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Thursday, August 10, 2017

Perfect Example Why an Emergency Fund is Recommended

I was a little slow in reading this piece of news.

(Image and Article from Today Online)

The economy is not exactly in a recession. It was probably even gloomier in 2015 while oil prices crashed. Sure, i appreciate that our friends in the marine industry will paint a way different story. My heart goes out to them.

Put yourself in these cabin crew shoes or kebaya. We may all celebrate initially that you can take a long stress free vacation to the next best resort without much considerations. But what happens if you needed your income to pay for simple bills like phone, internet or utilities? Last i heard, these don't come with a no-need-to-pay for 3-months option.

It is voluntary but there are more crew than needed for flights so where are you going to work if there are simply too many? I don't think the company will be that kind to simply add an extra member for the sake of it. They're clearly cutting cost because it is necessary.

It is not even clear if they have an option to moonlight. Uber/Grab driving, HonestBee, Redmart delivery perhaps. Part-time elsewhere, probably not. 

So, if you live paycheck to paycheck, you might want to imagine this happening to you. You did not get fired but still your income ended.

Whatever name you want to call it, make sure you stockpile money along the way so you do not put yourself in hardship when unexpected events beyond your control impacts you.

Grounded.

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