How do you provide for your family?

I recently read a quote that really left me in a state of shock for a while. It went something along the lines of "Whether you like it or not, money is just as important as Oxygen. You don't get Oxygen from just one specific thing or one plant, than why are you getting money from just one source?"

This really hit me hard because although I have a decent job, if I lose it, I'll be pretty screwed. Yeah I'll bounce back after a few months but I have no interest in job hunting during the summer when everybody is having fun and I'm struggling. I doubt that will happen but honestly, anything can happen. It makes to have more than one source of income now for sure.

Are you guys dependent on just your jobs or do you have other stuff going on as well? Yeah there are things like Amazon, Thinkific, eBay, yada yada but I'm not into some get rich quick stuff. I see myself in finance or solving real issues.

How are you guys handling your money situation?

Welcome to the forum.:)
The govt. provides for my family now + work pensions.
Retired, but worked 45 years with special needs kids, Probation Parole Young Offenders, the provincial jail.

When I started working in 1966, you got educated for a job and that was your job for life most likely.
Now- a- days, I read that a young person should expect to have 5-6 different jobs during their working career

It's been my experience so far that you don't really need multiple sources as much as you need multiple options. Maintaining relationships and a solid reputation in whatever business you are in will give you plenty of security.

I'm in the same situation as you, if I lose my current job, which I've worked at for 14 years, I think I would be in a rough situation, not screwed but in a rough spot. My wife has a good job (not losing it any time) and does a craft thing on the side which she does pretty good at. I grew up working on a farm and have done some hard jobs in between the one I'm at now, so my security is having two hands and two feet and knowing how to use a shovel.....if you know what I mean by that.

I am a contract worker, no pension, just started putting into my RRSP but my wife and I have started a small farm on half our property, we are using this to provide for our family so we are not nearly as tied to the commercial world.

Thanks for such wonderful replies guys. Very interesting. @dean.f - That is one great way of thinking about it (Relationships). Good to know that it is possible to diversify a little bit. Cheers!

I think it's always a good idea to figure out how to get some extra income. But it's important that you save that extra income. Almost pretend that you don't have it, and likely reinvest it to grow the cash flow. What normally deters people is that at the start it doesn't really add that much extra income and people feel it's not worthwhile, but over time, it can become a big nest egg, and in a good portion of the cases, it can actually overtake your existing income.

I am very risk averse, so investing in the stock market is not for me, although I think it's a no brainer to wait for a crash, buy in and then sell about 6 months later when things are back.

I'm more talking about investing your personal time, energy and skills to do jobs on the side ... not sure what you are comfortable, but I'd have no problem managing renovations (as an example). That could easily bring in a few thousand extra a month, and that money can be used to invest in rental property.

On the other hand, that doesn't make your investment liquid, so if you would like to have easy access to cash, it'll have to sit in the bank and make nothing. I just feel that wastes so much potential.

Not too many people became rich without some hard work and risk ... and I think you're not on about getting rich, but to have some security. But it's kind of like if you put your money towards and investment for 5 years, in 5 years, you'll have enough cash flow to make a real difference.

And remember, money paid in rent or interest never returns.

My take on this is education - education in a field that has long term opportunities - after high school I worked for a demolition company - worked 10 hours a day, 6 days a week - I some realized that I had to get an education - after getting out of the army I enrolled in a two year engineering program - after graduating I got a good job with Bell Telephone Laboratories - at the time a world class research and development company - while working there I started going to night school - 4 nights a week - after 11 years I had a BS and a MS in Mechanical Engineering - during my life time I have always had a good paying job because of my education - life was good as a result - my advice is - get an education - make sure it is in a field that will allow you to always be employed - one problem is many people go to college and graduate with a degree in a field that has little value - a waste of time and money - if you don't go to college then get a trade - with a trade and a willing to work hard you should always have a job - imagine years ago married women didn't work - the man was the bread winner and somehow made a go of it - things sure have changed -

I'm trained as a Mechanical Engineering Technologist; I think I'm on employer #6 since college (not including the co-op positions). Some jobs I left, but I've also been laid off. Total of 9 months off work in the last 4.5 years... and I'm the only one paying for my mortgage.

Key is to keep your expenses down. Get rid of the cable/satellite, keep the internet and stream tv/movies if you must. Learn to work with your hands; do the basic automotive repairs yourself. Keep your vehicle on the road as long as you can without sinking thousands into repair money unless it can be justified. If the body is gone, don't bother with brakes and tires... but if you can keep the rust in check then it's worth fixing suspension to prolong the life of the tires. I've never had a car payment in my life, but I've never had a car newer than 12 years old.

Your ability to find secondary sources of income can depend on where you live. I'm a volunteer (paid an hourly honorarium) Firefighter. I put in enough hours in a year that my FF income pays for my property taxes.

I'm also a beekeeper, and a hunter. I split successful hunts with friends, and last year put 3 bears into my freezer; one with a tag, two as protection of livestock. My girlfriend also hunts (deer and bear), grows an extensive garden.... You don't pay tax on food you grow... but you sure pay tax on your lawn.

Look for opportunities to cut expenses, look for opportunities to earn more for your dollar... be sure to contribute to any sort of employer-matched pension program. If you have kids, contribute to their RESP to gain the government contributions. Small investments now will earn you more than larger investments later (unless you can suddenly afford to contribute LOTS later in life). Utilize the TFSA option; forget those "high-interest savings accounts", you want real investments! RRSP's can defer tax burden to later in life, but TFSA's have the benefit that you won't pay tax on the money you earn on the investments, ever. Again, invest when you're young, maximize the investment... you won't pay tax on it later in life, and if you need it as a rainy-day fund, you won't pay tax on it now either. Be sure you understand the rules on annual contribution room limits, but know that if you pull money out this year your contribution room opens up again next year. It can be a little confusing at first... you can clarify your limits with the CRA... but your potential cumulative total for 2017 is $52,000 (depends on the year you turned 18). If you have completely filled that by say August 2017, you are penalized if you contribute more. Say you withdraw $3000 in September... you cannot put any more money into the TFSA in 2017. But in 2018 that $3000 room opens back up, plus the $5500 annual contribution room.

