3/02/2009

Lay Off Advise

Good Morning!!

Alright, so last night I was reading up advise on how to prepare for a lay off. First thing you need to do, is brush of that resume, get networking and job hunting. Even if all you do is find a part time job to bulk up your emergency fund. I wrote to Gail Vaz Oxlade and this is what she had to say:

"Jessie, the line of credit is BAD advice. Let's say you decide to take out a $20,000 line of credit. You lose your job, exhaust your emergency fund and savings, and tap the line. Your bare-bones budget is $2,000 a month. You're out of work for five months. When you finally get a job, you're relieved, only to find you're now $10,000 in debt!
If you think there may be the likelihood that you'll lose your job (which, by the way, there ALWAYS is), then you should brush off your resume, and start looking at what other opportunities may exist. You might look at ways to work part-time to supplement your full-time income and build up your emergency fund faster. Or you might look at skills or talents you have that you can turn into a small biz... every penny counts.
Good luck. This is a tough time for lots of folks, and I suspect it'll get tougher before it gets better. g"
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