Last week, we kicked off our “Protect Your Money” series with the first two tips to help you protect your money. If you missed that discussion, check it out here . As promised, read on for the next two tips.
Protect your money tip #3: Secure your income
I realize that no one is completely immune from job cuts, but rather than throwing caution to the wind and hoping you don’t lose your job, you can take a few job protection precautions to help protect your money. Here are a few Do’s and Don’ts for today’s market:
- Do your homework on your current employer. You should be able to uncover enough information to learn whether they’re stable enough to keep funding your paycheck in the weeks and months to come.
- Don’t slack off. Honestly, now is the time to work harder than ever to prove your worth to the company. When the higher ups start looking for ways to cut expenses, you don’t want the spotlight to shine on you offering a less-than-stellar (read: easily expendable) job performance.
- Do avoid unnecessary job changes, which can lead to instability. Plus, you don’t want to be the low man (or woman) on the totem pole when the boss comes around with pink slips.
Of course, nothing can guarantee job protection in this day and age. If you’re looking to protect your money, you might want to consider joining the ranks of many savvy investors who’ve made the leap to business ownership. Sure, entrepreneurship is risky, but once you put in a strong initial effort and begin establishing yourself, you’ll find that your chances of surviving – and thriving – are much higher than those in high-paying positions working for others.
I’m not saying that you should quit your job to start a business; rather, now is the time to start a business on the side of your full-time job so it can be your cushion in case times get rough.
The bottom line is that you want to do everything in your power to protect your money and your family’s financial future.
Protect your money tip #4: Keep a roof over your head
How you do this will vary according to your specific needs. After a close look at your finances, you might decide to sell your home and rent a smaller home or apartment for less money, or you may choose to fight to stay in your current home. Either way, you’ll need to make sure that your family has a roof over their heads, no matter what happens.
Keep in mind that lenders are more willing than ever before to work with their customers on acceptable payment plans. So before you call it quits on your home, at least try to talk to the lender to see if they can help you stay in your home, perhaps with smaller monthly payments for a short period of time. They would much rather receive some sort of monthly payment than watch you walk away from your home, leaving them with yet another toxic debt. The point is that you never know until you ask!
Check back next week for more tips to protect your money.
Have a question or comment? Please feel free to contact me today!