“Dig your well before you’re thirsty” is one of my power phrase that I use in my life since I was a kid.
I used to follow my dad in his delivery trips as he was a delivery man turned business owner in Singapore. I always enjoyed chatting with him about business and the importance of relationships in business.
He did not even attended school in Singapore but his business wisdom was impressive at least to me. Sadly, he passed on in the years 2003. However, I still remember many things that he taught me. “Dig your well before you’re thirsty” is one of them.
At that time, I was not able to comprehend this statement but now, after I started running my several businesses and established several sources of passive income, I now realized the essence of that statement.
I have been sharing this statement with all the people I know. Some listen and acted on it while the majority did not. My guess is that many are either just too “comfortable” to want to start digging or they are just too “confident” that their current income source can last them during their lifetime at least.
Whatever their decisions, I let them be. I have NEVER helped anyone made a decision in my life. This is their personal responsibility, NOT mine.
However, for those who heeded my advice, they are more confident about their financial future as they have established more sources of income flowing into their lives as contrast to those who did not. They still live their lives in financial uncertainty or “false hope” that everything is going to be alright.
Whatever their attitudes and consequences are right now in their lives, I still believe in the fact that you MUST continuously be looking to dig wells (other sources of income) for the following reasons:
- You will never know when your current source of income will come to an end either through retrenchment, or your boss decided to go bust;
- Without another source of income, you will always be subjected to the manipulation, stress, and politics of your employer, and peers; and
- You may be made obsolete due to new Government regulations, or automation, or both.
Anyway you look at the economy right now, you will notice your job is at risk if you are being honest with yourself.
If you are reading this article and if you already have a family, then you know that all your expenses are recurring on a monthly basis and they are rather fixed. Can you REALLY afford to be without work for 6 months or more?
They say “Prevention is better than cure”, and “It is better to be safe than sorry”. Perhaps you have said them yourself BUT are you applying those wisdom into your life? Only time will tell.
Thank you for reading this article.
I can be reached at firstname.lastname@example.org if you need me.
CEO & Founder, AlgoInsights