What would you do if you lost your job tomorrow?

I was at a wealth creation seminar several years ago when the presenter on stage announced that most of us are only 3 paycheques away from bankruptcy. I thought “What? NO way!”.

But when I thought about it, I realised that if all of a sudden I stopped getting paid, I would eventually run out of money like he said. But of course I knew my job was safe…

And that’s what most people think – they’ve been working for the same employer for many years, and they feel safe. That is, until they’re told the company they’re working for has run out of money and is shutting its doors.

This is happening all too often right now. Companies are still feeling the pinch of the global financial crisis and while some have managed to last this long, they’re only hanging by a string. Soon enough, they may have to close their doors too, just like many others.

I live in Brisbane, Australia and in the past if you’ve been lucky enough to secure a government job (parden the “secure” pun), you’re set for life. But no more. They’re in the process of letting thousands upon thousands of people go, with several thousand already gone.

What do these people do? With thousands of people suddenly in the market for a new job, there’s now a lot more competition out there!

So what would you do if you lost your job tomorrow? What if there were no other jobs available?

What’s happening now is one of the reasons why I’m working on setting up an income in addition to my “real job”. This is because my job may not be there tomorrow, next week, or maybe even next year. I MUST have a backup plan in place!

So what is your backup plan? And what should a good backup plan look like?

Here are some ideas to get you thinking:

  • It must be “GFC-safe”. For example, your new business should not be affected by events such as the GFC, so you need to find something that will generate income, by providing something that consumers use, regardless of the state of their finances.
  • It must generate you a recurring income – your bank account is topped up every single month – and not necessarily due to your own hard work!
  • It must be low risk or risk free – If you’re facing losing your job, the last thing you want is to risk even more, right?
  • It must be inexpensive to get started – I’m sure if you’re reading this that you don’t necessarily have thousands of dollars to invest in setting up your own business – and the more you invest, the higher the risk, right?
  • It must be something that allows you to invest in your own business, just by changing the way you’ve been doing things for years.
  • It must be simple to do – something that has been proven successful before (again to reduce risk).

I’m already involved in such a business and I know many people who have achieved ultimate financial freedom by doing what I am doing now. So many people have been able to quit their jobs because of this business, and many with no experience or specific skills at all – you’re taught all of that.

Want to know more? Then please Contact Me and ask me about it (no matter where you live, this might be for you). :)

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