There is one book you must read if you worry even a little about today’s economy. The title is Empty Nest Egg: Why You Must Start Your Own Business NOW. Yes, it’s my book, but if it weren’t, I would still recommend it. Here’s why.
First, having a business to supplement your income is just plain common sense. We all know that “things” happen. Loss of a job, relocation of a spouse, and the child that arrived off-schedule make life interesting and scary. Extra money never hurts.
Second, we may not have jobs if things don’t turn around soon. You would think mine–being a university professor–would be about as stable as you can get. Not so. The State of Illinois is furloughing employees on some campuses to make up a budget shortfall. I read recently that we rank second only to California in terms of how badly we have screwed up our budget. Yours Truly is busy hoping for the best and planning for the worst. You should too.
Third, there will come a point at which we are either no longer able or no longer willing to work. My grandmother is 99 years old. She is truly astonishing, getting around better than many 60-year-olds. I kind of doubt she could get a job, though. I remember her when she was my age, and it is a little unnerving to think how fast the intervening time has passed. Retirement will hit us before we know it.
In my view, a time of reckoning is upon us all. As a nation, we have chosen to pretend that we can spend without restraint, make the rest of the world behave, and protect everyone from everything. The bill is coming due and our collectively disastrous decisions will come back to haunt us. For those who continue to think a J-O-B is their only means of income, life may take a nasty turn. For those who see the coming disruptions as an opportunity to prosper by starting a business, life may get much better.
Terry practices what he preaches. After he found out about the furloughs, he checked to see if Chippendales was hiring. No such luck, so he writes books and teaches people how to start businesses in addition to being a professor.