Over the past two months, I’ve had Cellulitis twice. Now its back again for a third time. For those of you who don’t know what that is, trust me, it’s not pretty or fun. Each time I get it I end up missing a week of work which kills my already miniscule checks. This experience has led me to realize that, unless you are working for yourself with the capability of working from home, your financial future is not secure. Luckily, I had already planned on doing this.
Let’s get back on topic though. Why isn’t your financial future secure if you work for someone else? First let me say that my job is very secure. If you are going to be out of work for more than three consecutive days then you should file for FMLA (the Family Medical Leave Act). This will protect your job for a year. However, it does not provide you with any income. If you are going to be out for five consecutive business days then you can apply for short-term disability. This will provide you with 60% of your average income… after a ten day period in which your vacation, sick time, and floating holidays are used up. If you have to vacation, sick time, or floating holidays you are SOL for those ten days (this would be my position). Should you be put out of work for some debilitating sickness or injury, then you can apply for long-term disability which also pays you 60% of your salary. I don’t know about you though, but I can’t see myself living on 60% of my salary for the rest of my life. Not to mention that this cuts 200% out of your potential savings.
As mentioned, the only way to truly secure your financial future is to work for yourself with the capability of working from home. The reason being that when you work for yourself, there is no one that can fire you. Also, if you have the capability of working from home, then you have the ability of making money even if you are bedridden with the flu or laziness. In future posts I will explore how to choose the best business, how to start cheaply, and much more.
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