Archive for Security
If You Didn’t Prepare For This Recession – Prepare for the Next One
Posted by: | CommentsThere are so many posts out there about ‘How to Survive the Recession’. I find them so annoying. Here’s the reality: there’s nothing you can do if you haven’t been preparing for a rainy day. Kissing up to the boss and working OT isn’t going to save you now.
Instead use any problems you’re having as a learning experience for next time. As I’ve mentioned a ton of times, aim to start contracting and get a high rate in a niche as I explain in my ebook. Make sure you are saving money – forget 10%, I aim for 75%. I only spent a few thousand per month and the rest is saved. It’s really that simple, but it’s not really possible as an employee. Even managers making $150K will have a hard time after all the tax deductions, and government programs (like EI and CPP in Canada).
Having savings and paying off debt does so many things, even ones that are intangible. Like giving you confidence to negotiate an hourly rate, reducing fear of losing your job and so on.
Tell yourself ‘Never again’ and start preparing for the next downturn. Because there will be one.
What will happen to Bear Stearns Employees?
Posted by: | CommentsNo one knows for sure at this point, but these types of events are why I’ve been advocating that you take control of your career. With the latest ‘Bear Stearns’ debacle it shows you are not even necessarily safe and secure at a huge investment bank. That’s why it always pays to keep your network alive and to never be caught off-guard by these types of events. Things you can do in good times and in bad are:
- live within your means
- have a nest egg saved for these types of events
- build a network of people in your industry
The first company I worked for got bought out and I was laid off a few months later. The next company had some rough patches and at that point I vowed never to be ‘out of control’ again. I wanted to be in control of my career. This is all about being proactive rather than reactive.
