I got laid off from work when I was 54. What saved me was that I had stock investments. When I reviewed my financial position, I found that my net income (income after taxes) would be the same as my employment income. In the end I stopped looking for another job and decided to live off my investments. So I was lucky I had stated investing in stocks some years before.
When you are in your 50’s it is very difficult to find another job, especially of the same caliber has you have left. I do not think anyone can currently assume that they will have a job for life. It just does not happen anymore. The older you get the harder it seems to be to pick up another job.
So if you are young, now is the time to start putting something away to cover future employment losses. Jobs do not last forever and you need a plan to handle things if you lose your job.
On my other blog I wrote yesterday about Keg Royalties Income Fund (TSX-KEG.UN, OTC-KRIUF)... learn more. Next, I will write about FirstService Corp (TSX-FSV, NASDAQ-FSV)... learn more on Wednesday, December 20, 2017 around 5 pm.
This blog is meant for educational purposes only, and is not to provide investment advice. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.
See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.