Stock market decline puts a big dent in personal retirement funds!

How to rebuild your retirement nest egg!

The worldwide financial crisis, the resulting job losses and stock market losses have put most of us somewhat behind the 8-ball when we look at the funds that are left in our retirement accounts.  So what can we do about it and for those still a few years from retirement what can they do to insulate themselves from further market volatility.

Every financial planner, wealth building article or presentation that I have seen or read in the past number of years has spoke about the need for multiple income streams.  What does this mean exactly; well let’s explore this for a moment.

While still working, it is fairly simple; you work – that is one stream; your significant other works – that is a second stream. What happens if one of you gets sick, loses their job or for whatever reason is unable to work?  For most of us it is disaster time.  We tend to live to our income + (credit card debt) and need the two incomes to handle these expenses.  Know if we had a third income stream we could pick up some or all of the slack from losing one stream and if we had a fourth or fifth stream we could work to build up the other streams to compensate for the one that was lost.  These financial wise men suggest that the more streams of income the more financially stable we become.  Stay tuned, we will explore some options.