Backup plan? The best back-up plan is – Earn more, keep your commitments small.

Any downturns – u don’t have to panic if you’re retrenched because you’ve got enough cushion to absorb your fall. If tomorrow I lose my job, I think I have enough to last me for a year (counting all commitments eg. insurance, house loans). Always make sure u saved at least 8 months worth of your salary that can be liquidated without loss.