What if I lose my Job?

When confronted with an important decision, a knee-jerk reaction is to worry about losing your job. It’s the “worst case scenario”. The rational approach is to sit down and consider the likelihood of you or your partner becoming permanently unemployed.

For argument’s sake, say you lose your job. Review your experience and skills in relation to the job market. Project how long you are likely to be unemployed. Be resourceful. Examine alternative occupations. It is comforting to know that the current unemployment rate is about the lowest that it’s ever been. It’s unlikely that you would remain unemployed for long. Even if that meant moving to one the States experiencing the greatest shortage of skilled labour i.e. Western Australia and Queensland.

There are no absolute certainties. And while this worst case scenario appears unlikely, this is why the careful investor puts away spare cash regularly to buffer the effects of such misfortune. You might consider income insurance. There are a variety of policies on the market. An extra account or income insurance leaves you free to take your time and find the job you really want.

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