Lost Income Replacement

[Note: As of today, I am starting to share posts from my LinkedIn company page, A Successful Career, on my website blog. These posts will not follow the blog format. Generally speaking, they might also be somewhat shorter than the blog posts. Occasionally I will add a bit of text to what originally appeared on LinkedIn.]

HOW DO WE REPLACE LOST INCOME WHEN TIMES GET TOUGH?

I’m not a farmer–for which I should thank my lucky stars. However, I’m know the food I eat depends on those people and they’re experiencing very tough times these days. (See below.)

If I encounter a business slowdown, I might struggle for a bit, until things pick up again. However, I also have some support behind me that can help me over the slow patches. Our farmers don’t have that, for the most part. My heart goes out to them, and I pray they begin to see a brighter future soon.

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“Since trade tensions began in 2018, farmers have faced major financial challenges, since China was once a major U.S. agriculture buyer. And losing customers has become a major issue…. ‘All these countries went to different countries to get their grain,’ Nuylen said. ‘How are we going to get the relations back with them to buy our grain again and be our customers?'”

https://lnkd.in/e3Vz7Ps

P.S. What would you do if the income from your job, career, or business suddenly dried up or at least dropped substantially? This is something to consider when you’re planning a job change or other key move that might affect your overall career success and financial well-being. Below is a short list of items to check out.

1. How much money do you have in reserve, in case the worst happens?
2. What do you see as the minimum “ready cash” you need to have access to?
3. Where can you trim expenses at least in the short term, if needed?