HAVE YOU INSURED YOUR INCOME?

You insured your house, your car, your health, your belongings…….however, have you insured your income?

Many of us are heavily dependent on a single source of income – income from our profession [if you are lucky, perhaps, a second source too as your spouse is also working]. Man, that living on the edge!

Consider this: what will happen if you lose your primary source of income – either due to retrenchment, business failure, illness, personal injury [from an accident]. What is that going to do to your finances? How is that going to impact you and your family? What about your children’s’ college education, your retirement plans, your continuing ability to service your mortgage payments and insurance premiums? Scary isn’t it?

Not to worry – there’s always hope. You can always take up an insurance policy to cover the loss of income – that is, if such policies are offered in your country. Whether this option is available or not, you should consider diversifying your sources of income when you are still sailing in calm waters.

Consider learning a new skill or a new trade, or taking up a hobby with commercial potential. Better still, start creating new streams of income on part-time. The wonderful part of this is you are doing something useful during your leisure without pressure. Even if it doesn’t amount to much in monetary terms, you’re building up a position which you can leverage on if misfortune does occur [Needless to say, if you become wildly successful with your part-time endeavor, you have now added options!].

All of us wish all will be well and remain well; but we can never tell. So, why not utilize your leisure time for something productive or potentially useful?