Remaining Financially Afloat When Off Work

Taking time off work is stressful. Whilst a week or a few weeks off school would have been a dream as a child, you have financial responsibilities as an adult, and those responsibilities weigh heavily on your mind when you’re no longer in work. Perhaps you’ve fallen seriously ill, either physically or mentally; perhaps you’ve been injured in or out of work. Whatever the case, your focus now should involve getting better and keeping your finances as secure as possible during that time. If you’re worried about how to do that, then here are some pieces of advice which might help you.

Talk to your employer.

This should be the first thing you do when you realize that you’re injured or unwell and you won’t be able to work for a few days or a few weeks. This isn’t just for the sake of making arrangements with your employer but for your own peace of mind. You want to know where you stand with regards to your job so that you’re not worrying about what you’ll do when you’ve recovered and getting yourself in an even worse state whilst you’re trying to recover.

Of course, even if you’ve been injured on the business premises, not all employers will be understanding of your situation, and you might want to look into legal help for a compensation claim if your employer disputes the severity of your accident in the workplace. Whilst your main focus should be your personal health, you don’t want to be making yourself physically or mentally sick by leaving your employment or financial situation messy and unresolved whilst you’re off work.

Be smart about your available funds.

If you’re only going to be off work for a few days then you probably won’t feel the squeeze on your bank account during your recovery or downtime, but you most certainly will if you’re going to be unwell or recovering from an injury for a few weeks. It’s important that you start thinking about your available funds during this time and protect your finances. You need to reel in your expenditures and focus on the necessities rather than luxuries during this time. Utility bills and food shopping both need to come first; you should have enough money set aside for that, but if you’re planning in the event of some incident putting you out of work for a while, then you should really think about creating an emergency fund to cover the things you’ll need whilst you’re not earning.

See what’s available to you.

Of course, whilst off work, there’s always the chance that certain types of income are available to you to help cover your costs whilst you’re recovering. Even if your employer isn’t entitled to cover your pay for sick leave, there might be benefits or entitlements which apply to you under the government. You might even be able to contact your energy supplier to get a reduction on your bill with regards to your current state of health. This could cut a chunk out of your monthly bill, and it’s important that you save money wherever possible whilst you have no income.

The Advantages of Trading Alone


Some people choose to trade with other people. This is often something that amateurs or beginners feel they should do and there are some advantages to doing this, especially if you need reassurance. However, there are many advantages of trading alone, even, or some may say, especially, for beginners and amateurs. Here we will look at some of those advantages.

  1. Understand your psychology. It is important to understand yourself and how you operate before you attempt to create a strategy for trading. Psychology is just as important as strategies when it comes to successful trading and trading alone will allow you to gain an understanding of what works for you.
  2. Make your own decisions. You can put the required time and effort into researching the market and honing your emotions for a successful trade, rather than spending time and energy explaining your rationale to others or trying to understand another person’s rationale that you don’t agree with.
  3. Be accountable for yourself. Trading alone means that you cannot blame others for your failures and they cannot blame you for theirs. You do not need to contend with feelings of guilt and can feel empowered by your own decisions when you are successful. Similarly, you don’t need to deal with the complex emotions and psychology that often come with dealing with a group of people.
  4. You can experiment to find what works for you. If you are trading on your own you can try out new strategies based on your self-education, experience and research without having to ask for permission from others. People in a trading group often think alike and trying to do something different will probably be met with heavy criticism.

If you want to trade with a group, it is probably worthwhile to first trade alone. This will allow you to develop your own philosophy of trading and help you to develop an understand of your psychology when you are starting out. You will then be able to find a trading group with members that have the same philosophy as you, allowing you to fit well into that specific group.

Financial Freedom: Preparing For The Worst

To avoid being blindsided in your pursuit of a life that entails complete financial freedom; where the mortgage is paid off and you can choose to hand your resignation in at work if you wish and the constant daily burden of money weighing your head down is eradicated, there are other factors you should plan for aside from the main financial goal. It’s the events that could throw your hard work and effort to the winds if they’re not considered and accounted for in advance. Take a look to see if you’re covered for the below.


It’s the unexpected that’s frightening of all when you’re living your daily life, working hard to reach your goals and then something happens. A car accident, a fall at work, slipping down the steps to the subway station, your life has taken a sudden turn for the short or long-term future. You’re disabled and wish you’d taken steps to take out insurance to cover you in invents such as this. The matter of the fact is unless you have enough savings stashed away to take care of you for 6 months, or in some cases, for the rest of your life, hedging your bets with a disability insurance company is a small price to pay.

However, don’t be entirely fooled by the notion of insurance meaning you’re 100% likely to receive a payout in a catastrophic event rendering you disabled or injured. As it’s been proven through various legal cases, you could struggle to receive such a payout when you try opening a claim especially with disability insurance, So prepare to further back yourself up in this situation too with a lawyer who knows the ins and outs of the small print concerning insurance policies. This reassurance will warrant you signing a plan that’s more likely than not to support you in a ‘what if’ scenario.

Emergency Fund

If you consider the cost you would incur if you were to become disabled next year and had to support yourself for the entirety of your life but were no longer capable of working, taking out an insurance policy is wise. But don’t solely put your eggs in one basket, squirrel away an emergency fund for the potential rainy days, weeks and months to put you ahead of any issues that may occur and protect your goal for financial freedom. From smaller issues such as a broken dishwasher to more significant issues, such as losing your job, to tragic problems such as becoming ill from cancer. Your emergency fund will tide you over during your aspiration to reach financial freedom, patching the gap and relieving you of economic concerns until you hopefully receive your claim through from your insurance company.

Cancer.Gov reported 1,735,350 new cancer cases will be diagnosed in the US in 2018. Census Bureau says that 1 in 5 people in America has a disability. The financial burden of which can tear away your wishes and aspirations for economic freedom, unless as advised above, you’re prepared and accounted for with insurance and an emergency fund as a safety net.