Sharing Daily Discoveries About Personal Finance And Business Topics

What Would You Do If You Lost Your Main Income Source

There seems to be a lot of fear of some massive layoffs coming to people working for various companies here in Vancouver. One of the more noticeable ones is how Electronics Art (EA), which is the largest game company in the world, has already announced before that it plans to layoff about 10% of its workforce. That is a pretty substantial number when you think about it for a large company.

It’s interesting is to see people’s reactions and what they do when they see that they will probably need to find a new income source. Some people will simply use money that they saved up or ask to borrow money from others. I was just thinking though, what would I do if I had say no savings due to living beyond my means and had no new source of income?

My first reaction would probably be the age old asking for help, but the key thing is not asking for money. Reason being is that I think resorting to borrowing money is a quick fix solution only. Example, in a self employed situation I would rather ask for help in say finding clients so that I can establish a new income source or if it is a job I’d rather get help/referrals in finding openings in various companies.

As well, another thing I would be doing is thinking a lot if the situation created a huge predicament for me financially. I’m amazed when a lot of people would simply just focus in trying to go through the same path again without any real change/innovation. So on top of trying to re-build my income foundation, I would seriously ponder why I am in such a predicament so that when I do my rebuilding I am going to put measures to stop it from happening again.

Example, it could be if the person has had a stable job all these years, this could be a wake up call where when you find a new job and are in that comfortable position again that means you should take the opportunity to save more or create additional income sources. If your grass built house got blown down by the wind as an example, then it is not enough just to rebuild it but rather consider using bricks instead next time.

I like that Albert Einstein quote for situations like these where he said “The definition of insanity is doing the same thing over and over again and expecting different results”. So if you lose your income source, I’d say that is a good opportunity to start building something better for yourself as oppose to just filling the empty gaps.

2 Comments to What Would You Do If You Lost Your Main Income Source

  • And how the heck would I build something better for myself on an income of zero?

    poor boomer 1/6/2009 4:59 pm
  • This might sound typical, but attitude first. “Poor Boomer” should be “Wealthy Boomer” 🙂

    Seriously though, there are tons of people that started with zero and made something out of it through sheer attitude and determination.

    Everyone has a skill of some sort that can translate to generating an income. You don’t necessarily need money to make money either. Can start out by bartering, trading time/expertise, etc. If you believe that you can’t do it then you won’t.

    How’s this, you give me a real scenario of someone who is apparently “broke” or something along those lines and I can pretty much guarantee that to a certain extent it is a result of choices.

    Example, the person never takes action when it comes to opportunities that they have or constantly insisting in living beyond their means. Unless you are like a puppet where you can’t think, feel or move yourself you should be able to determine where you end up overall each day.

    Alan Yu 1/6/2009 7:02 pm

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