potentially much more than a regular job will pay you — by working a few part-time hours a week. As a bonus, you can work from wherever you want. No sick building.
To check out one of the best such vehicles, message me.
Working in sick buildings is no good for anyone, particularly, as the article points out, if you have respiratory health issues.
If you can document your health problems, and you tell your employer that the building may be exacerbating those problems, the article says you might consider legal action against your employer.
That would certainly be a lot of hassle for you, even if you are successful.
In summary, sick buildings are a fact of life. If you work in a place that isn’t “sick,” consider yourself lucky.
If you like your job, in spite of your workplace being “sick,” you have to decide whether the long-term effects of working in that environment is worth the enjoyment you get from the job itself.
Working from home would certainly by ideal for some. For others, having the interactions at work may be what they crave. If you’re among the latter group, and your building is sick, you have to decide whether those interactions you crave are worth the price over time.
There are some situations that allow you to have a base at home, but have enough interactions and engagement with others to satisfy you.
Perhaps that situation would be ideal for more people than one might think.
Peter
JOB MARKET BRINGS OUT OLDER WOMEN
#JobMarket #women #OlderWomen #employment #BackInWorkforce
Erica Hernandez, at age 54, decided to go back to work after 19 years as a stay-at-home mom.
The best job market in half a century has been a boon for older women going back to work, typically after raising children for nearly 20years, according to an article in The Atlanta Journal-Constitution published April 1, 2019.
The 3.8 percent unemployment rate is near a 50-year-low, and there were a near-record 7.6 million job openings in January, the article quotes Labor Department figures.
In Hernandez’s case, she and her husband’s retirement fund had been depleted while she stayed home, and they were unable to do a lot of dining out and other fun things, the article says.
“My husband shouldered the burden all these years,” Hernandez, from South San Francisco, is quoted in the article.
Incidently, Hernandez did not get a job as a public relations executive, as she once was. She got a job as an administrative assistant, according to the article.
Therein lies the rub. Certainly, there are jobs out there for older women and others. But are the jobs as good as the job a person previously held? In many cases, they pay much less.
It’s tough for anyone who has been out of the work force for a time to go back to a job that was as good, or better, than the one they once had.
In some cases, people have lost jobs through reorganization, downsizing etc. What they find when they check out the job market is: what’s out there generally pays less, and often require as many or more working hours.
In other cases, what might be available may not give a person enough working hours to make a living. That induces people to cobble together an income with several part-time jobs, or even several full-time jobs, to allow them to live the life they’ve known.
If you are an older woman, like Hernandez, the income may not matter to you, as long as you can squirrel it away for retirement, college tuition etc. And, there could be less stress than she may have been accustomed to in her previous career.
But for others who may be approaching retirement, or facing college bills, it may not be such a convenient choice.
If that sounds like your situation, there are alternatives. First, if you have children going to college, or getting ready for college, talk to them about your financial situation. If they can apply for scholarships, and get them, that certainly helps. But, a good student can postpone college for a time and get a job that will help pay for it. This may be the only good reason to have adult children living at home.
After that discussion, determine that your retirement will be the priority. If the kids really want to go to college that badly, put the onus on them to figure out how to pay for it.
Secondly, there are many vehicles out there that can provide an income without having to take a W-2 job.They are suitable to anyone, regardless of age, education and background, if the person is willing to check them out. In fact, the income potential could potentially exceed any expected income from a traditional job. To check out one of the best such vehicles, message me.
The article about older women going back to work points out that these ladies face many obstacles, including rusty skills, a lack of confidence, employer discrimination, new technologies and social media.
If you care not to deal with those obstacles, and want to earn extra money to fund your retirement and other expenses, you may have to think outside your comfort zone and look at something completely different.
Peter
PLANNING FOR THE END OF LIFE
#EndOfLife #EstatePlanning #death #PlanningForDeath
We’re all going to die.
Perhaps not right this minute, perhaps not soon, but eventually, we are all going to die.
Planning for your death may seem morbid to you, but it is necessary.
Of course, you can delay or defer, or not plan at all and leave everything to chance – and your heirs.
