WHAT IF YOUR PAYCHECK WAS ZERO?

I haven’t been able to stop thinking about the reported 900,000 Americans who received zero dollar paychecks on Friday due to the government “shutdown”.  These Americans aren’t eligible for unemployment and weren’t offered severance packages, the usual backup plans that may be able to help with a job loss. These aren’t options because these workers technically haven’t lost their jobs.  These government workers are dealing with a terrible financial event that’s completely outside their control.

A majority of American households live paycheck to paycheck, so the risk of financial crisis from the delay or loss of even a single paycheck is very real.  

I’ve lost two jobs over my career, and the feelings of financial anxiety can be overwhelming.  I learned from the first job loss, which strengthened my belief in multiple streams of income for individuals and families.  By the time of my second job loss, I was only facing the loss of one of multiple sources of income. I faced this change with more confidence and resilience.  

Financial disruptions don’t always result from job loss.  Divorce, death, natural disaster, medical crisis or illness, financial mistakes or flat out mismanagement of family finances can mean the overnight loss of safety and security.  The stress and weight carried by the person who is the sole financial provider for a family can be a heavy burden.

What could another income stream mean for you and your family?  

Would it provide a safety net in the event of loss of a primary paycheck?  Would it help make ends meet every month? Would it help educate your children, or provide a debt-free education to your children?  Would it allow you to travel? Would you be able to payoff debt? Would you give more to charities and people in need?

This is one of the reasons I’m so passionate about entrepreneurship.  Having your own business or side gig gives you more control, diversifies your sources of family income and spreads your risk.  

Maybe entrepreneurship can help you diversify the income streams in your household.  Entrepreneurship doesn’t have to be a high risk, all or nothing, go big or go home adventure.  You can start part time with a limited budget and focus on profitability. Your side gig may stay part-time forever or become a full-time effort.  Maybe it becomes so big that you provide jobs for other people. Entrepreneurship can look like whatever you want it to!

I’m not suggesting you make a sudden or dramatic change in your life today from a place of fear.  Instead, stop and think about what your life would look like if your next paycheck didn’t arrive. If you don’t like the answer, start thinking about how you can add or increase other sources of income to have a safety net or plan B.  

If entrepreneurship is part of your plan, I’d love to hear from you.  If you’re curious about these ideas, reach out and let’s talk.

Last but not least, if you have multiple income streams and have already reduced your risk of the loss of a single paycheck, please share your story.  Your story will help inspire and educate other people!

Jennifer Turnage is an entrepreneur, business advisor, speaker and author of Honey, You Got This! Technology Made Easy for Network Marketers.  As the Cofounder and CEO of myBeeHyve, she combines her experience from multiple tech company exits with her mission of empowering individuals to achieve financial independence through entrepreneurship. Connect with her on LinkedIn, Facebook or Twitter for support on your entrepreneurial journey. Download the free myBeeHyve app in the Apple or Google Play app stores to manage your prospects and customers with ease.