Ideas, Knowledge, and Creating Your Own Wealth

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Posted by The Savvy Retiree on August 2, 2016 in Money Saving Strategies, Personal Finances

Cleo Murphy writing on financial freedom

Many of us grew up with the concept of a job for life. Secure…permanent…pensionable…

The notion came into being somewhere around the 40s.

It’s rapidly on the way out.

During the savage lay-offs that followed the economic downturn in 2008, employers discovered that hiring freelancers when they needed them was more efficient than committing to full-time employees.

Now, it’s being predicted that 40% of Americans will be freelance earners by 2020.

So much for secure…permanent…pensionable…

But is it really such a loss?

Was it ever wise to have all your financial eggs in the basket of one employer?

Was it even fun, that 9-to-5 grind for 40 years?

Author Barbara Winter has been advocating self-employment for years. She proposes having a client base similar to the layout of a shopping mall…four anchor tenants and lots of little boutiques. (She describes them not as multiple income streams but as multiple profit centers.)

The beauty of this idea is that you’re not dependent on any one source of income. What you have is greater freedom…financially speaking.

We’re living in an ideas economy where the opportunities are vast. You can have a number of small projects going at one time.

It’s what social philosopher Charles Handy calls “the portfolio career.”

Now take that concept a step further. What if you also have income from your stock portfolio…a property investment…a passive income from work completed long ago?

Are you starting to feel even more independent?

Nice feeling, isn’t it?

If one source dries up temporarily, you have others to fall back on. No one source dictates whether you have enough money to go on vacation…buy an RV…or start your new homestead.

But there’s one essential element to enjoying this kind of freedom.

Knowledge.

You need good, solid information to know where to invest your money and when.

Image: ©iStock.com/utah778

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