The biggest & most important asset your family has right now is the ability to earn income. It’s also a highly concentrated asset. 😬
How to mitigate that risk?
1. Have an emergency fund at the ready
2. Consider long term disability insurance
3. Create MULTIPLE STREAMS OF INCOME.
Whether that’s a small side hustle, second job, small business, or other industry credentials/certifications that you keep up, it all adds up and helps!
This is how we’re setting up multiple streams of income (despite having one full time breadwinner - which is not me!):
➕Husband full time job
➕Me: part time financial planning services (remotely!)
➕Me: Small business on Amazon @bradshawandpalmer
➕Renting out our cabin on @Airbnb
➕Me: courses and books on personal finance via @plan.bay
Don’t think your small idea is unimportant because it isn’t to the same scale as a full time job. It 👏🏻ALL 👏🏻ADDS 👏🏻 UP 💪🏻