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Financial - The Overlooked Key to Preparedness Planning
Manage episode 398271543 series 2987301
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We know disasters, natural and man made. We've seen their impacts, but there is another catastrophic event that is often overlooked and ignored in preparedness discussions - loosing your income. It doesn't matter why, whether it be another pandemic, a fire at the business, an owner's decision to retire, or you were simply not part of the restructuring plan. What do you intend to do when you're fired, how will you earn an income to meet your necessary commitments? That's your responsibility to pay your own bills when you get fired.
We discuss creating a pivot plan, to your next employment, determining the time to be up and running, a safety timeline and leveraging that to decide on the amount of money required for an emergency fund. What will that be? What will you do? What training is required?
Many in the pandemic simply sat around waiting for normalcy to return, some jumped at the opportunity to launch their pivot plan and were incredibly successful. Whatever you intend to do, it's your responsibility to pay your way, so lay it out and be ready, everyone leaves their current employment sometime.
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