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Why Do You Need to Protect Your Income?

August 8, 2015

In my previous post, I discussed about protecting one's income and how it can be done to secure money for your family's future. In this post, I will share with you at least three reasons why wages need to be protected.

Financial help in times Of disability or illness - You can never tell when an accident or sickness may come to steal your ability to work momentarily or permanently. Having to pay for your medications while providing for the needs of your family can be very challenging. If you do not have the enough funds to cover your expenses, your life and the lives of your spouse and children could be in danger. Receiving payouts until you are able to work again or find another source of allowance can help you make it through during your time of need.

Note: I don't own this video. All credits to the owner.

Security of your lifestyle - Let us face it. Whatever benefits you might receive from the government can be set at minimum amounts. Being dependent on these alone may force you to live uncomfortably and barely making both ends meet. It is not only your lifestyle but also your children's lifestyle that would have to change. Inability to pay your bills and other responsibilities like legal dues for your properties can prod you to give up some things that make your family's life convenient. These may be the opportunity to live in a restful house in a safe town, your children's education or the family car that you are paying for monthly. While you can easily cope with such changes, your children may not. In fact, they can get traumatized by the abrupt deviations in your family's lifestyle.

Safekeeping of your assets - Do you have properties to pay for every month? If yes, how then can you ensure rightful possession over them if you fail to pay your legal dues? Losing your house and lot and other investments can definitely happen once you loose a definite source of income. Having some amount to cover at least a part of your payables can keep your investments intact.

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