income protection

In my entrepreneurial journey, I follow a simple but powerful wealth building strategy: secure and diversify.

Secure means I secure a portion of income I received from my businesses, whether it’s online or offline, to some forms of protection: insurance, certificate of deposits (I don’t like the interest rate, but it’s a save haven for me) and precious metals.

Diversify means I invest another portion of income in order to make my money work harder for me, in the form of businesses, real estates and stocks.

But, first-thing first - have you protect your income?

Income protection: what and how

Whether you own a business or self-employed (sole proprietorship), you need to think of protection measures to secure your hard-earned cash.

If you own a business, you need to protect your revenue and cash flow by taking insurance that protect your business. Don’t forget to form a legal entity for your business (i.e. LLC) to protect yourself from losses and any legal actions. You should also invest, invest and invest - investing is a form of income protection for businesses!

If you are self-employed, you need to protect your income by taking a form of income protection insurance, that typically pays out a regular income if you are unable to work due to illness, disability or sickness.

Protecting your income by investing

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