Combat a shaky job market

Statistics from the Department of Labor show that our generation will go through 10-14 jobs before the age of 38. Additionally, 1 out of every 2 people will retain a job for less than 5 years. This further illustrates how insecure jobs really are. Money worries are nothing new, but when you enter a position knowing that you can lose it at any time it heightens the stress. Plan Bs are very important in an economy such as ours. What would happen to you and your family if you couldn’t work due to illness? What would you have to sacrifice if a family member were to fall ill and require an extended stay in the hospital? Would your boss understand that you need 6-8 months to recuperate if you were in an accident? I doubt it. They would thank you for your service and find someone to replace you. After all, the show must go on. 

So to combat this problem, folks get a second job. To me this seems counter-productive. I mean, how can you secure your financial future with a Plan B that is build on insecurity. After all, a second job is just as unstable as a first. Some folks look toward the stock market to invest their savings. A viable choice, but one must have a substantial amount of liquid assets to invest, and chances are if you are struggling from paycheck to paycheck this does not describe you. Others have found another alternative. Tapping into established business systems, young adults are creating real income by developing their own business. Residue income that is generated while the owner is working their Plan A—walk away money; money that will be there in the event of a health emergency, family vacation, or surprise birthday party. I am privileged to work with young adults who are under the age of 25 and well on their way to recession proof financial independence. 

But this is not a system just for the young. All employees should consider a Plan B. What would happen to you if you were laid off tomorrow? Have the budget cuts affected your place of employment? Has down sizing or reorganization touched your life? Do you have a Plan B?