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The Need to Protect Your Income

The issue of income protection has been in everybody’s mind for long, especially in tough times. It is obvious that people always looking for a form of save haven for their hard-earned money.

A question that often being raised is, “if anything happened to me, will my family or others that depend on me be able to survive?”

Nobody can deny that sometimes we forget about what is best, not only for us, but also for our loved ones. Some people has a motto of ‘work hard, play hard.’ Even though everybody’s life is his/her own to decide, people often forget the priorities in life. People need to secure the fruit of their labour first, then ‘play hard’ on the remaining, later on.

Sadly, people do love tarrying – ‘I will do it tomorrow’ seems to be the norm in society. People realise their true priorities after misfortunes or unfortunate events happen – bankruptcy, downsized, disability, sickness and even death. Then, people start panicking and taking any advices they can get from, that unfortunately, not always the best advices you should receive.

Consider the following statement about protecting your income.

…a recent survey …found that 25 per cent of Americans are worried about losing their jobs within the next six to 12 months because of weakening economic conditions, while 28 per cent are concerned about losing their income because of an accident or illness that would make them unable to work. The study also revealed that 41% of employees with 401(k) or similar retirement accounts would be willing to borrow from such accounts to cover lost income.

The survey does describe the economy outlook today, and people do have all their right to be worried. A form of income protection, such as income protection insurance, is needed to minimise your worry and turn your energy to seek other income alternatives, such as starting out businesses, instead.

I would like to recommend you to start protecting your income and your asset more sooner than latter, and set a plan of action to be implemented for, at least, 6 months period. This will create a physical and psychological safety net that let you prepare for the worst.

If you looking for ways to protect your income, look to the people you trust or income protection specialists for advices. A word of advice, though – always look for a second opinion. Do your homework, and doing the right thing will eventually ‘save’ yourself and your loved ones.

Again, stop worrying and start acting today, before you regret that it is all too late.

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