Latest / Maintaining Your Badassness! / What are you going to do if/when you are suddenly let go from your job or be pushed into retirement? Are you going to be prepared for income loss? I'm sharing with you how I was able to retire at age 55 and still live comfortably. Part 1 Job Loss

Transcript

What are you going to do if/when you are suddenly let go from your job or be pushed into retirement? Are you going to be prepared for income loss? I'm sharing with you how I was able to retire at age 55 and still live comfortably. Part 1 Job Loss · Maintaining Your Badassness!

• 0:05
  So you have a chance to retire or You get fired
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  all of a sudden what's your plan now? Have you
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  thought about that Years from now five ten twenty
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  years ago Do you have the financial means to
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  support yourself through inflation, through tariffs,
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  through rising prices, through shrink inflation?
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  There are so many instances where i've been employed
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  and either my co -workers have been let go the
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  same day without warning or some of my co -workers
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  distance co -workers have been fired um all of
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  a sudden like the co -workers that worked in
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  the same government that I've worked in and or
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  we have been scared out of our wits that us too
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  are going to be fired laid off or we have to
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  make the decision whether to take the early buyout
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  take the drp or just stay and take our chances
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  well i was fortunate enough to be given the vera
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  we didn't have the visa unfortunately but our
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  department was given the Vera I hadn't planned
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  on retiring until 2027 that way I'll have enough
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  money saved up in my retirement account where
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  I can just pay off my house and be debt free
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  Well, I chose between staying until 2027, retiring
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  early, or taking the Vera at age 55. I took the
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  Vera because I was ready to retire a year and
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  a half earlier and I was thinking in ways how
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  can I retire hmm I'm 53 how early can I retire
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  because I was so sick of the politics of My current
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  boss at the time When I was a supervisor I thought
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  how can I be tired like I even thought about
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  leaving Going to work for the for the private
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  sector coming back in a couple years and finish
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  out my Year so I can get you know my retirement
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  I applied to other organizations, other government
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  entities like the Army, HUD, but I'm so thankful
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  that I did not get selected because those entities,
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  most of them which I applied to, were independent.
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  And that's why people lost their jobs at a flick
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  of a pen or at a flick of a wrist. Because those
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  agencies were independent. I worked for the Department
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  of Defense. And we were covered. Our jobs were
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  more secure. Let me put it that way. Especially
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  in these times you have to have a plan Whether
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  you're five years away from your retirement projected
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  date 10 years 20 years You need to start planning
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  now see I was fortunate to retire at 55 because
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  I ran a part -time business since 1980 1998 I
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  Became a bridal consultant and Wedding and special
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  event planner Then that's when I started making
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  Body pillows making floor arrangements Anything
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  I can make and sell I would sell it on eBay and
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  we would go to the flea market and just have
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  fun on the weekends like you know getting hundreds
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  of dollars in a few hours and I just kept up
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  my license for all these years whether I would
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  whether I do it one hour a week or 10 hours a
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  week or on the weekends Just kept my license
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  activated because I was making you know how you
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  have to Get a license And pay taxes if you make
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  a certain amount of money a year so it was just
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  my little hobby and it helped because some sometimes
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  after I paid bills I Wouldn't have enough money
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  for food or wouldn't have enough money for gas
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  and those cells cha -ching in the middle of the
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  night in the early morning during the day would
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  cover the food and or the gas cost and I just
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  love hearing that cha -ching sound you know I
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  really don't like anything waking me up in the
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  middle of the night because it's hard for me
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  to go to sleep but that cha -ching That cash
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  register sound oh, yeah, I invite that to wake
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  me up anytime So my my Purpose for this is to
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  help you plan for your future you never know
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  if Your pit business is gone if your company
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  is going on the business. I just saw on a TV
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  this company that's been in the business for
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  decades is going into business and I Think 300
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  people are losing their jobs Like what are these
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  people going to do if they have no backup plan?
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  That's crazy. They're gonna lose insurance The
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  benefits like that's crazy so Start planning
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  now Get a business license in some states a business
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  license is free in my state back then I was I
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  paid $25 for my business license And I started
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  from nothing I Started with a saw machine and
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  about five or ten dollars go buy some Material
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  Joanne fabric when it was in operation Hancock
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  Walmart like You can buy fabric on sale and just
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  start making pillows That's what I did That's
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  what started my business Almost 30 years ago
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  Now that I'm retired I Decide to run my business
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  full -time And yeah, I said I'm not gonna do
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  anything for a whole year I'm gonna sleep for
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  40 days and 40 nights But you know after two
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  or three months I was bored I was like I can't
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  sit around do nothing. That's how I gained weight
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  before like I made my schedule For 10, so I won't
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  work 10 hours a day mainly sitting down, eating
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  snacks. You know, when you work 10 hours, you
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  bring lunch, breakfast, sometimes dinner. And
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  those vending machines are a devil. We had a
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  snack, what do you call it? Snacks to benefit,
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  you know, Events we had I forgot what they call
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  it, but they put snacks in the break room and
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  you Pay your money and get you know, whatever
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  snack you want Little exercise I used to we used
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  to go to the gym a lot back in the day before
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  Colvin a lot of things change after that but
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  I'm running my business full -time alteration
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  Taylor in business and I make Custom clothing
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  pieces for for customers And I do have online
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  stores but Part of me Wanted to get out the house
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  and keep moving Just start moving because when
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  you're Stacking it sitting down watching TV Your
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  health starts to climb even if you are exercising
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  one or two times a week The more you sit The
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  more you suffer And then I've always dreamed
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  about opening my business full -time. And I was
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  fortunate enough to retire young enough and I
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  still had the desire to work outside the home.
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  Not only that It It keeps my brain young I'm
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  always thinking of new stuff and When you have
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  constant creativity in your brain that keeps
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  your whole body young that keeps your mind sharp
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  so during my next segment I'm going to tell you
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  Started my business the steps it took to get
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  a business license You don't have to pay anybody
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  to get a business license the steps it takes
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  to register Your company and Copyright and trademark
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  anything you want Easy peasy It takes a lot of
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  research so you won't Duplicate any other business
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  that has copyrighted anything On their be on
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  their part But it's cheaper than paying an attorney
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  to research for you. They're just researching
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  too. So, go into the Library of Congress, research,
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  hey, does anybody else have this business name?
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  Or does anybody else have this trademark symbol?
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  And if you research, you just fill out the paperwork
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  and register at the NRA. business license in
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  Ohio I Think it might be $50 now. I'm not sure
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  but You can do a long line You can go to the
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  small business center. I'm sure every state Probably
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  mostly cities have one. It's free resources That
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  can guide you to whatever you're looking for
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  regarding starting your own business or Just
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  sustaining your business I Will teach you the
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  steps to write a business plan We can go page
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  by page And I will give you the information that
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  you need to put in your business plan to make
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  it effective for when you want to get a loan.
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  I never have gotten a loan. I never have applied
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  for a loan. That was my goal. I don't need a
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  loan because what I'm doing I can start it from
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  with less than twenty dollars. I already had
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  the saw machine from years ago get that out the
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  closet dust it out hey get some material sign
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  up for eBay you don't have to pay anything upfront
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  unless you want a store so you can choose your
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  own categories and you can you know sort yourself
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  out the way you like it but you can sell on ebay
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  without upfront free up front fee oh say that
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  three times but my next segment we will start
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  from the very beginning and i would teach you
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  how to be self sufficient even if you do have
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  a full -time job be prepared if and when you
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  get laid off you have an option to retire or
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  you're forced to retire till next time have an
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  open mind and think of a business you want to
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  start if you don't already have one in mind.
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  Talk to you soon.