Seat belts have been shown to reduce the risk of death and serious injury during car crashes. Seat belts prevent drivers and passengers from being ejected during a crash. Developing a habit for always wearing a seat belt will greatly enhance your chances of survival during an accident. And the critical word to emphasize is “habit.”
Now we need to have financial seat belts as well. A financial seat belt will ease the pain in case of loss of income. A financial seat belt is simply some cash which you put aside and is accessible in case of emergency. You build this cash reserve by developing a savings habit. What you want to achieve is to save a minimum of 10% of all the income you will ever earn. It does not really matter how much you earn.
If you manage to do this with diligence and persistence you will be well prepared for the next crisis and life will be much more pleasant.