What Would Happen If You Were To Lose Your Job?

 

"The best preparation for tomorrow is doing your best today."- H. Jackson Brown Jr.,

What would  you do if you were to lose your job? It is a possibility. We are living in a world of uncertainties. You never know what is going to happen the next moment or tomorrow.

The best preparation for tomorrow is doing your best now. The best thing to do now to guarantee your financial future is to start to invest now.

The best place to start that investment is creating a space in your personal budget for savings. Then invest a significant portion of that savings in profitable ventures. 

So how do you save? But before that it is important to set aside a certain percentage of your income to cover;

1. A variable  life insurance policy. This policy is a combination of a death protection benefit and savings. The savings could be invested in stocks, mutual funds and bonds. With this policy, care must be taken so as not to lose your investment and erode your death benefit. You could avoid this situation by either setting a minimum level (a floor) to your death benefit  or you take the variable-universal life policy which gives you the room to adjust the premiums and death benefit.

2. Your nestegg/Retirement Account. In case you don't have a regular job, you must contribute a substantial portion of your income to a retirement account. Doing this and having high financial discipline to stay committed would boost your long term financial goal.

Now where should you put a portion of your saved income as a buffer against a sudden job lost?

1. Invest in Bonds,

2. Invest in Mtual Funds,

3. Invest in Stocks,

4. Invest in Real Estate,

5. Invest in Gold and

6. Invest in continuous learning.

Investment is a risky business. You must have love for what you wish to invest in and you must have an above average knowledge of what you want to invest in. It is always safer and better to seek the services of an investment advisor (a stock broker)