If you haven’t reached financial independence until now, then I highly advise you to read this article and to prepare for what is to come in the next months.
In case you missed the news, here’s how the chart of layoffs is looking in the first quarter in 2019:
Think you had a bad week, well there’s probably someone from that chart that had a way worse week than you 🙂
190.4k job cuts, more than it was at the peak of the previous recession, that’s quite a big sign to be alarmed off. If you don’t have an emergency fund then it’s the right time to prepare, keep at least 3-6 months funds (3 up to 6 salaries) in case you are in the unlucky position of going thru a job cut process.
When life happens
Getting fired may be unlucky, something that’s out of your control, you know… life happens. Yesterday when I got to my apartment I saw the kitchen flooded, one of the taps failed and the rest is history. I wasn’t prepared for that, but I dealt with it.
That’s normal, we can’t predict everything that is going to happen, but there’s no excuse to not be prepared and to have an emergency fund of at least 3 months of your salaries.
Start making cuts if you are overspending, there’s no better time to do that than now. Start with some small daily wins, small cuts here and there in your spending budget and over time that will lead to great results.
I don’t want you to panic, but I think this is a good time to take defensive measures and no matter what will come, at least to be prepared financially. It’s something that you owe to yourself, especially if you are hard working and you put a lot of hours earnings what you currently have.
Take a look at your portfolio and rebalance it and invest your excess capital and let your assets expand over time.
In case you have a job, consider how you could add additional value to what you are doing. Maybe you can’t do more in terms of performance, then think about how you could increase your social relations at your workplace, take advantage of the people around you and create new and better relationships. Increase your chances to be promoted and to not be fired, constantly improving.
I see success in the workplace composed of 2 factors, 50% performance, and the other 50% is relations. If this will inspire or guide you, then I think it will worth your time and that I did a good job with my post.
I hope you are prepared and I wish you a great week!