How to Preserve Your Income in an Unstable Economy

How to Preserve Your Income in an Unstable Economy

How Can You Maintain an Income in an Unstable Economy?

 

  • Diversify Work
  • Use Credit Cards
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  • Work More Hours
  • Downsize

Answer: Diversify Your Work

The struggling economy isn’t going anywhere, and many Americans are falling victim to both it and a lack of overall preparation. In difficult economic times, employment and gainful income can become a source of contention rather than support. You may lose your job, some of your pay and/or hours as your workplace struggles to stay afloat in the downturn.

Using credit cards, working more hours, and downsizing your life can all help you to survive in the short term, but they won’t help you to preserve your income to begin and can cause even more long term problems. That’s where diversifying your work comes in.

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Pick up or use an existing skill that you can fall back on that doesn’t require actual employment or that allows you to work for yourself. Need ideas? Try odd jobs, freelance web design, landscaping, cleaning houses, making art, or even growing food in the backyard. By doing this, you’ll protect yourself from total income loss if the economy worsens. You should always have at least three or four methods for making money available at all times.

The best case scenario is to turn a hobby into a source of income. The best time to do that is when you’re gainfully employed. Why? Because when you do things because you enjoy them, the quality is always better. Use your full time income to pay the bills and your hobby turned moneymaker for savings. Then, if something does happen that limits your full time income, you can always expand on your side gig.

~To Your Survival!

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