Unsettled After A Layoff
October 21, 2008 – 5:38 am
I still feel quite a bit unsettled after the layoff last week. I guess it just takes a while for the nerves to calm down. I also understand that God is in control and will provide for me and my family’s needs (not necessarily all of our wants), but that hasn’t removed the tension I feel yet.
I guess the biggest thing that bothers me is just how vulnerable we all are to a loss in income. You can be a diligent saver all your life and soften the blow to some degree, but ultimately there’s little to no “insurance” for losing your primary income.
Several other bloggers have written articles are how to create multiple streams of income to reduce the risk of a job loss, but I don’t think that these options are a good fit for me personally. And I’m not simply lazy or unmotivated, I just have little to no interested in pursuing new avenues of income from entrepreneurial endeavors.
I would much rather work diligently to build a diverse set of skills than I would start small companies or part-time jobs and try to replace one normal size income with 3-10 mini-incomes. And I suppose to some degree it all depends how much income you need. I don’t need much to be happy and content, and fortunately I have been blessed with a wife that shares this feeling.
I don’t doubt that there is money to be made by turning a hobby into a business, blogging, selling things on ebay, etc. And there are hundreds and thousands of people who have been very successful doing these things. But how much income will remove the dependency on your primary job? The top personal finance bloggers probably make $20,000-$30,000 before taxes, and that is indeed a really good “salary”. But those are the top 1% of bloggers.
I see the value of small steps too. If you’re unemployed a side business that earns $100/wk is better than nothing. But you need quite a few $5200/yr side businesses to replace a $40,000 salary, and it’s unlikely that any of these small side businesses could be quickly scaled up to earn substantially more income.
For those of you with a strong entrepreneurial spirit, I wish you the best of luck. I have no doubt that if you work hard you will eventually be successful. As much as I would like to be that type of person though, I’ve come to the conclusion that it’s just not me. I would rather work one or two “normal” jobs to pay off my debts and live a low-cost lifestyle than I would pursue entrepreneurial side-businesses.
So my question is, am I off my rocker trying to find non-entrepreneurial ways to reduce my risk of job loss? Am I right about avoiding entrepreneurial avenues because it’s just “not who I am” or is this an excuse I am telling myself? Do any of you feel this way?
Image Credit: Kr. B.
If You Liked This Post Then Please Check These Out...
|
2 Responses to “Unsettled After A Layoff”
With the sacrifices and amount of stress that comes with muse-building, there’s no way it can appeal to everybody. The Tim Ferriss crowd might try to make you feel like a ‘drone in the machine’, but it’s up to you to decide what you do and don’t want.
I’m sorry to hear about the layoff. I’m sure your diligence will make this only a very temporary setback. Good luck!
By Blake on Oct 22, 2008
I am also sorry to hear about your layoff…. if it makes you feel any better I have also just taken a 30% hit in my income due to market forces (I get paid in Canadian dollars but I live in the US). So I feel the pinch.
On the bright side, take this opportunity to (1) relax for a week and (2) get into a position that gives you more job satisfaction if possible.
By MoneyEnergy on Oct 22, 2008