If You Lost Your Job, Do You Have a Backup Plan?

If there is one thing that most of us stress about, it is the fear of losing our jobs, because this in turn would mean that we will not be able to afford the current lifestyle we are living. Sometimes, it is easy to find a new job, but there are also times when it becomes almost impossible to find a job, and this is where life can become even more stressful. But do we really have to be in this situation? If you lost your job, do you have a backup plan? This is what we really should be thinking, as it is far more constructive than worrying.

Ultimately, every one of us has the possibility of losing our jobs, and in fact, the same goes for those who own businesses. In other words, whether you own a business or work for someone, there is a chance that you will be in a situation where your business goes bankrupt or your boss lets you go, so worrying about it is not going to solve anything, because if it happens, it happens. You see, whether you worry about it or not, you will still be out of funds, which means that things will go downhill. So, the best approach is to utilize the time you spend worrying to rather find a backup plan. In fact, you will see this type of mindset used a lot amongst investors. The idea is that you should diversify, because putting all your eggs into one basket will only put you at risk of losing all of those eggs if the basket happens to drop.

By diversifying your sources of income, you are in turn minimizing the risk of having no funds if one particular source dries out. That source can be stocks that you purchased in a company, your day job, or the extra night job that you took to make ends meet. If you look at most successful people, they do not only have one source, because they understand just how dangerous this way of living can be. So, always ask yourself this: If you lost your job, do you have a backup plan? You can even take this question further; how many backup plans do you have?

It all starts with the type of mindset you have. If you are living to simply survive, then you will find that it becomes difficult to think constructively, because you will see yourself as a person that is unable to live life according to your own rules. You become a machine of someone else, and in fact, that someone else is utilizing you as one of their backup sources. A better mindset would be to always want more, and to believe that you deserve having more just like anyone else. This approach will allow you to find as many ways as possible to ensure that you do not only become financially successful, but that you will have multiple backup sources to ensure that you never do run out of funds at any point in your life.

Written by Andy Pitt

July 29, 2011