“Job Security” Is Gone. Let Me Introduce “Income Security.”
November 5th, 2008
It’s no secret that “job security” is the thing of yesteryear. The idea of having a job that is “cradle-to-grave” is an idea that only very old people can embrace… the current worker, whether they are 17 or 67, knows there is no such thing as trusting the employer to keep you around, provide you pensions and health insurance, and all of those other sweet perks our grandparents and great’s got to enjoy.
Today it’s a dog-eat-dog, fend for your self, swim with the sharks world. And if you think there is job security, even by that super-hot company, or the super-cool CEO, or the never-going-to-die industry, well, I’m sorry. You are wrong.
But I’d like to think there is something else to work towards, and I call that “income security.” I’ll define “income security” as my ability to continue producing income. A big part of income security has to do with my ability to produce income (ie, if I have a job, and lose it, how quickly could I get re-employed?). Another big part of income security has to do with creating multiple streams of income.
I found this cool definition of “job security” from Business Dictionary:
Assurance (or lack of it) an employee has about the continuity of gainful employment for his or her worklife. Job security usually arises from the terms of the contract of employment, collective bargaining agreement, or labor legislation that prevents arbitrary termination, layoffs, and lockouts.
Maybe income security would be defined as:
Assurance a professional has about the continuity of personal income. Income security arises from the professional’s ability to create multiple streams of income, as well as their capability to produce new streams of income quickly.
What does this mean to you??
Let this sink in a bit… tomorrow I’ll share the opinions I got when I asked about this phrase on LinkedIn, and the many different positions people took (as well as their alternative phrases, instead of “income security.”).
November 5th, 2008 at 9:00 am
it means:
“Success for future generation is:
(1) ruthless financial discipline — no bad debt;
(2) a life long interest in learning — education — a degree — they can’t take it away from you;
(3) a white collar job in order to save big bux;
(4) a blue collar skill for hard times — never saw a poor plumber;
(5) one or more internet based businesses — your store is always open;
(6) a free time hobby that generates income; and
(7) a large will-maintained network of people who can “help” you.
Seven Paths to Income Security.
imho,
fjohn
November 5th, 2008 at 10:22 am
You’ve nailed it! I’ve seen this in my own career and in the careers of my friends. Depending on the situation, I believe it means:
- the ability to balance multiple streams of income so that if one job sinks, the others remain afloat and help to ferry the person to the next job.
- the necessity to supplement your main income with additional income streams due to touch economic times.
- the ability to turn your interests and hobbies into income generating opportunities.
- the idea that your pursuit of one career does not end your pursuit of other careers.
- the concept that you are always open to opportunity and possibility (however idealistic that may seem), and that even if you are not seeking something new, if it comes a knockin’, you’ll answer the door.
November 5th, 2008 at 2:10 pm
This reminds me of the ideas that Robert Kiyosaki describes in his book “Rich dad poor dad”.
But as i remember it, he takes the idea one step futher:
He thinks that you have “income security” (he calls it in some oher terms) when you have income WITHOUT getting paid for your time.
You need to get paid for
royalties,rental income,dividends,interests…
I think he calls it “passive income”
November 5th, 2008 at 6:12 pm
It means developing the confidence to use the freedom of self-employment to adjust on a dime and seize new opportunities as they arise. As well as always being alert to the possibility of new opportunities.
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Great Piece Jason!
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