A couple threads popped up recently about "prepping" and emergency savings.

One of the things I had put some thought into over the past couple of years was a "backup income plan." The idea was if I lost my main source of income, and immediate re-entry into that line of work was impossible (perhaps due to a collapse in that sector of the economy) what would my plan be?

The idea is that you should have a backup income source all queued up and ready to go (at least mentally) so that you do not flub around for months on end while watching your emergency savings dwindle.

A backup income source is likely something you wouldn't do full time now--maybe it doesn't pay nearly as much as your current work does, or maybe it's just hard work that you've grown out of--but it's something that you could fall back to if the choice was between a small paycheck and spending hard fought savings.

For example, if lawyering became impossible, my backup plan is to teach English as a second language online to non-native speakers in Vietnam. I have basic Vietnamese as a second language for myself, speak standard dialect "television" English, and have an English degree.

Alternatively, I think I could turn a modest income taking real estate photos, and already own the equipment for it.

At my age standing on a street corner holding a sign sounds possibly doable ""if" I can get a portable a/c. Seriously in my life I have found many that work with their hands in one field of endeavor can pretty easily move to another calling for the same basic mental and physical processes. I imagine it's the same in most fields of work. Your example reminds me of one of my Son-in-laws, who is a Lawyer and yearns to be a History teacher of which he is quite the buff.

I'd be a teacher. Not a public school teacher, though. Or even a teacher for schoolkids at all. I enjoy teaching things, but couldn't handle the BS associated with being a schoolteacher.

Something like a corporate trainer, police academy instructor, firearms instructor, or similar.

An overseas English teacher might work too. Somewhere in Eastern/Northern Europe or Japan would be cool.

quote:

Backup Income Plan

Let's hope I don't need one. Any work I could get would be starting at whale shit all over again. At my age it is a little late for that.

I've been meaning to learn how to weld. Welding is also one of those skills you could take with you to a developing, non-extradition country in case you had to go lay low for a bit. Work off the books fixing boats or something in Panama.

Yeah, I could see myself doing something like that too. Use part of my savings to fund training in electrical, plumbing, HVAC, welding, or some other similar highly-in-demand skilled trade.

I'm still relatively young enough that starting over in a career with that kind of work wouldn't be too debilitating, although I'm also relatively old enough that it wouldn't be my first choice.

My best plan would be to become a Nigerian Prince.

That, or based on my phone traffic, it is possible that the home power washing industry could use me.

I grew up in a “diverse” income household.
Dad had a “town job” and we always farmed and ranched on the side.
And had OTR trucks leased out.

Now, I have a “town job”
I still have cattle
I do PC repair and consulting on the side.

Multiple income streams are the classic thing. Most folks don't have the imagination, dedication or finances to accomplish this.

I've always thought that a sort of neighborhood area general handyman would be a good idea.

Nothing too heavy duty. Just being able to install or replace ceiling fans, new faucets, fix a leak, painting, simple things like that.

Installing a new garage door opener, door locks, screen and storm doors. Remove and install a dishwasher. Some people need help getting their AC filters changed due to location in the home. Cleaning the outside unit.

It's just so dang difficult to get a tradesman over for a simple and relatively quick ( read that as low profit ) job that they just don't want to do it. I understand that, they need to have the bigger jobs that pay them more for their time spent.

In my neighborhood we have our own facebook group and someone is always asking for a referral for a simple easy job because they can't get the big boys out to do it.

Someone is always needing an inground sprinkler system repaired, usually just a bad head or just to readjust everything. Sagging gates on wood stockade fences is always an issue. Caulking windows and doors is something that everyone needs, few have the skills to do a good neat attractive job without making a mess, if I were doing this sort of routine I'd recommend it to all the customers. Energy savings of course plus better comfort.

I know a few, they like to work for cash, they sure don't take credit cards, they don't work all day long every day, they do what they feel comfortable with and still have time to enjoy life.

If you're good you don't have to beat the bushes for work.

I have a friend who is an 81 year old retired general contractor. 81 years of age. He does the simple sort of work I've mentioned, tells me he no longer wants to do remodel jobs. He stays booked out for at least 3 weeks on a continual rolling basis.

