What do you see beyond your current income?
How secure is your income?
Following is an extract from the McKinsey Global Institute
“Working nine to five for a single employer bears little resemblance to the way a substantial share of the workforce makes a living today.
Millions of people assemble various income streams and work independently, rather than in structured payroll jobs.”
There is little point if delving into this because if you are reading this, the chances are you already realise
- There is no such thing as job security any more
- There are likely to be substantial periods when you have no income
- You may need to take whatever job you can get to keep income coming in
- You are facing more competition – in many cases this will be global competition
- The 50 years plus age group find it increasingly difficult to find employment
- Those below 25 often report that they have a “full-time job applying for full-time jobs”
- How much income do you earn from money deposited in the bank?
- How long will it take for you to save (after-tax) enough money to acquire enough real estate to produce a comfortable income?
- Will the industry you are currently in exist in 10 years?
- Will you need to spend savings to live in times of unemployment?
- What other alternatives are there?
The post-COVID environment provides the opportunity to see things differently!