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Quit the one-income bullsh*t
3 Quick Stories About Income Loss
1. A fellow I met yesterday told me he got laid off from his job, but at least he had uber to bring in some extra cash while he applied for jobs.
Gig economy work is valuable when you lose a job.
2. A woman told me she lost her job due to her company going out of business. She isn’t working or applying to jobs, though, because she has savings.
Since she has savings, she can coast through the holidays without immediately considering replacing her income.
Emergency funds will save the day financially every single time.
3. A friend of mine loses jobs quite frequently, but it never phases them because they maintain multiple jobs at all times.
Always have a backup income source.
One Income Is Setting Yourself Up For Failure
I’ve never believed in having one income source – even as a kid. If I wasn’t bringing in enough cash flow from teaching music, I created income from selling online, having a part-time gig, tutoring, or freelancing.
There is no such thing as safety in the number one. There is safety in more than one, though.
Live Financially Immune To Economic Changes
You’ve most likely heard about all of the recent job losses around the globe due to the “recession” and “economy.”
Changes in the economy should never affect you. I repeat: changes in the economy should never affect you.
By this statement, I mean you should never be so negatively impacted by economic changes that you suffer financially.
Yes, your income may change, but it doesn’t affect your lifestyle because you have made yourself bulletproof.
10 Ways To Stay Immune To Economic Changes
Consistently decrease your cost of living.
Keep your expenses less than the income you produce. Check lifestyle inflation and nip it in the bud early.
Always explore different investment avenues (e.g., stocks, private equity, real estate, cryptocurrency).
Buy and hold your investments long-term. Don’t be too concerned with market drops and increases. Focus on consistently investing in the markets.
Rethink your purchases. Some of us don’t realize how much we spend on unplanned purchases. Before you buy, think for a few days to ensure the purchase makes sense and that you genuinely desire the item.
Don’t become consumed with how others are living their lives. Remember, most people are broke and can’t afford the stuff they’re showing off. It’s pointless with nothing to be gained (but to each their own). Avoid getting caught up with the Joneses if you want to be more economically bullet-proof.
Keep driving your car. Unless you’re rolling in the dough and have a lot of financial freedom, there is no purpose in getting new cars every couple of years. Be grateful for the one you have; cherish it, love it, care for it, and take pride in it.
Always keep in mind what less looks like for you. You create an abundant lifestyle when you desire less and live with less. Less is more.
Stay in tune with what’s happening worldwide, but don’t follow it. If you look at the news daily, you will notice negative trends, ideas, events, and scare tactics that will negatively infiltrate your mind into believing whatever the media wants you to believe. Take a break from the news. If you can help it, keep yourself distant.
Develop and instill a positive and abundant mentality about money.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.