If you only rely on your job’s income and you get fired, you just lost 100% of your income. That is a very dangerous situation to be in. If you have five clients and lose one, you still have four more sources of income for your subsistence.
Hot TIP! Extra income doesn’t have to come from a job. It could mean investing in real estate and getting rents every month. Or investing and getting dividends.
Since you are used to living on your current income, you should be able to save the majority of your extra income, and grow wealth faster.
Think about skills you have that you could market. Maybe you are good at fixing computers, or could tutor kids after school. Anything that doesn’t interfere with your day job but makes you stronger financially in case of a job loss. Making an extra £100 a week tutoring one hour a day could easily cover your food bill. Or pay for your nights out without compromising your savings rate.
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