Whether you are running a business or working for a company, it’s always important to think about the worst-case scenarios. What changes to your life are going to hit you the hardest? Can you prepare for them and can you put an effective safety net in place? While it might not seem like it, some of the worst things in life that can hit your finances can be effectively prepared for. So, let’s take a look at the right way to do this and ensure that you are not left shell shocked if the worst does happen.
Unemployment
A lot of employees are currently furloughed and while right now, 80% of the wages are being paid, this isn’t going to last forever. This is a stopgap that the country can’t afford indefinitely. It’s also fair to say that most businesses won’t survive if the lockdown lasts until the end of the year and that’s an issue. Particularly for employees who will soon find themselves fighting on a very competitive job market. So, how do you prepare for unemployment? Well, first, you make sure that your resume is ready to go as soon as you are hit with this news. This means that you should be regularly updating and improving it. Free resume templates are a great place to start because it will mean that your resume looks professional.
Next, you need to make sure that you are always job hunting. Even when you feel secure in your current position, it’s a good idea to be aware of what else is on the market. You might be able to make a switch before the worst happens and that can put you in a far stronger position.
Illness
There’s no way to know for certain whether you are going to be hit hard by illness. There’s no way to even know whether you are going to get it. It’s estimated 20% of the UK population won’t get the coronavirus but we don’t know who these people are going to be. We can make educated guesses it’s probably individuals who work from home, but that’s not necessarily the case. Illness can stop you from working and if you’re self-employed, that’s an issue. You won’t be able to claim sick leave or compensation. What you can do is look at insurance options. This means that for a small payment each month you can make sure that you do get a substantial payout if you are unable to work.
Cybertheft
Finally, this is going to be particularly important if you’re running a business. But it could hit your personal finances too. Cybertheft is becoming far more common on the market. It’s important to be prepared for this possibility by making sure that you have the latest security measures in place. A lot of home businesses make the mistake of skipping this step. Don’t fall into that trap. You could still be hit and targetted, regardless of how well known your brand is.
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