It is normal to want to limit risk. And yet we can’t fully prevent the potential to be laid off as an employee.

Focus your time and energy on what you can control.

First, ensure your skills and knowledge are up to date and that you are marketable. That means being viewed as qualified for the type of job you want to perform. Invest in yourself. Update your resume and optimize your LinkedIn profile.

Second, be visible to the decision makers within your current employer organization and outside of it, so you are noticed for your knowledge, skills, and results. Volunteer to be on the board of a professional association. Comment on social media posts when it relates to your job or industry.

Finally, develop more than one stream of income. According to the IRS, most millionaires have these seven income streams:

1 - Dividend income from stocks owned.

2 - Earned income from a paycheck.

3 - Rents from rental real estate.

4 - Royalties from selling rights to use something they’ve written or invented.

5 - Capital gains from selling appreciated assets.

6 - Profits from businesses they own.

7 - Interest from savings, CDs, bonds, or other lending activities.

Which one are you going to focus on first?

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