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Downtown Business District

No matter who you like and/or who you voted for, there will be a change at the top leadership position of the free world! That change introduces “uncertainty” into the economy and financial markets, so there will be volatility. There may be job losses in your industry based on new policies. We all must prepare for change, and here are 3 ways:

  1. Beef Up Your Emergency Fund
  2. Create an Additional Stream of Income
  3. Learn the U.S. Tax Code

Beef Up Your Emergency Fund

Try to save money wherever you can. How? Take a look at all of your discretionary spending, which is money you don’t have to spend. For example, you don’t have to buy a coffee everyday. Make your coffee at home using Mr. Coffee 12-Cup Coffeemaker, Black, SK13. Spend $25 on a coffee maker and it will pay for itself in 5 days! I am a huge proponent of taking your lunch to work every single day. For inexpensive lunch ideas, click here. Instead of drinking a soda or fruit punch with your lunch, drink water. Water is healthier and it’s FREE! Taking your lunch and drinking water will easily save $10 per day! That’s $200 per month and $2,400 per year! Your emergency fund should cover at least 6 months of expenses just in case you lose your job or incur unexpected expenses.

Create an Additional Stream of Income

Generate extra monthly income. How? Take a look at your passions and skills.

  1. What are you really good at? What do you love doing? What would you do even if you didn’t get paid for doing it?
  2. Can you provide this product or service to others, and would they pay for it?

If you have elderly or very busy neighbors, they probably need help around the house. They may need help running errands. Think of ways you can make their lives easier, and how much you can charge for that service. You can build a customer base in your own neighborhood! Minimize advertising expenses by using word-of-mouth and old-fashioned flyers! What types of services can earn extra money?

  1. Cut grass
  2. Teach classes in your area of expertise
  3. Cook meals for an elderly neighbor or client
  4. Tutor children or young adults
  5. Run errands for an elderly neighbor or client
  6. Fix computers
  7. Provide transportation to an elderly neighbor or client
  8. Program electronics such as alarm systems, cable or satellite TV, thermostats
  9. Powerwash house siding, decks, and sidewalks for homeowners
  10. Gardening (pull weeds, fertilize grass and plants, prune shrubs)

Learn the U.S. Tax Code

Donald J. Trump is our president, and the Congress (House and Senate) remain controlled by Republicans, so you can believe they will change the U.S. Tax Code to help businesses, large and small! Once you decide what type of product or service you can provide, and get paid for, form a small business. Learn about Schedule C of the U.S. Tax Code. Read it and study it, over and over again. If there are terms you don’t understand, google the terms. Read books such as Start Your Own Business, Sixth Edition: The Only Startup Book You’ll Ever Need. To save money, go to the library and borrow the business books. Make sure the books are no more than 1 – 2 years old because the Affordable Care Act has had a universal impact on the U.S. Tax Code.

To summarize, extra monthly income will help you weather the storm, no matter what policy changes occur when a new president takes office. To learn more about career and business options for folks over 50, click here.

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