Only 42 percent of Americans have a will or other estate planning documents, according to a 2017 Caring.com study. Tamara E. Holmes quotes that study in an article she wrote on the subject for USA Today. The article was also published April 1, 2019, in The Atlanta Journal-Constitution.
Another stat from the study: Among parents of children younger than 18, only 36 percent have created a will, the article says.
Sure, it’s one of those things we put off, perhaps because of the expense of hiring a lawyer who specializes in estate planning and elder law. The article says there are Web sites, such as LegalZoom and Rocket Lawyer who can walk you through the process if you want to do i8t yourself.
But, if your estate is complicated, it’s well worth it to get expert advice firsthand. It’s even better to have the expert put together a plan for you, incorporating your wishes.
Not only should you plan for your death, you should also plan for your disability, should it occur. If you are no longer competent to make your own decisions, you can actually make many of them in advance as part of your plan.
Your plan can even list your likes and dislikes when it comes to food, what you like or don’t like to read etc.
There are certain considerations, depending on your situation, that should be part of your end-of-life plan. For example, if you have a family business and you want it to stay in the family when you die, or can’t run it anymore, you can plan so that your family doesn’t have to liquidate the business to pay taxes.
If you have no heirs – or at least no heirs to whom you would care to leave your money – you can plan for which charities or other organizations or people would get your money.
If you have heirs that you care about, you certainly want to make life as easy for them as possible upon your death. With your wishes spelled out in writing, they simply follow the plan, or call your estate lawyer to execute the plan.
Certainly, if you have young children, you have to plan for their care until they become adults.
The point is: you probably won’t know when you’re going to die. So, plan early and update that plan as your life changes.
Speaking of life changes, do you think it would be a nice problem to have enough money to make end-of-life decisions about? If you don’t see a way that is going to happen with what you are doing now, then perhaps it’s time to check out one of the many ways you can augment your net worth by devoting a few, part-time, non-job hours a week to something, perhaps, you may never have thought of doing. To check out one of the best such vehicles, message me.
Meanwhile, leave as little to chance as possible in your life. Give a lot of thought about what you want to happen after you die. Think about those who will be most affected emotionally, financially etc., by your death.
Celebrate life, but know it will not last forever. Be prepared for your death, disability etc. Don’t make others wonder what you would have wanted. Make your wishes known, in writing. It’s well worth whatever it will cost you.
Peter
KEEP WHAT YOU NEED TO LIVE IN GOOD WORKING ORDER
#infrastructure #levees #rivers #maintenance #flooding
No matter what you have, you have to maintain it.
Your home, your car or anything of value undoubtedly requires some maintenance.
Reporters Mitch Smith and John Schwartz wrote for the New York Times about how the levees burst along Midwestern rivers during the flooding of early 2019. The article was published April 1, 2019, in The Atlanta Journal-Constitution.
“On the river-specked Midwestern prairie, the thousands of miles of levees are an insurance policy against nature’s whims that, at their best, keep cropland and towns dry, floodwaters at bay and the agriculture-driven economy churning,” the reporters write.
During the early 2019 flooding, however, the levees didn’t hold up. The article says a suggested $80 billion in investment is needed over 10 years, for the nation’s levees, the American Society of Civil Engineers suggested in 2017, long before the 2019 floods.
As a society, we are seldom proactive and frequently reactive after a bad situation is upon us.
The article says 62 levees were known to have been breached or overtopped by the Midwest March floods.
It’s not just the levees, but roads, bridges, sewer systems and other infrastructure is aging in this country. They have been neglected because government at nearly all levels has chosen to underfund maintenance. Presumably, they prefer to have insurers pick up the pieces after something bad happens.
The question becomes, are you taking care of what you have? Or, are you rolling the dice hoping nothing bad happens? It’s better to fix something minor to avoid something major happening to you or your valuables.
Perhaps, like government, you say you don’t have the money to maintain, say, your car. It may be better to save on some of your other spending to make sure you have what you need to maintain your car, appliances and other things you need for daily survival.
