No Working, No Money

No Work, no money is the reality for us and as more jobs become 'contract' and seasonal, more and more of us are going to have to get used to the idea that we won't be always earning during the years that we are capable of earning a living. I'm not sure if its exactly the most moral of things to happen but its become a reality of the way the world works and so the only thing we can do is to prepare for it. You are right, it is vital to have about six-months worth of savings because when one contract ends, you don't know when the next one is going to come around. So, you need money in reserve. As such, the most important thing to do when you have an income is to try and save as much of it as possible. Everything you save may help you in the lean months and if you are lucky enough not to have to dip into savings and to continuously build it, you may have enough to invest and be able to develop alternative sources of income. Alternative sources being anything from a home based business to an investment portfolio is no longer a get rich strategy but a necessity for survival. In addition to having cash reserves and alternative sources of income, I think it's also important for one to update and develop new skills. Jobs are changing and being able to do many things will help keep you relevant in a ever changing job market. I'm a writer by profession, but I've worked in tele-sales and even massaged people - all of it in the name of making an extra buck or two. It's like the specialized guys can command allot of money, but these days, a specialization can suddenly become a commodity or worse - not relevant to the market. You need to be able to shift across disciplines and industries.