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
  • Work More Hours
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  • 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 a source of support. You may lose your job, have your pay cut, or have your hours cut as your place of work struggles to stay alive in the downturn.

Using credit cards, working more hours, and downsizing your life can all help you to survive, should sudden job loss occur, but they won’t help you to preserve your income to begin with. That’s where diversifying your work comes in.

Pick up a 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.

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