Recession can be tough to low income Australian families and truck drivers belonging to this segment often receive one of the hardest blows when economic debacles happen at once. Though not as horrific as recessions in other countries, it can hit the Australian economic cycle once in every 6 to 10 years with each cycle lasting for months. Recession, it seems, can now be considered a natural part in the economic system. As there’s no way around it but to face it head on, finding the right financial security for my family as well as for every truck driver’s family out there is a must.
With the next recession knocking on everyone’s doorsteps, the following guidelines may help counter its devastating impact:
Get key learnings from past experience. Every truck driver in history must have experienced fluctuating demands and lower take-home pay or trucking business revenue due to economic issues. Some may have gone through the worst of times. The good thing about having experienced these financial catastrophe is that it allows you to gain a new perspective on things. So, take to heart the lessons from your past and make better adjustments year after year.
Broaden your income perspective. Whether experiencing income reduction or worse, job loss, truck drivers must always find ways to diversify their income perspective. It could be getting a second job, a side business, or training for new skills related or unrelated to driving. The idea is to effectively find new sources keep your income spigot flowing.
Don’t forget insurance. There’s a reason why many people call insurance as a wise investment. Aside from providing needed protection in times of distress and calamities, some insurance like income protection, critical illness insurance, accident insurance, debt protection insurance, and so on offers monetary remunerations allowing you and your family to get back on your feet. Income protection, for instance, allows a truck driver to enjoy monthly support even while recuperating from injuries and other situations that prevent him from performing his or her tasks. The key is to find the right insurer who can provide the best coverage at a premium you can very well afford.
4. Open a piggy bank. Learn old-school save-more tactics. Being frugal and thrifty do have their perks. So why not set-up an emergency fund? Though easier said than done, taking time to put a little amount in your emergency fund will help assuage economic turmoil from wreaking havoc to your family’s financial security.
Manage debts wisely. Having debts is common to many, more so to truck drivers who simply have enough or less than enough of their family’s daily requirements. Some truckies tend to not be saddled by credit cards, additional car loans, or mortgages. While it is almost impossible to achieve zero debts, at the very least– learn to manage them efficiently.
Be indispensable. This is a challenge to many employed or owner-operator truck drivers– to be indispensable in their trade. With layoffs and contract cutting often coming hand-in-hand with recession or economic standoffs, finding a way to harness your skills or sharpening your business chops allows you to become trusted and ultimately indispensable in the market.
So, when you ask– How can I ensure financial security for my family? — think about the points above. When the economy’s bottom starts sinking and losing jobs or homes or businesses become commonplace, finding a way to alleviate the dire circumstances that can befall yourself or your business and its impact to your family must be done with a goal in mind. Gather all your wit and learn how to be ready– because, as we speak, another round of recession may be on our way.
Photo Credits: Daily Examiner Australia
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It’s high time to put your family as top priority. Learn how to ensure their financial security by calling our office or enquiring online.