Sunday, 10 June 2012

What you can learn from the wave of suicides in Europe (Part 6 of 6)

[3] Separate your business ventures from your private finances: Some of the European businessmen that have committed suicide in the past two years have undoubtedly done so out of shame. They could simply not make themselves face the loss of reputation that typically goes along with insolvency or bankruptcy.

They had grown to see their companies as inextricable parts of their lives, as elements so essential to their existence that they could simply not imagine to continue to live in their absence.
Such devotion to a particular business or job is of course utter nonsense. 

Every person can be happy and successful in a varied range of enterprises. A wise man may love his job or his business, but he also sees them as external elements that he might need to replace or renounce in the future, something that will inevitably happen when he retires due to old age.

An added precaution that everybody should take is to create multiple sources of income. Nothing renders an individual more self-reliant than the ability to say no to any job or business proposition in the confidence that he will be always able to fall back on his second income.

To secure a second source of revenue takes some work, but it is perfectly feasible for most people. If you are a professional, you could devote two days per month to give an intensive seminar on the subject of your expertise; or if you have an office job, you could try to develop your weekend hobby into a business.

By adopting a few common-sense measures, you can make absolutely sure that you won't be one of the victims of the next economic downturn. 

All you need to do is to devote a few hours to drawing up your personal back-up plan and then implement it without hesitation. Bad things do happen to good and bad people, but they can only wipe you out if they find you unprepared.


[Image by Dluogs under Creative Commons Attribution License. See the license terms under]