No one wants to experience a loss of income. Depending on how much you earn and how much you lose, it could mean that you end up struggling financially or it could just mean a hit to your savings. However it affects you, it’s better to prevent it if you can.
All kinds of things could affect your income, from being unable to work to having an investment go wrong. If you want to avoid losing money, it’s best to be prepared for any situation. You can prepare for almost anything, even situations completely out of your control. Here are some things you can do to protect yourself.
1. Know Your Employment Rights under the Law
It’s always smart to know what your rights are when you’re employed. You should know they ways the law protects you, and the ways the law doesn’t protect you, so that you can prepare for any situations when it might not be on your side.
For example, in most states in the US, you can be fired for almost any reason at all. However, there are protections for employees to prevent discrimination on the basis of gender, race, and other factors. As well as knowing the general law, you should check your employment contract to see what protections it might offer you.
2. Choose Supportive Employers
Everyone knows that there are good employers and others that aren’t so good. You don’t always have a great choice between employers, but when you are able to be more selective, it’s worth looking for an employer who takes care of their employees.
Many employers recognize the value in treating their employees well and offering them various protections or allowances. For example, you might look for an employer that offers flexible working hours, which can be useful if you’re a parent. You should also look for an employer that offers disability insurance, which can protect you in the long-term if you become disabled.
3. Understand What to Do After an Injury at Work
Your employer needs to have worker’s compensation insurance, which protects both you and them if you are injured at work. It’s important to know how this helps you and what you should do after a work injury.
Worker’s compensation helps you to recover the financial loss an injury might have caused. If the insurer doesn’t come through, you can get in touch with a firm like mcmahanlawfirm.com today and take legal action. If you sue the insurance provider, you’re not suing your employer, and you shouldn’t lose your job. Suing can help you avoid losing income due to your injury.
3. Stay Healthy to Avoid Sick Days
It’s impossible to completely avoid ever getting ill. We all catch coughs and colds, and common illnesses like the flu or stomach viruses can hit us hard too. Even if you live a very healthy lifestyle, an illness can always come out of nowhere, whether it affects you for just a few days or for months or even years.
However, staying healthy can make getting ill less likely. You can support your immune system and avoid behaviors that could cause serious or chronic illnesses. For example, not smoking can help you avoid long-term diseases like cancer and heart disease. Eating a healthy diet may help you avoid diabetes. In the short term, a balanced diet can boost your immune system and help you fight short-term illnesses like colds and the flu.
4. Make Childcare Arrangements in Advance
Juggling work and being a parent is tough. Even when your child is at school all day, and perhaps even at an after-school program after, there are unexpected things that can happen. If your child is ill or injured or their school unexpectedly closes for the day, you need to make other arrangements. Having a supportive employer can help with this, but it’s also useful to try and make plans before anything happens. Know who could look after your child if they can’t go to school so you don’t have to take a last-minute day off.
5. Always Be Prepared to Look for Work
Losing your job can be devastating, but it’s often unavoidable. If you’re going to be out of work, you don’t want to be for long. That’s why it’s a good idea to always be prepared to look for a new job. Even if you feel secure in your current position, you never know when things might change.
If you want to be ready to find a new job as soon as possible, keep your resume up to date. Continue working on your professional development, even when it’s not necessary for your current role. And maintain a network of professional contacts so that you can reach out to people for advice, recommendations and tip-offs about jobs.
6. Manage Investments Carefully
Investments are another form of income that can benefit you both now and in the future. But if an investment goes wrong, it could upset your financial plans. It’s especially annoying if an investment is paying out a regular income that you’ve been using for daily expenses.
It’s always important to be cautious with investments, but it’s especially wise not to rely on them as a main source of income. If you only have a few investments, one of them going wrong could have a huge effect on your budget. Manage your risk carefully by hiring a wealth adviser, and it will help you avoid any real disasters. Investing is a good way to increase your income, but only if you get it right.
If you want to protect yourself against a loss of income, you need to be prepared. If you’re prepared for anything, it will be less of an impact if something unexpected happens.