Education is important in advancing your career, but don't be crazy about it. I am always blown away when I meet people in their 40's who have just finished paying off their student debts. We're developing a society where anyone without a Masters isn't qualified to flip burgers!

Good advice JoePA, but you forgot to add make sure your chosen field is not one that can be shipped overseas and done elsewhere cheaper.

Honest, dependable and hard working are qualities that will always find you work.

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Originally Posted by JoePa

My take on this is education - education in a field that has long term opportunities - after high school I worked for a demolition company - worked 10 hours a day, 6 days a week - I some realized that I had to get an education - after getting out of the army I enrolled in a two year engineering program - after graduating I got a good job with Bell Telephone Laboratories - at the time a world class research and development company - while working there I started going to night school - 4 nights a week - after 11 years I had a BS and a MS in Mechanical Engineering - during my life time I have always had a good paying job because of my education - life was good as a result - my advice is - get an education - make sure it is in a field that will allow you to always be employed - one problem is many people go to college and graduate with a degree in a field that has little value - a waste of time and money - if you don't go to college then get a trade - with a trade and a willing to work hard you should always have a job - imagine years ago married women didn't work - the man was the bread winner and somehow made a go of it - things sure have changed -

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Hey Pa, I am a tradesman, have been since I was 18, I am 40 now. Hard work and a good head on my shoulders, which comes from a long line of master tradesmen in my genetics, have gotten me to the position I am now. Married to a wonderful woman I have know for 16 years, 2 kids and self employed as a boiler mechanic. We have the "luxury" of my wife being able to stay at home to raise our children until they are old enough to be home alone. Its tough but we made the decision that its better to have her home to raise the boys rather than having a daycare or nanny do it, the fact that it would cost more than what she was bringing home at the time helped in the decision as well. The point being, it is rare but the old school family ways still do exist and I dont mind the extra work load for that to be a reality. One word of advice to the young men and women looking to get in the trades......you will get older and your body will let you know it. Be aware of it and plan for it. Dont figure on working a phyiscally demanding trades job for 30 years....your body wont take it. Have a secondary plan for when you are 40 plus. It sucks but we all age, be ready for it and plan for it. Above and beyond all of that, make sure you spend as much time as possible with your wife/husband and kids......NOTHING in the world is more important.

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Originally Posted by 73hunter

Good advice JoePA, but you forgot to add make sure your chosen field is not one that can be shipped overseas and done elsewhere cheaper.

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Yeah well thats pretty much where I am. Information Technology, outsource to Asia. Geographical Information System, toughest market I've tried to break into since the Oil industry crash in the past few years. Tried being a Financial Adviser through Primerica, got distrustful looks all over place, I could build/plan but not sell.

Honestly since after I had graduated college with advanced diploma in IT with specialized skills in Telecommunication. I went through 6 jobs (10 years), one only full time, the other 5 contract, 2 unemployment. My contract averages out to just under 2 years and unemployed due to contract clause. IT market sucks big time. Right now I'm just getting by on courier job to put food on the table. Education is the partial success in life, but most important is networking with the right people, and LUCK.

In my entire life that I had worked since 20 years of age (15 years), out of 11 jobs that I had, only 1 was full time with benefits. Twice on unemployment. Finished IT with Advanced Diploma, GIS Certifications, did not complete Child and Youth Worker; driving my own car as a courier and 30+ degree with humidity is coming in Toronto.

Sometimes. I look back and think where did I do wrong. I can't afford to go back to school or even time.

Time to get into the pot business it's gonna boom

Every time I hear the sentiment "if I lose my job I'm screwed", I'm saddened.

This implies that you somehow lucked your way into a job you are unqualified to get again if you lose it.

My bet is that you got your job through hard work, experience and expertise. These will all work to get you another if the first one disappears. When you lose your job, you get to take your skills with you.

EI is there for a reason. Keep a nest-egg to draw from if EI isn't enough, or after it runs out and you are flipping burgers while searching for another comparable job. Don't live within your means, live well under them.

We live in a society where people are willing to pay 18% interest on their credit card to buy a new TV, when there are free TVs on Kijiji every day. If you can see what is wrong with that math, you have all the financial skills necessary to make it through a job loss.

On the subject of "side cash", I've done my fair share of work on the side for extra spending money from time to time. However, remember that a penny saved is more than a penny earned (when you factor in income tax). Rather than hire someone to put in flooring, install your dishwasher, repair the drywall, etc. it is wise to do all that you can for yourself and invest what you save. Those skills you develop will also come in handy if you lose your job.

I have been with my current employer for just over 7 years. Right now I am off on short term disability, probably be off for 3 months, and when I am ready to return to work I doubt that there will be a job for me. We recently "merged" with another company, the so called merger was of no benefit to us. The new parent company is playing the Wynne game, selling off the profitable divisions for quick cash and breaking up the remaining divisions.
I'm 61, there is little for me out there, the only thing I can do is look for some low paying part time position.
But I am still better off than many working for the company, I was considering retiring soon, and have some savings. I hoped to work another year, would leave me in a better position, but such is life. With the current real estate boom I could sell off my home and move someplace smaller and cheaper, but with a new grandson I would prefer to stay in the same area.