Planning For What Is Next

I was reminded today of the value of thinking and preparing for what happens if your corporate career gets yanked out from under you without much warning. I have a peer at work who I stumbled upon working at his franchise this evening cleaning tables. He has owned a restaurant franchise location for a couple years now, but I didn't realize he was an active participant in its operations.

My initial observation was surprise that I would see my peer at the restaurant cleaning tables after work, but as I reflected on his world I was reminded of what he has that so many of us in the corporate world don't. In a scenario where he is laid off, he has a business that he could shift into and immediately work full time and earn an income to sustain his family.

For most folks the reality is that once laid off that they have to figure out how to market themselves and focus on a job search to try and figure out how they are going to earn an income to sustain their family. For my peer he has already lined up what is next and if the unexpected/unplanned occurs he has a plan to sustain his income.

How many of us have a viable plan for the unexpected? I've got some ideas (like expanding this blog), but I do recognize I don't have a solid gameplan for transitioning into something if I was given notice tomorrow.

Related in Financial Goals:

Financial Freedom Plan - 2015 Update (Apr 30, 2015) I finally sat down to get an updated view of our progress towards our financial freedom plan that I laid out a few years go in terms of asset allocation. Some notes: Our asset allocation to fixed income (interest) will...

Financial Freedom Plan (Aug 25, 2013) Almost two years ago I laid out a plan for the net asset allocation I thought we needed for our financial freedom plan. It was a rough guide for asset allocation that I believe could generate enough income to cover...

2012 Passive Income: Dividends (Jan 27, 2013) Here is a summary of our 2012 dividend income. All this income comes from our taxable stock portfolio that is included in our monthly investment review. All retirement investment holdings are excluded from this dividend income summary. This passive income...

Comments (0)


Post a comment

(Comment moderation enabled.)

About 2millionblog.com

A personal finance weblog of my journey to reach my goal of $2 million + the value of my primary residence.
Current Net Worth: $1,574,185

Sponsors

New Personal Finance Articles




PF Blogs