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Find out by asking yourself these ten questions
People frequently conclude that a traditional job provides security, but most are still up to their knees with a radical debt load and no savings.
The benefits, the steady paycheck, and the “pseudo” feelings of stability are addicting; they can make a person believe that emergencies won’t happen, and if they do, they’ll be okay because they have a “job.”
Let me be another person to tell you the truth:
Your job is one source of income, and that is all.
You are an at-will employee if you receive a paycheck from an employer.
At any moment, your employer could say “Bye-bye, Charlie,” and if you don’t have any savings, guess what?
You’re SOL.
Quiz: Do I Rely On My Job Too Much
You can’t cover a $500 unexpected expense.
You don’t have a 6–12 month emergency fund.
You don’t have more than one source of income.
You can’t afford your car payment without your job.
You can’t afford your house payment without your job.
You buy things you wouldn’t usually buy if you didn’t have your job.
You can’t afford your debt repayments and expenses without your job.
You are always anticipating your next paycheck because you’re behind.
You spend more than you should monthly, causing you to have a “stable job.”
You’re not investing in your employer 401k cause you believe you can’t afford it.
If you answered yes to 5 or more of these questions, you are most likely dependent on your job, which is a bit too close for comfort.
How To Mitigate Your Dependence On Your Job
There are several ways to eliminate or decrease your financial dependence on your job.
You might already have a few in place, but why not have every single one to bulletproof your financial position?
Consistently invest
Lower your expenses
Start a business or side hustle
Become over-employed (have multiple full-time or part-time jobs)
I don’t believe employers aim to let their employees go and treat them poorly, though many do.
However, the name of the game when you get your paycheck from someone else is risky.
If you have a solid financial dependence on any employer, make the necessary changes today. Not only will it improve your financial disposition, but it will eliminate stress tied to your job and provide you with more freedom.
You might even decide you don’t want to work at your job anymore.
When you’re in charge of your finances, you can be picky with who you choose to work for because you’re not dependent on anyone or anything.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.