In my article, “10 Things To Do With Your Money After Leaving Your Job,” I mention in strategy #10 the following excerpt:
Strategy #10: Prepare For Your Next Job Loss
As weird as it sounds, losing income or leaving income is one of the primary inspirations behind why I save and invest so much. I never want to be dependent on one income source.
If I lose or let go of one income source, I want multiple backups and savings to safeguard me from financial stress and strain.
Job losses are inevitable if you work for someone else. Don’t get surprised when job losses happen. Just graciously accept the opportunity, and move forward.
Job Security Is Fluke, But We’re Still Blindsided
There is no such thing as job security. There is such a thing as pseudo-job security, though. We all want to believe that our employers have our best intentions and never let us go.
Whether you do a good job or a bad job, there is no guarantee that you will keep your job for years to come. I’ve seen even the best employees get walked out.
That anxiety you often feel on your job isn’t only imposter syndrome, it’s your mind hoping that you’re doing everything right, so you get a good review, and can keep your job long enough until you find the courage to find a better one.
Most people have lost or left a job at some point. Yet, most people still don’t prepare for these moments. We put all of our eggs into one basket and believe that our jobs will be around forever as long as we want to keep it there.
Let’s all stop telling ourselves these lies.
3 Things To Always Have In Place At Traditional Jobs
Some of the items below might seem unrealistic because 85% or more of people hold some type of debt, but if you want to stay living off the edge, carrying zero debt will put you there.
Here are the three things you should have in place if you decide to work a traditional job. Not only will you be financially independent of an employer, but you will also have plenty of space to think clearly and make your next move with a clear strategy.
- Zero debt
- Multiple income sources
- One-year emergency fund
To Wrap It Up
Traditional jobs will never ever provide financial stability, but they do offer you the opportunity to create financial stability through the income they offer.
To ensure you are always ahead of a potential loss of income implement the following three strategies:
- Carry no debt (including mortgage and car notes).
- Maintain multiple income sources that are up and running.
- Build and never touch your one-year emergency fund; this will make you financially built-proof.
One last thing, keep your expenses low. Whenever I increased my income, I invested more, not less. I also kept my housing and transportation (the two biggest expenses) extremely low.
Get free eBooks from me daily on Amazon. Access all Medium articles here.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
Subscribe to DDIntel Here.
Visit our website here: https://www.datadriveninvestor.com
Apply code: DDI2020 for a 30% OFF for Black Friday SALE.