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Surving a Layoff
By JLP | January 25, 2006
Gerri Willis at CNN/Money has 5 Tips for Surviving a Layoff. I personally have never experienced being laid off. I can only imagine how traumatic something like that must be.
There are things you can do to help yourself BEFORE you find out you are getting laid off:
1. Have an emergency fund. Three to six months of your living expenses are the norm. However, you might want to sock away as much as three to six months of INCOME due to the fact that if you get laid off, you might need to spend some money finding a job. What if your job search requires you to fly somewhere?
2. Spend LESS than you make. This should be a no-brainer, but I know a lot of people who spend everything they make. If you make it a practice to reign in your expenses, it won’t be as hard to adjust your lifestyle if you do get laid off.
3. Build your network. Read Harvey Mackay’s Dig Your Well Before You’re Thirsty
Topics: Financial Planning | 1 Comment »
January 25th, 2006 at 7:50 pm
Their “#1″ — reading the writing on the wall — was very, very useful to me before I quit the workforce to
full-time Mom. Even though I was young and naive about pretty much everything else, I did have a good nose
for a bad situation, and managed to leave a couple of jobs right before things started going sour. Having
enough lead time to find a new, good job was great. [Of course, I was dumb about money in general, so going
straight to a new, good job was a *really* good thing for me. Heh.]