When asked to consider your greatest asset, most of us think of our homes, or for those of us renting, our car likely springs to mind. But have you ever thought about what might happen to those assets if our income earning abilities are taken away from us?
The most important asset to protect is not a material object but it is you and your income.
So how can you protect your income?
The first and most important measure is to make yourself the most valuable employee or business person you can be. This can include listening intently, taking responsibility, being positive, living a healthy lifestyle and be that asset your boss can not do without. This may take time, money, discipline and a commitment to further education but will have greater rewards and help protect your income.
What if something prevents you from earning an income? How long would you continue to be paid? You might have some sick leave, but what happens when that is exhausted? Where does the income come from to pay the mortgage, send the kids to school, pay for groceries and pay those unexpected bills?
The second way to protect your income is equally as important, yet simpler to implement. Income Protection can replace your income if you are unable to work due to sickness or injury. Income Protection enables you to actively and wholeheartedly throw yourself into your career, with the knowledge that if things don’t quite go to plan you have protection.
Income Protection may be tax-deductible, and can be paid for using your superannuation funds, so it won’t impact your family’s cash flow. Income Protection will protect your income and give you and your family peace of mind.
So live your passion, push yourself, stay healthy, and protect your income!
