When You Lose a Job
What happens when the company you are working for has to do layoffs and you lose a job?
If that provided 100% of your income, you still have 100% of your bills, but zero income.
What do you do?
For me it was to be self-employed or establish a business.
As I look back on my work life I can see I have been too insecure to be an employee for the reason stated above. I would live in fear of losing 100% of my income. And it did happen to me.
After selling life insurance on a straight commission basis for about eight years I was hired as the director of pensions for an insurance company when I was around age 32.
It was a cool job: I was not confined to an office; they gave me a car, a secretary, and an expense account. It lasted for three months and then my company merged with another company and everyone on the fourth floor was out of a job. I was on the fourth floor.
That was on a Friday. On Monday I was working again on my own and getting paid.
Here is how I look at it: If I have 100 clients, and one of them doesn’t like me or dies, or finds another vendor, whatever, I only lose 1% of my income. And that client is easy to replace.
Three months after being laid off from the insurance company I started my own pension administration company with two partners. We started with 30 clients and in a few years grew to 300 clients, each paying us $1-2,000 per year.
It was 1987 when we sold out to a public company and I walked away with $300,000.
Other than the three months as a true employee I have either had my own business, been a partner in a business, or been self-employed for about 50 years. That has always felt far more secure to me than being an employee.
What do you think?
To Your Prosperity,
Rennie
The post When You Lose a Job first appeared on Rennie Gabriel.
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