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How To Protect Your Life from a Job Loss

The start of the year gives people a fresh start.  In many countries, it is when they start the school year. In many companies, it is when they start hiring new people.  However, with the implications of Brexit, new administrations in different parts of the world and shifting of power to China, these are all contributing to the uncertainties of global economy. 

Everyday, there are many job losses, retrenchment and layoffs of tenured poor employees are happening in different parts of the world.  Moreso, in our own very country where foreign investors is one of our major source of job.

If you think that because you have been working in the same company for decades, you are secured of the monthly salary for the years to come, think again.  Job tenurity rarely exist for the last decade if you haven’t noticed yet.  And because you are aging year after year, people’s lives are left in hope that they won't lose the job that feeds them and their family, even the face of unemployment is always at the bay staring at them.



To income loss proof our life, we have to think long-term.   But whether you want to believe it or not, there are certain goals or tasks that give the best chance of success in the long term. None of these have to be done immediately. I'm talking over time. 

1. Open different accounts for different purpose (e.g. house fund, travel fund, educational fund, retirement, investment, insurance, etc.)

2. Get A Life Insurance (e.g. term, traditional, vul). Read if you really need insurance.

3. Save up for emergency fund. Read how your 500 pesos matters.

4. Set up automatic monthly deposits from your income account

5. Subscribe to my daily emails (good job, you already have)

6. Read The Rich Dad, Poor Dad (to wake up your senses)


8. Take the plunge, start investing (e.g. mutual fund, uitf, stocks, forex, real estate, etc.). Read the 5 things to do before investing.

9. Read and learn more about your preferred investment

10. Profit...passively


Conclusion:
There is no type of saving that will give you instant money. There are no kind of investments that will make you rich overnight.  Time is your best alley, whatever age you are at now.  Thinking long-term starts today because the longer you wait, the longer it takes for you to leave the non-secured corporate world.  

After all, no employee become rich.

1 comment:

  1. Thanks for such an awakening article. It's high time to remind myself again about this. Please keep posting.

    ReplyDelete