No salary- Other income options
Let's say you decide to take a career break or are laid off, one of the biggest shocker is to not receive salary at the end of every month How do you deal with it and what are the income options you tap?
Having an emergency fund of 6-12 months living expenses helped. I put them in fixed deposits over time.
Yeah. Learned it from my first lay-off. It’s always best to have at least 6 months of runaway(includes current expenses plus additional runway for medical expenses-5 lakhs atleast).
Will think about this once EMIs are not a big chunk of salary. Before that it’s scary to even think. Good luck to you though.
Vespa
Stealth
2 years ago
- 6 months expenses in liquid fund
- Dividend paying stocks
- Dividends from InvITs REITs
Use emergency fund conservatively,. Stock dividend may come once a year, and InvITs REITs dividends will come every quarter. so use all dividends to to refill emergency fund.
