What would happen if you lost your job tomorrow? Do you have at least six months of salary in your savings account (and this might not even be enough)? Putting money aside is a great idea, but most people don’t feel they can afford to. If you lose your job, you’ll need to do something to replace the income you’ve lost. And you can begin making money today to put aside.
Your financial advisor suggests you disperse your investments across a portfolio of instruments such as mutual funds, stocks, and bonds to protect your money. Yet, most people have not applied this same logic for diversifying and protecting their income.
Seek Help From Others
Bounce your business ideas off of people you know and respect. And once you begin your business, find a network of solopreneurs who can advise you and whom you can consult with to find new solutions for running your business.
It Takes Time
As terrible as it sounds, you’ll have to give up some of your free time to get your side business up and running.
Just Say Yes
You could say you don’t have time, you don’t have any ideas for a business, or you aren’t cut out to be in business for yourself. Maybe these excuses are true, however, consider the alternative- you lose your job and run out of money.
Read more about why and and what you can do to earn extra income to protect yourself in my On Careers post today.
This is a topic I am pretty passionate about and I’ve written about it before. Here are some posts for more information to help you embrace the concept.
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