Table of Contents
You Need To Save
Cut Down Spending
Put Stuff In Reserve
Make It Last Longer
Make Sure You Keep Your Income
Create Another Income Stream
Consider Your Home
Sample Content Preview
The most important thing you want to do is protect your income.
If you work for or own a company that’s going to feel very little issues as a result of a recession you’ve very little to worry about. Irrespective of what company you work for, all the same, now is a capital time to begin making yourself indispensable. It’s simple fact that the employees that are the 1st to go when lay-offs happen are the ones who aren’t viewed as crucial enough to stay.
Making yourself an indispensable part of your company is the opening move making sure you maintain your income. Even companies that are cutting back their staff are going to pause with persons who are crucial to their company’s daily operations.
If you are able to, involve yourself in many projects your company is working on (plainly without stretching yourself so thin that you’re no longer able to do a good job). The more things you have your fingers in, the harder it will be to let you go. In times of recession companies might be cutting down on their employees, but that doesn’t mean that they’re going to be able to cut down on the amount of work they have to do. It simply means that that work is going to be re-delegated. If you’re already actively involved in a lot of projects the company will feel it much easier to give you extra duties on these projects than to try to bring a fresh man up to speed.
This isn’t the time to try to apply for a promotion or a transfer. The moment you accept this type of move you get to be the new man on the totem pole, and directly become more vulnerable when the time arrives to go through and choose who will go and who will stay.
Mental attitude counts. When companies are attempting to decide who will stay and who will go, often mental attitude and the employee’s ability to boost team spirit is as strong a determiner as their ability to do their job. Remember, companies attempting to stay on top during a recession are going to have greater expectations of their employees than ever before. The only way these employees are going to be able to fulfill those expectations is if they’re able to keep their morale high.
Hopefully the economic recession isn’t going to impact your income stream-but that doesn’t mean you shouldn’t take safeguards. It’s all about networking. If you’ve remained in touch with your bosses and associates, both past and current, you’ll not only likely already know who’s hiring and who’s not; you might have the inside track when it comes to finding another job.
If you wait to connect with them till you’ve been laid off, however, you’re going to discover yourself scrambling. They’re going to know that the only reason you’re getting hold of them is because you’re hoping to acquire a job, and they’re going to view you unfavorably.
Regardless how much you’ve been looking ahead to spending the next 3 weeks on vacation, when your company begins making budget cuts is utterly, positively not the time to take an long vacation. You can’t show somebody how useful you are if you’re not there!
That doesn’t mean you have to strip yourself of a well earned workweek away from the office. If you tend to take your vacations in mass (disappearing for 2 to 3 weeks at a time) this is a good opportunity to spread those vacations out a little. No one expects you to work yourself to your demise.
Produce another income stream, even a little one. Perhaps you take a second job for a month to pay off a credit card or perhaps you sell your baseball cards on EBay or perhaps you find another way to begin a small business on the side.
A Little Extra
As the economic system moves closer and closer to a worse situation, we’ve seen many layoffs happening. How do you protect yourself and make sure you have a little extra coming in?
Companies aren’t hiring, have started process improvement efforts and are viewing ways to cut costs by delaying equipment and software upgrades.
Getting laid off in a beneficial economy isn’t as big of a deal as when the economy is in a recession. Occasionally it even pays to get off the ship before it sinks. If you’ve a good chance of getting laid off in the next year, you may prefer to consider finding another job while you still have a job. That way, you are able to move to the next job with minimum income loss.
The most beneficial way to avoid a layoff is to have your own clients. The one thing that I disfavor the most about working for somebody else is that when you leave – they keep the clients. The clients are the gems of any company, furnishing the revenue to pay the expenses and the employees. When push comes to shove, employees are let go, but the owners keep the clients that the employees have worked hard to acquire. Business owners don’t get fired, although they may go bankrupt if they get too far in debt.
I’m not advising you give up your day job and begin a business – at any rate not before you’ve done your homework. Beginning a business takes a lot of work, patience, money and a rare amount of ambition. Most individuals only succeed after bombing several times.
What I am advising is that you consider setting up the basis of a small side business. You may begin your business as a hobby and slowly begin adding clients. If you get fired, you’d have the basis all setup and a small client base already in place. This gives you the choice of either returning to find a different job or centering on your small business for income. A small business may be your insurance – reducing your risk of a fiscal hardship.
Drastic changes in the economic system will push a lot of businesses into bankruptcy and fresh products and services will be needed that weren’t needed a short time ago. For instance, the need for foreclosure info and counselors has skyrockets in just the last six months. A lot of individuals will be seeking fresh ways to live with the changes all around them. If you’re seeking business ideas, I’d look at the needs of a recession economy. Your most beneficial protection from a layoff is to get your own clients.Other Details
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