Tuesday, October 9, 2012

How to Get Rich - Secure Your Main Income Stream

Are you worried about losing your job ?

Are you worried about what will happen if you are unable to pay your bills ?

If you are, you are not alone ! This is one of the top financial concerns of individuals today !

Your Main Income Stream

Chances are if you are like most people, your job is your main source of income that you rely on to pay your bills and have a little fun. The reality is, even if you take the necessary steps to become wealth, you are going to need a job for quite some time yet. This means that you had better enjoy what you are doing and take the necessary steps to protect your income.

Enjoy Your Work

Many people I have talked to hate their jobs. My advise for them is to find a job or career that they can actually enjoy or at least not absolutely hate. This will not only make their life much more tolerable, but they could actually be seen by others to actually like what they are doing. This could create interest by their current boss and actually lead to advancements etc. Grumpy employees generally do not get very far.

It is therefore in your best interest to be liked by your superiors and may prevent you from being the first one to be laid off if tough times are ahead. If you don't like what you are doing, find something you would like to do. Life is too short not to.

Add Value to Yourself

Your goal in any job or career should be to position yourself to be the last one to be laid off. In order to do this, you must give your employer a reason not to consider you for a layoff. If you can work towards being the most valuable employee in the organization, this will certainly help. Be the best at customer relations. Be the most punctual and reliable employee. Do a little more than what is required. Etc. etc. You get the idea !

Adding value to yourself will also make it easier to get a good recommendation some day if needed for another job or career position. This is basically your best insurance from a life of poverty.

Be Prepared for the Worst 

Even doing all of the above does not guarantee you will not someday be the victim of a layoff. Many things can happen that are totally out of your control. A company could go bankrupt. Governments could change policies that eliminate your job. Etc. etc. You therefore need a financial buffer to help through a potential layoff.

Many call it an emergency fund. Today, I call it a survival fund. I recommend saving an amount equal to three to six months of your committed expenses. Keep this amount somewhere where you can't easily get at it such as a savings account with no bank card access.

By following the above suggestions you should be able to prepare yourself as much as reasonably possible for  a possible disruption to your main income stream. Nobody knows for sure what the future will bring, but we can take steps today to help limit the damage should trouble arise.

As always I welcome your comments and suggestions for future topics.


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