When times are tight and a job is not paying you on time or at all, having a supplemental income source standing by or already in the works is the best option, especially if the company you are working for must close its doors unexpectedly due to a death, illness, owner arrest or investigation that puts company activities on hold for several months.
It’s also a good idea to have supplemental income in case of emergencies to fill up your frameworks – insurances, CD’s, money markets, savings accounts, etc. It’s a good idea to have at least 6 months of an emergency fund available. Having at least one year of savings in an investment plan is better. Having an extra $500 a day from your supplemental income, even per week helps with filling these frameworks. It is also a good idea to have cash on hand - $1,000-$3,000 in your safety deposit box just in case you cannot access your accounts.
It's always important to have a backup plan, as life changing circumstances can cause disruption in a day, even in a few hours. Now you have to suddenly make different plans, and a complete reversal of the plans you made for that week, month or even year. Your go-to-default supplemental income source is? You are making profit from what? It needs to be verifiable and there needs to be receipts. If you don’t have supplemental income, what will you do - take on a couple part time jobs on weekends and evenings?
PC: ariya J
