Do you have a Plan B?
What will you do if your current income source disappears?
I have never really worried about having a so called Plan B. I have always had a job with some source of income. However, I have always had to work hard for it.
I have no issues working hard, but as I get older and time gets shorter; and honestly since I became a mother, I’ve started to feel like I’d much rather work short and smart than long and hard.
And, needless to say, I still want to make at least the same amount of money I make now, if not more. The importance of money takes a whole new meaning when you have children.
How do I build a life that allows me to do that?
Covid has taught us that our world can change completely from one day to another and any certainty we had attached to it can be destroyed overnight. Although I feel immense gratitude to have kept my job through the pandemic, I cannot deny that it did make me think about what I would do if I lost my job. What is my Plan B?
Everything seems unlikely until it happens.
I used to always know with conviction that, with the will to work, I will always find a job. However, now being older and wiser, my thoughts go a layer deeper. Sure, I will find another job, but do I want to find another job?
I work for a great organization that looks after its employees. I have been there for 8 years already and am super grateful for it. We are undergoing a restructuring now, which again brings up the pertinent question: In case there are redundancies, and if I don’t want to look for another job, yet work in something I enjoy and make money, what is my Plan B?
Whether it’s starting your own business, or having a side-hustle, or investing in assets that will give returns; contingency plans that you can fall back on are 100% required. A contingency plan that will give you the liberty to work out your next steps without putting undue pressure on you. That will allow you to thrive, whether you have a job or not.
Passive Income Generators (PIGS). Investing in stocks, crypto, NFTs, digital gold, real estate, life insurance, startups. Participating in the digital economy where everything can be done online. Being part of the creator economy - we all have something we can create.
We need to be able to use our skills to diversify our income sources so that we are not dependent on any one source.
With that kind of financial freedom where money is always trickling in, comes time freedom. The ultimate goal of Plan B, C, D, E, F…. to build a life that gives you the freedom of time. The freedom to choose how you use every minute of your time, without compromising on your quality of life as you desire it to be.
Time. I feel like I have zero of it. And that it’s escaping me every day between work, a blur of errands, and putting my kids to bed.
I recently came across the concept of collapsing time, which is fascinating. I haven’t gotten my head around it yet, but once I do, I will share what I understand.
I turn 42 early next year. Before I know it, I will be 60. Our time is truly finite.
My husband is way ahead of me when it comes to thinking about contingency plans. Until I became a mum, I really didn’t care about this stuff. But now, we both feel that we need to work out a way to have more free time, while still making the same or more money than we do now, without being dependent on a job. So that we can take the time we want to, to play with our kids. To do our hobbies. To travel. To follow our curiosities. To get away from the daily grind, and find our big magic. To give back.
Do you have a Plan B? If so, what is it? Would love to hear from you.