Owning and operating a home business is most often a good idea. This is even more desirable during certain economic times. I believe the economy as it is today and the trends it is showing proves that now is one of those times.
I believe we are facing some extremely difficult economic times. As someone who has a degree in Economics and over twenty five years in the financial services industry I have been able to find a number of unfavorable trends. Here are just some of those.
The purchasing power of the dollar is consistently going down and will keep doing so as long as the government outspends what it brings in. Those on a fixed income or receiving an hourly wage will continue to fall behind because small incremental increases these areas will not keep pace with the dropping purchasing power of the dollar. Therefore, your standard of living is constantly going down.
The National Debt continues to climb at an alarming rate, and is continually passed forward. Since the government is technically bankrupt it has no choice except to print more money. This exacerbates the entire issue – the more dollars in circulation, the less value each dollar has. Consider this; president George W. Bush borrowed more – which meant that the Treasury was forced to print more money – in his first term, than all of his predecessors combined!
The increased price of oil and other petrochemicals is here to stay. With the populations of countries like India and China beginning to drive and those countries producing low cost vehicles, the consumption of oil is on a continuous rise. This means high prices for the foreseeable future. Consider also that we have not built an oil refinery in the United States in over 25 years. This means that we face increased prices for goods which have anything to do with oil and/or natural gas. Can you think of anything that is not tied to them?
The bottom line is, your standard of living will continue to decline until you make the choice to do something about it. The “old” go to school, get an education, get a job, save as much as you can, retire on your savings, retirement plan, and social security mentality is NO LONGER a viable solution.
A home based business might be your answer to filling the financial void. Most will take a small investment and ten to twelve hours per week to get you started. Treat it like a business and soon you will be generating a profit. This will help keep your standard of living where you are comfortable. Of course, you can always do nothing, turn the other way, and hope everything turns out o.k. That’s not what I would recommend.
Author: George L. KenneyThis author has published 9 articles so far.