“Your greatest source of job and financial security is your skill set and connections”
“Your greatest source of job and financial security is your skill set and connections,” says Ian Barrie, Investment Advisor with Action Financial Group, iA Private Wealth and Insurance Advisor with Hollis Insurance in St. Thomas” Gone is the day when you work your entire career for one employer. Either you decide to move on, or the employer makes changes, or a pandemic hits!
It is time to stop relying only on your current job for financial security and start to protect yourself.
“Although having a job is obviously a great thing, continuing education and training courses improve your skills and interests, and can open doors to advancement, a new career, or starting your own business.”
Maintaining relationships and networking is also important, especially when it comes time to look for a new job.“You can reach out to family or friends, join networking groups, and use social media to get your name out there and connect with opportunities,” says Barrie.A personal emergency fund is a great security blanket.
“An emergency fund can help float your expenses without needing to dip into retirement savings, investments, or resorting to debt when unexpected expenses occur,” says Barrie.
Ask yourself, what kind of things can I put to the side during this time to save up an emergency fund?
“There are always some of life’s pleasures we can live without temporarily,” says Barrie. “If even for a short period of time. Maybe don’t cut them out, but at least cut back on them from time to time.”
Disability insurance is something else to consider.
“If you are disabled, your bills don’t go away, and without regular income, your savings can be depleted. Disability insurance is a tool that protects your income when you are unable to work due to injury or illness. It supplements the limited benefits of Employment Insurance or disability income from benefits at work,” says Barrie.
Action Financial Group, iA Private Wealth in St. Thomas is a team of investment advisers who have been offering solid financial advice as well as investment products and services since 1995. Financial services include investment and insurance products, retirement planning, income tax planning and much more.
Ian Barrie is an Investment Advisor for iA Private Wealth. Opinions expressed in this article are those of the Investment Advisor only and do not necessarily reflect those of iA Private Wealth. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
Insurance products are provided through Hollis Insurance. Only services offered through iA Private Wealth Inc., are covered by the Canadian Investor Protection Fund.
This story was created by Content Works, Postmedia’s commercial content division, on behalf Action Financial Group, iA Private Wealth.