If your job isn’t paying you enough, there are actually ways you can do something about that. You can take a look at the many vehicles out there that allow you to earn extra money – some potentially a lot of money – you would need to keep your valuables in working order.
But, you have to be willing to spend a few, part-time, off-work hours on your vehicle of choice. Even before that, you have to be willing to take a look at these programs, to see which one might be right for you. To check out one of the best, message me.
Like saving for retirement, keeping what matters to you well maintained and devoid of disaster requires discipline. It requires taking care of the money you have. It may require you to watch every cent you spend, making sure you have what you need in an emergency, or what you need to keep what you need in working order.
Remember, if you have a job, in most cases, you can’t live without a car. If you like to eat, you can’t live for very long without a refrigerator.
As Dennis Quaid’s Esurance ad goes, insurance isn’t sexy, or delicious or fun. But we all need it. Take stock of what you need to live a decent life. Make sure you are doing what you can to maintain those things.
You may have to give up some pleasures to do it, but you’ll have a lot less stress in your life.
Peter
INCOME INEQUALITY IN BOOMING ECONOMY
IncomeInequality #jobs #recession #incomes
Despite strong job growth, Metro Atlanta incomes have faltered since 2007.
So writes Michael E. Kanell, business and economics reporter for The Atlanta Journal-Constitution. His article on the matter appeared March 25, 2019.
“At the same time, racial inequality remained stubbornly high, even as the economy rebounded from the Great Recession,” Kanell writes.
The Atlanta region ranks 33rd in the country in economic growth, and 57th for inclusion by race, the article states.
Though Kanell covers the Atlanta area, the same thing likely can be applied elsewhere.
As a person, economically and otherwise, are you better off than you were 11 years ago? Have you been able to hold on to that good job you had back then? Has your employer downsized, leaving you out to find other work? Does the other work you may – or may not – have found pay as well as the previous job? Have you been forced to retire long before you wanted to ? Do you have enough saved for retirement to make it at all comfortable?
These and any number of questions can be posed today after a decade recovering from the Great Recession.
Some folks may have lucked out and found better economic circumstances. But many have not. Yes, the economy is growing. But if your individual economy has not grown, in fact has shrunk, you are not alone.
So, if you are in that situation, what can you do?
Fortunately, there are solutions out there, other than trying to juggle multiple, low-paying and time-consuming jobs. There are vehicles out there that potentially can enable you not only to recover economically, but prosper – perhaps as you never have before. To check out one of the best such vehicles, message me.
You can sit around, fret and complain about your situation, or you can do something about it. Don’t expect some serendipitous event to come along to pull you out of your economic funk. Don’t expect a winning lottery ticket to solve your problem.
But you could be open to doing something you perhaps thought you would never do. It may take you out of your comfort zone, but if you’ve had to downsize your economic outlook, that can’t be really comfortable.
Kanell’s article says economically the best-performing regions, according to the Brookings Institution, are: Austin, Texas; San Antonio; San Jose, Calif.; and Dallas.
If you don’t live in one of those areas, or even if you do, you may not have benefitted individually from the nationwide economic growth.
Don’t look at the well-to-do with envy. Look at them as inspiration. You potentially could be among them if you are willing to look at programs that, starting with a part-time effort by you, could yield a pot of gold for you over time.
Times were tough a decade ago. Companies are still downsizing. Manufacturing plants are closing, or becoming more automated.
You can worry about it, or do something about it. It’s your choice.
Peter
ADJUSTING YOUR FINANCES IN YOUR 50s
#aging #AdjustingFinances #retirement #investments
Are you in your 50s?
Do you have enough saved, or are you on track to have enough saved, for retirement?
Wes Moss, who writes the Money Matters column for The Atlanta Journal-Constitution, took on this subject in his March 17, 2019, column. He also is chief investment strategist for Capital Investment Advisors, and has a Money Matters radio show that airs Sunday mornings on WSB radio in Atlanta.
First, Moss talks about the TSL strategy. That stands for taxes, savings and life. He says that for a younger person, 30 percent of your income should go to taxes, 20 percent to savings and the remaining 50 percent for life expenses.
