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A place for Get Rich Slowly readers to ask questions
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It is currently Fri Apr 18, 2014 10:19 am




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 Post subject: Advice for someone with uncertain job situation
PostPosted: Mon Aug 13, 2012 1:59 pm 

Joined: Mon Aug 13, 2012 1:44 pm
Posts: 1
Hi,

Would appreciate your advice on my situation. I'm 31, earning $53K/year, married (wife is training for a job but not earning at the moment). Debts are $39K in student loans (<2% interest) + $3.5K car. Savings are ~$20K in an ING account + $8K in an investment account through my employer. I'm currently able to save about $1-1.5K/month.

The problem is that my employment propects may change next year. I have been told that next year (spring/summer) there will be layoffs and I may be among them, being less experienced than my coworkers. If I get laid off I am not sure how long it will take to find another job. With that in mind, what would you recommend is my best course of action? I was planning to just continue putting savings in my ING account but wanted to get some advice. Thanks


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 Post subject: Re: Advice for someone with uncertain job situation
PostPosted: Mon Aug 13, 2012 2:13 pm 

Joined: Wed Oct 07, 2009 4:16 pm
Posts: 959
Start cutting unnecessary costs now! Look refresh your resume and start looking for another job now!

You could also look for a part time right now....

_________________
Be what you want to attract.


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 Post subject: Re: Advice for someone with uncertain job situation
PostPosted: Mon Aug 13, 2012 2:23 pm 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5205
Do what Fantasma said:

1. Immediately start cutting out all unnecessary expenses
2. Save as much as you can and keep it in cash
3. Start sending out resumes and looking for a new job.

It is always easier to find a new job when you already have one. Don't wait to get laid off before you start looking.


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 Post subject: Re: Advice for someone with uncertain job situation
PostPosted: Mon Aug 13, 2012 2:35 pm 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1095
When will your wife start bringing home a paycheck?

I agree with the others...be proactive on all fronts!


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 Post subject: Re: Advice for someone with uncertain job situation
PostPosted: Mon Aug 13, 2012 2:53 pm 

Joined: Tue Mar 23, 2010 3:31 pm
Posts: 405
Yep. Hoard cash and look for another job.

What are the prospects of getting another job? Do you have marketable skills or are you probably looking at long unemployment?


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 Post subject: Re: Advice for someone with uncertain job situation
PostPosted: Mon Aug 13, 2012 3:25 pm 

Joined: Sat May 14, 2011 9:44 am
Posts: 139
DoingHomework wrote:
Do what Fantasma said:

1. Immediately start cutting out all unnecessary expenses
2. Save as much as you can and keep it in cash
3. Start sending out resumes and looking for a new job.

It is always easier to find a new job when you already have one. Don't wait to get laid off before you start looking.


I agree with HW's points. I'd add #4 as "Wife starts looking for a job ASAP." I would start cutting my budget now as well, do not wait until you lose your job. Save as much as is humanly possible and keep it liquid.

Once you land a new job (hopefully before you get laid off), you can then readjust your budget. But the others are correct, you have a much better chance at finding a job if you already have one.


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 Post subject: Re: Advice for someone with uncertain job situation
PostPosted: Wed Aug 15, 2012 6:44 pm 

Joined: Wed Aug 15, 2012 6:40 pm
Posts: 2
Hi, have you read Robert Kiyosaki's book? There is no such thing as job security anymore.
In the meantime of looking for a job, you should start something for your future.


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