What if you get fired?

Whenever I can discuss wealth, one of the first questions I like to ask—a question that I have asked myself a million times—what happens if you get fired? What would you do if there is a family emergency that requires you to choose either your job or the caring for a loved one?  Quite often we avoid these questions because we then must face the truth. If you were fired today from a job or career in which your whole livelihood rested upon, you would be a sinking ship waiting to be rescued by another job. Our education has failed many of us in this aspect because we are programmed to have our entire sustenance come from one place…an employer.  We are told to go to college, get good grades, find a great job, and only then would we be transported to this magical place called happiness. They never said, “Hey, don’t forget to invest your money. Don’t forget to exchange your green IOUs for something of real value.” No, that’s not what our educators told us.  Although they were going through the same B.S. we would eventually crawl through, insufficient money, time, or happiness, they should have warned us. So, what if you get fired? I would hope that you saved enough of your funds to get through the next 6 months. I hope you created several streams of income to keep you above water, which could have you walking on dry land again. I hope you were open-minded enough to consider different forms of ventures and enterprises. I hope you never relied on one employer from the beginning. I hope you had a plan for this very scenario.  If not, start planning today because at the end of the day, we are all expendable.  No job or means of employment is safe from the future.  Hell, grab some Bitcoin while you’re at it.

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Since I love to leave value whenever I can, here are a few tips in preparation of losing or walking away from your job:

Be responsive not reactive: Just like how an emergency response team goes through drill after drill to prepare them for the inevitable disaster, so should you. Examine your finances regularly, and create an emergency budget. Have a hierarchy of your expenses—which expenses MUST be paid, and which ones can be delayed. Don’t forget to have those companies contact numbers easily accessible.

Cut your expenses: Most people are living above their means, which means there are a lot of things that you can cut back on. Cut your cable, Netflix, Spotify, and iTunes. All those $9.99 subscriptions add up! Take advantage of sales, stock up on toiletries (whenever you can) and use coupons!!

Be open-minded: As I stated in an earlier, be open-minded in creating new streams of income. I am not telling you to get a second job, no one wants more than one boss! There are tons of financial opportunities and enterprises you can partake in by simply going to networking events. Let people know that you are interested in looking to do other things. If push comes to shove become an Avon lady or man–everybody loves Avon.

Have a separate savings account created for an emergency, particularly a high money market account or something that has a decent interest rate.

Stay with momma: listen, there are many cultures that have generations living in one household. As a matter of fact, there are more Americans between the ages of 18-34 living with parents than there are married couples and on their own. So, I say stay at home if possible! Don’t listen to what your girlfriends or boyfriends say! Stack that money for as long as you can, your financial status will outlive your small social circle and pay dividends in creating financial opportunities and wealth. If you have already moved out, get a roommate or rent a room out. Utilize sites like Airbnb if possible.