Great point about job security being a valuable part of tenure. I read "Are you a stock or a bond" and the author (a professor, actually) recommended that folks treat their income stream (and the safety of that) in a similar manner to other investments. So if I have tenure, I can invest more in risky assets (possibly even on margin). If I am a software contractor, I should invest more in bonds because my income stream isn't stable.

Thought that was a great way to think about income stability in an actionable manner.