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How to Protect one of Your Most Valuable Assets - Income

Published on 19 November 13
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How to Protect one of Your Most Valuable Assets - Income - Image 1

Many IT professionals today are enjoying thriving careers and cannot imagine a scenario where they have to worry about job security or financial stability. Financial experts, however, argue that due to living beyond their means many are only one or two paychecks away from abject poverty. While you may currently enjoy a great tech job with a steady income and benefits, you have to face the possibility of losing everything if you were to suffer a crushing injury or debilitating sickness.

Rather than stake your livelihood on the assumption that you will never get hurt or sick, you should take these steps now to protect your income and your financial stability in the future.

If you become disabled, loose your job and are then denied for disability benefits, you will need to find an alternative source of income to help you pay for your bills. By the time you reach out to a quality professional like those available at, chances are your income level will have sustained a significant drop. However, as a precaution, you can take steps now that will help you sustain yourself until you heal or are able to achieve an approved disability claim.

Build a Significant Savings

Ideally, you should have been saving from the very first time you got a paycheck. It is suggested, that you save at least 10% of your income each time you get paid and set that money aside in an interest-bearing savings account. However, if you have not yet saved any money, it is still not too late to start. You can build a savings account now and put money away in case your income is affected by any unexpected circumstances.


You can protect your financial future by investing. If your employer has investment opportunities available to you, participate now. Even if you only put away a few dollars in a Roth IRA account or a 401k, this money can still be used in case of an emergency like a sickness or injury. Investing is a relatively easy and quick process. You research your options on your own and open a brokerage account online or entrust a professional broker to invest your money for you.

Disability Insurance

Just as you probably have invested in car and health insurance, you can protect your future by investing in disability insurance. Short term disability insurance is probably available through your employer; however, you can buy supplemental coverage through a private insurer if your employer only offers a minimum policy. This insurance will become invaluable to protecting your income if you become sick or injured and cannot go back to work right away.

It can also fill the income gap if you are applying for permanent Social Security disability benefits and have been turned down by the court. As you and your attorney appeal the courtâs decision, this insurance can still provide you with the income you need to live and support your family.

Telecommuting Option

If you are fortunate enough to work for a tech company that has embraced the modern telecommuting trend, you can protect your income by transitioning into a remote employee. Even if it means transitioning from your current position and taking on a new role with your company, you can still earn an income and recover from your injury or illness in a comfortable environment.

You may take your income for granted. However, experiencing a life-altering disability could mean your financial doom if you do not take steps now to protect yourself. You can ensure piece of mind by taking these tips into mind and taking the necessary steps now to safeguard your finances.

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