Get Your Secret Escape Plan Organised

I think it is essential to have a financial fall-back position with a plan B – just in case.

A report I read this week predicted new entrants to the working world could expect to have 17 different jobs in their lives. The recommendation was that schools should teach pupils the ability to accept change and how to cope. Whether this will be the case only time will tell - but I certainly agree the idea of having jobs for life will be a thing of the past and everyone can expect to have at least a small number of job changes in their life.

This got me thinking further. The truth is the majority of job changes are enforced and the workers don’t have much say in the matter.

• This could be through the takeover of a business.

• It could be due to economic downturns and workers laid off.

• It could be a company going out of business because it is no longer viable. How many video shops and photo developers do you see on street corners these days?

• There could also be changes because you get a new boss that you can’t stand or the job loses its appeal. So you would like to move on.

Now these are actual threats to your financial security – and possibly your state of mind. Sometimes it may be easy to move on to another job. But what if it takes time and your emergency fund is running out?

You do have an emergency fund don’t you?

You might be forced to move to another part of the country – away from friends and family.

Or your age is catching up with you and you are no longer as marketable.

If you had a side income (or multiple incomes) it would give you that breathing space and lose all anxiety. Who knows – it might even become your full-time occupation allowing you to live on your terms?

‘But I haven’t got the time’ I hear you cry. I work hard enough already and it would be impossible to take on another job.

What if it were from a passive income or multiple passive incomes? An income while you sleep or are working at your day job? With little involvement from you?

There are actually many ways in which you can enjoy passive incomes.

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