The information below issue is quoted directly from a financial planner’s – Robert Mecca – weekly newsletter. Why quote a financial planner in this home business blog? Mecca points out several problems in the U.S. and European economies, currently and in the future. Expert opinion like this is additional support for starting a home business. A home business does not always replace a full-time job but may provide extra income or serve as a safety net, in case of lost employment.
Mecca’s last line is important: “I feel sorry for American workers under age 50 who will pay more into the social security system, work longer to get benefits, and be taxed heavier on the benefits.” Social security benefits aren’t great anyway. Also, today’s youth can expect to have many jobs throughout their careers. Pensions are rare and many existing ones are woefully underfunded. The answer? Get that second personal income, own a business, and prepare for future financial problems.
“The FOMC led by Ben Bernanke reiterated that our US economy is moving forward at a slower clip than he would desire. Continued stubborn high unemployment and housing problems are a major drag on recovery efforts. I am convinced we do not have hyper inflation on the horizon. We see pockets of rising living costs. And there are some signs the housing market is improving. Europe, meanwhile, continues with their problems. Spain’s credit rating fell for the second time this year. England has fallen back into a recession. And social security is expected to run dry three years ahead of expectations. The latest projection is 2033 or only about twenty years from now. In previous news and commentaries, I predicted there will be an overhaul of reform and stick to my prediction. I feel sorry for American workers under age 50 who will pay more into the social security system, work longer to get benefits, and be taxed heavier on the benefits.”
By Dion D. Shaw
Dion D. Shaw is the founder and owner of Homepreneurs
Homepreneurs. New Day. New Opportunity.
Homepreneurs does not endorse nor have any relationships with any of the services listed (Robert Mecca is a friend). Homepreneurs receives no compensation or consideration for its suggestions. Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.
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