Following on from last week’s show where I explained a pensioner wasn’t an old stranger somewhere decades off in our future, it was – in fact – a person just like me who’s had six years of her financial security stolen from her by the Government, what steps can we take to secure our own financial futures in the face of ongoing “austerity”?
What can self-employed people do to provide for themselves when just treading water can sometimes feel almost impossible?
We discuss savings, investments, pensions, creating and selling a real-world business, passive income and recurring income models. We review the concepts of exchanging time for money v wealth creation in a business where you don’t have to be the one doing the work. We talk about the books we like which explain these concepts and how playing Rich Dad’s game teaches the principles.
It is something that self-employed people always put off, and sometimes there are good reasons for that such as when you are financially stretched buying your first home or even trying to get onto the property ladder in the first place. How can you protect yourself and your family in the face of ongoing uncertainty? No one can predict the future and typically an entrepreneur is a risk-taker anyway. But sooner or later we are all called to financial account.
In other news, we’ve both been struck down by a bug, me last weekend and Nicola only yesterday. I am impressed she got to our recording session at all, I know I would not have been able to do that on Day 2 myself. It has been a challenging week for both of us with power cuts for her and loss of emails for me. Tech failures and D&V – evil combo – but we were past caring. Fortunately, we are both if not bouncing back then creeping back up there.
My fire has been fuelled by the usual – strangers in my diary and a little flurry of book sales. Nicola has been thinking how best to help her daughter and her niece and, in so doing, thinking thoughts which will convert into useful content as she brings back her vzine.
Her word of the week is Conversion and mine is Scathed.
In the project updates section, we talk about podcast to do jobs on the list, where we each are with NaNoWriMo in the week of the superbug (Nicola’s two days behind, I’ve abandoned completely). And how I am still getting these extraordinary visitor numbers on both my Facebook Page insights and Twitter stats. Nicola thinks I have done nothing to achieve them and I put her right on that.
And finally we end as we began, both offering the same topic. We are impressed by Lee Child’s and his 23rd book Past Tense. We talk about why we admire him as a writer and a businessman and it occurs to me that there’s a creative business model which has already long since secured his financial future.
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