Paper Money: The Documents You Need To Protect Your Income

Most people, when they think about protecting their income tend to focus avoiding fraudsters — or learning how to identify them before it’s too late — and designing a budget plan that can help them to manage their expenses. While these are essential factors of income management, they may not be sufficient when it comes to protecting your access to a regular income. When it comes to building your strategy to get rich, you need to put on your finance expert cap on. But if you’re looking at ways to guarantee that your income is safe, all you need is to have the right document. Who thought that paper would be the core of money matters?

#1. You’re allowed to work here

Let’s start with the most basic ways to get access to any type of work income, which is your actual right to work in the country. In most cases your passport should be a proof of your citizenship. But for immigrant workers, they may need to show evidence of a resident card or their registration receipt card, for instance. But you can also establish your identity and your eligibility for work with other documents, such as a driver license, or a school ID card combined with a Social Security card or an official employment authorization document. 

#2. You’re insured for the time you can’t work

But what happens if you have the right to work, and you might have even worked, but you find yourself in a situation where you can’t go back to work for an extended period of time. An income insurance, if you’ve taken one, is designed to replace your income if you’ve been injured and can’t go back to work. But if your injury has left you unable to work, you might even have access to long term disability coverage options. However, the replacement of your income requires medical evidence that you are in a situation where your work has been made impossible. 

#3. You’ve got a 401(k) plan

You’d be surprised to know that a lot of people have not planned effectively towards retirement. As a result, most Baby Boomers in the age of retiring today can only expect to withdraw about $7,100 per year from their 401(k) account without worrying about running out of money. But in fact, over half of the Boomers generation has not saved anything for their retirement years. You can get an estimate of how much your Social Security income will be by creating an account at ssa.gov. Additionally, you can increase your contribution to your 401(k) plan or contribute to an IRA to invest in stocks, bonds or mutual funds. The bottom line is that you need at least one of these.

#4. Can you prove it’s your business idea?

If you’re an entrepreneur at the head of your own business, the best way to protect your income is to register your brand trademarks. Trademark infringements can drive customers away from you. Unfortunately, without registering your brand, you can’t protect it from being stolen or copied.

The world of income is entirely ruled by your ability to show that you own the right document, from employment rights to trademark protection. Without paper evidence, your income can collapse dramatically.