This 'health' challenge can be avoided if you know yourself

Well I guess I have wrote a lot abt being the importance of doing maintenance to your physical health. Time to talk more abt another health that most of us are concerned, financial health. This is a 'health' challenge that is easy to overcome compare to health challenges from the physical sense. At least for financial health, it is straight forward, to have enough money or not enough money and usually the solution are two; Take medicines (which are loans) or do maintenance (which is build more income streams).

How come so many people have bought insurance for disability and death?? This is because they thought of what would happen to their family if they lose the ability to work especially if one is the only breadwinner of the family. Now just ask this question. Which has a larger probability of happening? Death/Disability or the dreaded RETRENCHMENT? Now in life, we only experience once Death/Disability at the most (TOUCH WOOD, everyone!) But we may come across 2 or 3 recession in our lifetime. (I just started working and I already experience one and now there are talks of recession again) Not only recession, then we experience retrenchment. Retrenchment may even come out of the blue, esp if the company found a cheaper alternative compare to you. And retrenchment is not restricted to a certain grp of workers. It can affect a range of workers. So think of this qn. If we are prepared for death/disability by buying insurance, how come you have not prepare yourself for retrenchment, loss of jobs which has a higher probability? Right?

Now the next qn to ask would be how can I go abt to get an extra stream of income? Well, you have to ask yourself. This is a qn that you yourself can answer. By mixing your passion with your extra source of income then you are able to build it up as a strong source of income. So ask yourself what would you like to do to generate this source of income. For example, maybe you like photography? Well how abt helping restaurant to help take nice pictures for their menus?
Like reading books? How abt selling book summaries to busy executives? Well the choices are limitless. It is limited to by your imagination only.

Now the key here is to turn your passion into business systems so that you can slowly break off from using time to trade for money into having a system that can generate money for you even if you are not around to work the business. By doing this, you can still have your income stream and have more time to pursue other passions and interest that you have, for example travelling and experience the rich culture and history of the world. Spend more time with family and friends could be another way to use the extra time.

The best thing is, by working on this extra sources of income, you have bought yourself another insurance, an insurance that can help you tie over the situation of losing a job but not the ability to work. And better than the insurance you bought for the event of disability/death, it will benefit you even if the event of losing your job never happens? Who would be unhappy abt having more money in their pockets? If there is such a person, please intro him to me so that I can ask him to empty his cash and put it in my pockets. :P

Think abt it guys. Want that extra source of income or depend on the only source of income which is your job?

Note: I am not asking you to quit your job hor! Do it simultaneously, have a job and work on having an extra source of income.

Cheers!