But, when you reach 50, he says, you may want to adjust those percentages to put a bigger percentage into savings.
He also says many people save for their children’s college expenses. But college tuition can be covered through loans, scholarships (and having the child work through college), among other things. But there are no loans to cover your retirement, unless you take out a reverse mortgage on your house.
In short, Moss advises to make saving for a child’s education secondary to saving for your own retirement.
Moss also suggests playing catch-up with your retirement contributions, which the law allows you to do at that age. As for paying off one’s mortgage, as Moss advises, give it some thought before you dump cash into your house. If your interest rate is low, say, 5 percent or less, and you have an investment adviser who routinely can make you a lot more than that every year, it may be wiser to put your cash into other investments rather than your house. The aforementioned reverse mortgage, or a home equity line of credit, may be the only ways to get that cash back out of your house.
That brings us to Moss’ other point: stick with stocks. If you have your retirement nest egg invested in stocks or their derivatives, don’t panic at every downturn and don’t be overly cautious, and grab profits, on every upturn. If you have a good investment adviser, he or she will guide you to investments that are suited to your situation. Adjust as needed, but don’t dump stocks wholesale based on the news.
You may say this is all well and good if you have lots of money. If you can barely cover your taxes and life expenses, how in the world can you save, with your current income? That could be discussed in detail in a different setting, but it boils down to spending less on things that aren’t necessities, and saving more.
There is also another way to add to your income: check out one of the many vehicles out there that allow you to leverage your non-work time, perhaps just a few hours a week. You could potentially dwarf the income from your job eventually. To check out one of the best such vehicles, message me.
Meanwhile, in this day and age, your 50s could be a scary time. You’re at the age when your employer may yearn for someone younger , and cheaper, to do your job. Company reorganizations happen frequently, and many people find themselves unexpectedly out of work.
In past generations, people didn’t really start saving for retirement until their 50s. Decades ago, companies cherished their experienced employees. Now, they are seen as a mere cost, in most cases.
You can certainly make adjustments to your retirement plan in your 50s, but it’s better to start a retirement plan much earlier in life. Today, you don’t know when, or at what age, your retirement will come. And, in most cases, it will come, whether you’d planned for it or not.
Peter
WHAT IS COLLEGE’S JOB?
#college #StudentDebt #education #tuition #CollegeAlternatives
“Parents once sent their children off to college for an education.
“Now, parents expect colleges to provide maturation.”
So writes Maureen Downey, education columnist for The Atlanta Journal-Constitution. She was discussing recent suicides on the Georgia Tech campus with a professor there. Her column appeared in the Dec. 24, 2018, edition of the AJC.
Yes, parents want kids to learn calculus and whatever else is likely to land them a job, she writes, but they also want colleges to turn their kids into respectable adults, and to address any mental health issues the kids may have, she writes.
“Just because schools say they provide these (maturation) services doesn’t mean they do it well,” Downey quotes the professor.
“When I attended the President’s Convocation after arriving at Georgia Tech, we were told to look to the left and right – at least one of you will be gone – more like one-and-a-half,” Downey quotes William S. Bulpitt, a 1970 honors grad from Georgia Tech.
Back in Bulpitt’s day, the pressure was enormous to stay in school . Those who flunked out likely got drafted and sent to Vietnam, Downey writes.
Today, college campuses have counselors that students can see, to save parents from paying dearly for private counseling – not that college tuition is a really cheap alternative.
Also, today’s teens suffer more with anxiety and depression, and have fewer coping skills than those in generations past, Downey writes. The causes are numerous: over-involved parents, unrelenting and sometimes unkind social media etc.
When the kids get to college, those mental health struggles intensify, Downey writes.
First, let’s analyze why kids go to college, whether or not they are well suited for it. Parents want their kids to get a good job, and they are told that the best way to do that is to go to college. If they can’t swing it financially, they borrow the money. Many often end up graduating, or sometimes never seeing graduation, with a big debt to start their adult lives.
