My post title was a bit flippant. But look. Nobody should own you. While I’m no proponent of the “tell my boss to shove it and walk off the job” mentality (which says a lot more about the employee than the employer, imo), three things are clear:
3. And you can bet there will be more and more Strikes happening as belts tighten around the western world.
So. The $60,000,000 question is: How much should you have set aside?
The standard answer used to be three months of your basic living expenses. (Don’t know what three months of your expenses are? Shameless self promotion: you need to take my online money coaching program and find out!)
However, I spoke to a seasoned career counsellor yesterday who said it’s taking about 8 months these days to find a new job in Canada these days. That’s just his off-the-cuf response, but still. I imagine the stats in the States are worse. Gulp. Eight months is a lotta dough to stash away.
Start with this. Start with one month’s worth of living expenses set aside. Do it within one year and make that your financial project for one year. Force the savings one way or another: straight off the paycheque, into a TFSA or a simple savings account or even your RRSPs. It will be saving just a little less than 10% of your salary which is the savings benchmark we should be striving for anyway.
Here’s what even one month of savings will accomplish:
- You will discover the peace of mind that comes from knowing you’ve got something, something if, god forbid, it came down to it.
- Secondly, you will grow it further, guaranteed. Once your initial goal is met, I’d be pretty amazed if you don’t find ways to keep growing it, because it will feel so good.
- Last, if you’re not already a saver, your self-image will shift. There’s nothing quite like having something set aside to give a quiet, inner confidence.
If it does not seem do-able despite having a regular paycheque, let me recommend my program again. It’s affordable and will help you get to the place where you can set aside what you need.