Insuring a Future Income

  10/21/2021

Retirement seems like a taboo topic. Most of us are uncomfortable with the idea of saving for older years. In the 19th century, Otto von Bismarck announced that anyone over 65 should retire and the state would take care of them. Now things and times have changed: you can work for yourself, negotiate the terms of your salary, or stop payments toward your pension. 

Today, saving for your future self is more critical than ever. What if you get sick, burnt out, or injured? How will you support yourself in these moments without savings or an income?

George Clason, the author of Richest Man in Babylon, foresaw this predicament. His advice is to set up a system to earn later in life. The beauty of today's world is that opportunities exist to gain future wealth - like royalties, rent, and stocks - to name a few. You can create a system to generate income in your golden years.

The harsh reality is many businesses age discriminate when hiring. After 65, it's more difficult to find work and you'll need a way to take care of yourself and your expenses. If you're reading this now, it's not too late to grow your retirement fund. Plan ahead, create a business, write a book, buy stocks or rent apartments. Every single dollar counts when securing funds for your future.

You can read more of what George Clason says about securing a financial future in The Richest Man in Babylon.

This article is part of our Business Coaching blog seriesAt Dataczar we talk to a lot of small businesses. We’ve found a few books that we keep recommending time and again. To better help our customers, we’ve added a Reading List for Small Businesses to our website. We encourage every small business owner to read and keep these timeless business books on their office shelf.