Instead of sending a teen-ager who is ill equipped to deal with college to college, why not help them find a vehicle that will help them earn money – potentially a lot of money – without incurring the expense, or debt, of college. There are many such vehicles out there to help people, regardless of education, earn money spending a few part-time hours a week. To check out one of the best, message me.
Certainly, the college experience can be worthwhile, even spectacular, for the right person.
It’s not just the education, but the camaraderie, the extracurricular activities and the ability to live away from home for those who choose, that make college great for some.
One can’t eliminate the academic or social pressure, but the young adult has to be prepared for it, and the right person needs encouragement from parents, faculty and peers.
In short, don’t assume your son or daughter is suited for college. At the same time, don’t put unnecessary pressure on the student to go to college. If you send your child to college, make sure it is for the right reasons.
Don’t presume the degree your son or daughter would get, presuming he or she stays long enough to earn it, will yield the employment results you, and they, expect.
There is no shame in not going to college. If your son or daughter chooses not to go, make sure he or she is acquainted with ALL the ways available to make a living, or even, perhaps, a fortune. The money you might spend, or borrow, to send a child to college may be better utilized in setting up a retirement account for the child — or yourself.
If your child goes to college ill equipped, the school may not be the best place for the student to deal with his or her problems.
Peter
MANUFACTURING SHIFTS AND LOST JOBS
#manufacturing #GeneralMotors #PlantClosings #Lordstown
All signs point to a booming economy and job market, but folks in Lordstown, Ohio, are not seeing it.
General Motors is closing its plant there. Workers have a decision: move to another part of the country that has more jobs, or retrain and change careers.
In May 2019, GM sold the Lordstown plant to a company that will make electric trucks.
Heather Long wrote an article for the Washington Post about what’s happening in Lordstown. The article was also published March 9, 2019, in The Atlanta Journal-Constitution.
Many workers are opting to go to other GM plants around the country. Others don’t want to leave the place they call home, where their children and extended family are, Long writes.
Perhaps some will get jobs at the new truck plant.
The workers qualify for the federal government’s marquee retraining program, Trade Adjustment Assistance, that covers cost of retraining classes up to two years, plus a weekly stipend to attend them, Long writes. About 30 percent of the workers have signed up for TAA, she says.
Still, many workers say they are too old to go back to school, or that they tried, but found the classes overwhelming, Long writes.
The Greater Youngstown area, where Lordstown is located, is among many urban settings, mostly in the Rust Belt, that are continuing to lose relatively well-paying manufacturing jobs, Long writes.
In this case, the Lordstown plant produced the compact Chevy Cruze, while the bulk of the U.S. car market is dominated by trucks and sport-utility vehicles.
The Lordstown example is one of many in which good-paying jobs, for the least educated, are disappearing, and unlikely to return.
If you are among this group of workers, you can’t be assured that your job will be there for you for as long as you want. Progress in automation, though good overall for manufacturing and commerce, is your personal enemy.
So what do you do? First, you have to think about a Plan B. That is, a way to make an income when your job goes away. Second W-2 jobs may not be the best answer.
However, there are many vehicles out there that allow you to make a potential income that could eventually dwarf your current one, by simply spending a few, part-time hours a week of your off-work time. It doesn’t matter your age, background or skill level. To check out one of the best such vehicles, message me.
As for the Lordstown GM workers, and others in a similar position, your workplace options are few, and mostly not good. You have to think about doing something different.
Waiting for the plant to reopen is futile. If re-education in manufacturing is difficult or impossible for you, try getting re-educated in something a little less taxing. Unless you are really willing to go out of your comfort zone, you may even have to figure out how to cobble together an income from jobs that will certainly pay you less per hour than you were making.
We all can feel bad for these workers, though many of us have seen this coming for a long time. It would have been easier had they thought about a Plan B years ago.
Alas, that is not reality. We, as workers, can’t stop progress in manufacturing. Companies have to look hard at cutting costs, and becoming nimble as markets for products change quickly. Some workers will suffer as a result, but those workers have to figure out how to solve that problem on their own, taking advantage of any available help.
Many say the U.S. doesn’t make things anymore. Well, it does, but with many fewer people.
Peter