This guest post is from Melissa Hathaway of Claris Law, and written from the United Kingdom viewpoint.
Whilst self-employment in the U.S. remains strong, full time employment fell in May this year. The U.S. Payroll to Population employment rate is still unsteady and we live in increasingly uncertain times. The majority of us are not born into wealthy families, nor do we have a trust fund or a wealthy spouse to rely on – even if we were that lucky, there is still no guarantee when one, or both, might run out. In fact, for many individuals who have to find their own means to survive financially, they are also relied upon by others, such as their partner or their children. It is therefore important what might happen to your paycheck should you take a trip, slip or fall.
Where will your next paycheck come from?
It is important to consider the security of your paycheck though. Not just in the sense of the current economic climate and whether the company that you work for can continue to provide you with a regular paycheck; that’s less concerning because if they were to start making layoffs you could probably find another job and effectively replace one paycheck with another. However, what would happen to you and your family if you not only lost your paycheck, but were unable to replace it? Unfortunately, accidents happen. It’s a terrifying prospect, but bad news knocks on doors on a daily basis and it is important to be prepared. The U.S. Census reports on the number of vehicle accidents and fatalities and it brings home just how important it is to have a backup plan in place.
Taking control and being prepared
Sadly, there is a never-ending list of possible reasons and scenarios that could leave you unable to work through illness or accident. It doesn’t bear thinking about. Instead it is well worth thinking carefully about how you would survive should something terrible happen. Perhaps the most frightening prospect of all of this is that when these things happen, we have no control over them. Sure we can look after our health and drive carefully, but ultimately it is out of our hands. We can, however, take control of our stress levels, our fears, and our finances. There are lots of products on the market that can ease the worry and the pressure, and offer us a lifeline should things go wrong. Financial products and sound specialist legal advice are a good cushioning, and will help us prepare for such difficult situations. These important financial safety blankets can offer more than just peace of mind. The U.S. Government offers guidelines surrounding determining incapacity but it is sensible to be well prepared “just in case.”
Why do we go to work everyday?
Working is a means to an end. Although you may love your job or your business, would you still go to work every day without a paycheck? People work to pay bills and ultimately to fund an existence and lifestyle, and often it is not just for our own benefit. Family and other people often rely on that income just as much as you do, so seemingly it would be sensible to protect it.
An entire array of possibilities could occur, and finding the right support and guidance is imperative, not just to make it easier to cope for you and your loved ones. A lawyer who not only understands the legal procedures but who also cares will be able to help ease the pain and the stress levels. Getting the right legal help for you is incredibly important, and finding a lawyer who really cares will make a big difference.
No one should spend their life worrying about the unknown, although at times it is inevitable. Life is for living and it is much easier to live when we reduce the level of risk associated with anything that can dramatically affect our day to day lives. Stress and worry can be extremely damaging and although there is a lot of advice available one of the best courses of action is to cover yourself and be prepared. Simply feeling prepared for anything, or at least as much as possible, will in itself reduce anxiety levels, both prior to an event or after. Being prepared will allow you to focus more on the important things in life. Enjoy life, reduce the worries, and be happy.