Stay out of Iowa, I think Bendable has the market cornered on taking care of little old ladies

I would have to resort to robbing and stealing. I really wish I had another skill to fall back on.

I know a few guys where their primary job is just for medical insurance. They make just as much if not more money doing side work (mostly construction related)

This actual situation came up for me about in Feb of 2018.

I was working at the ME office and I hurt my back. It has taken two years but I am about 85% healed physically but mentally about 20%

Well that put the fear into me because I had no idea what I would do if I could not go back into LE or the military.

I had always used my strength to gain extra money by unloading trucks, digging ditches, logging etc..

One day I was actually paying attention to what my therapist was saying, instead of day dreaming about her, and it made me feel even worse because of how knowledgeable she is.

In my mind I have no real skill sets like my father who is a Carpenter, my uncle who was a pipe fitter or my maternal grandfather who was a machinist.

So during this down time and with COVID 19 I am looking to gain extra skills outside of LE, Investigations etc.. So if this scenario does happen I will be able to either build, clear or destroy.

I’d pimp myself out.

Thought about this over 40yrs ago. Only thing I came up with was if you are going to spend a lifetime working for someone else, at least work where there is stable employment and a good pension plan. I valued that over doing something I "love". SOooo, I joined the military with the intention of doing at least 20 up front. Bonus was I loved it and even saw a great deal of the world. So now I have a military retirement pension and will be okay even if my social security goes away. Sure, congress could stop that pension along with social security but if America got to that point then it's pretty much every man for himself anyway.

I've had a few of those:

Electronics repair.

Rebuilding Ford engines.

Computer networking.

Building NixiE tube clocks for Rite Aid.

Selling junk on the internet.

Buying inventory for store displays.

Auto customization.

Currently I am still active in the last three mentioned. I've had the same day job for 27 years. All of the other stuff comes in handy when that extra P226 presents itself unexpectedly.

quote:

Originally posted by Aeteocles:
Alternatively, I think I could turn a modest income taking real estate photos, and already own the equipment for it.

I'm not trying to burst your bubble here, but I don't think there is much demand for real estate photography. At least around me, most realtors do their own photo's anymore.

I am in a position to where if I injured myself such as breaking a leg during my work, which is entirely possible as my work is somewhat dangerous, I would lose most of my income. I do however make good money and live well within my means.

I chose to buy income producing properties (1 condo, 1 4-plex) and the income from those would pay all of my living expenses, etc. However, it is in and of itself a part time job (sometimes very little, sometimes more) and a source of frustration at times.

The other easy to get into options are: Uber, grubhub, things of that nature. You can literally sign up and start making money in a day or two, granted you're not going to get rich doing it. Nowadays realtors do their own photo's and usually just from their phone, so not sure that would be an option. Still a large demand for wedding photographers though.

quote:

Originally posted by Warhorse:

quote:

Originally posted by Aeteocles:
Alternatively, I think I could turn a modest income taking real estate photos, and already own the equipment for it.

I'm not trying to burst your bubble here, but I don't think there is much demand for real estate photography. At least around me, most realtors do their own photo's anymore.

I bet the real estate photo thing is completely dependent on local markets. Nearly every listing here that is done by a "full time" professional agent gets full staging and pro photos. Our typical listing is $1M+ though, so there's a certain amount of effort expected.

quote:

Originally posted by Aeteocles: Our typical listing is $1M+ though, so there's a certain amount of effort expected.

You're smarter than me, but I bet if things fell through on your career you could sell and move just about anywhere else and then live like a king by stocking shelves at a mom and pop.

I had two friends that started a porn web site. They were/are very quiet about it but from what I understand they did extremely well and it still exists.
Supposedly they did a lot of research and discovered the most profitable legal "kink".
(Alas, they did not share that revelation).

quote:

Originally posted by apprentice:

quote:

Originally posted by Aeteocles: Our typical listing is $1M+ though, so there's a certain amount of effort expected.

You're smarter than me, but I bet if things fell through on your career you could sell and move just about anywhere else and then live like a king by stocking shelves at a mom and pop.

Yep. I know several folks (two from OC specifically) who sold their homes in CA, moved to Arkansas, bought bigger and nicer homes with cash, and still had many hundreds of thousands of dollars left in the bank.