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#156630 - 11/29/08 06:57 PM Re: Are you prepared if you lose your job? [Re: GarlyDog]
Glock-A-Roo Offline
Old Hand

Registered: 04/16/03
Posts: 1076
Good topic. I believe that Dave Ramsey's advice to build up 3-6 months' worth of expenses in a safe, liquid form is wise. It will give you the time to find a good job, not just A job, when layoffs come around.

#156632 - 11/29/08 08:29 PM Re: Are you prepared if you lose your job? [Re: GarlyDog]
yeti Offline

Registered: 12/16/06
Posts: 203
Loc: somewhere out there...
I was "restructured" a few years back. That was the euphemism they used anyway. Luckily, when the folks I worked for first hinted they may be looking at those measures, we pulled back immediately. We made it a game to get out of debt...even if we had a spare $5 we were making payments and high-fiving.

We put cases of canned goods under beds and couches (we have no storage space), dried items into containers and started buying for nthe long-haul. By the time the axe dropped, the only debt we had was $2000 on the car and my vacation payout covered that. One day after the payout hit the bank, I paid it off.

I was out of work for 11 months...which sped by! I had assumed it would have been more like 3-4 but times were tough when it happened.

Looking back...we could have cut back even more if we'd had to. We pretty much have the shutdown steps down now. We still hate debt and will cut in a minute if it looks like that is the option. Lately it looks like retirement, which was to be a good number of years away, might never be an option.

But we also shifted buying habits. We have squirreled away some food, first aid items, clothes, blankets, and utilitarian items. We already tried to wait and buy stuff which would last, and we continue that.

Never pass up training...OF ANY KIND. Even if you think you might never use it. And don't do what I did for years and not keep records and certificates and such. One day they may come in handy.

Oh...and don't count that EtOH stove out. It too may have a part to play.

In the end, I don't think ANYONE is ever really prepared to lose their job...but you can take measures that sure make it hurt a lot less and helps keep the little stuff and wolves at bay while you focus on bigger things.
...got YAK???

#156635 - 11/29/08 08:45 PM Re: Are you prepared if you lose your job? [Re: beadles]
yeti Offline

Registered: 12/16/06
Posts: 203
Loc: somewhere out there...
Originally Posted By: beadles

1. In a stressed environment, don't take being laid off personally. It probably wasn't your fault.

That's a good point. I've seen otherwise rational people just crumble and spiral into self-doubt when it happens. That will not help one move on, nor will it help one cope with the real issues one is about to face.

Originally Posted By: beadles
1. Figure out your health insurance, see if you can do without Cobra.

We were lucky in that regard and I went up under my SO's plan. Luckier still in that we are very healthy and that continues <knock on wood> .

Originally Posted By: beadles
...career counselling groups. Use them!

I opted not to use the counselors setup by my employer after being wholly unimpressed with their rep's knowledge of my vocation and potential prospects in the exit interview. YMMV...I just knuckled down and did it on my own. either way...the point is well-made and that is to view every option you may be able to use...even if you may not immediately see the utility.
...got YAK???

#156645 - 11/30/08 12:08 AM Re: Are you prepared if you lose your job? [Re: yeti]
HESS Offline

Registered: 11/28/08
Posts: 3
I have seen society turn sour and have taken a long term plan.

1.I became a correctional officer in a maximum security jail, survived two riots, retired after 25 yrs. and now get a meager pension plus health insurance. This will be good until the monetary system collapses totally.

2. I got completely out of debt and pared my material possessions down greatly.

3. I read a lot and tried to develop skills that will help me when it hits the fan.

4. I developed a survival mindset. I know what to come won't be pleasant but it too will pass.

5. I developed a relationship with God and ask for guidance every day (I need it). This also helps me cope with the things I will have to do when our government turns on us.

I hope this helps, the details of the plan are many and the time is coming.
Nothing says loving like interlocking fields of fire!!

#156727 - 12/01/08 04:54 AM Re: Are you prepared if you lose your job? [Re: GarlyDog]
Desperado Offline

Registered: 11/01/08
Posts: 1530
Loc: DFW, Texas

As I ventured into the family custom home building business in late 2001, I knew it was because my father needed an out, and I would not want to stay.

I came from the telecommunications industry and had watched .com go .bomb with the disastrous effects on many families of folks laid off.

I then took every extra cent not involved in keeping the company going and the family fed (+ a few extras) and invested like crazy.

Current stock market, ahem, "adjustments" have knocked me back some, but with almost all debt retired it's not too bad.

I have about 14 years to live off interest without changing lifestyle and not touching principal. Granted that is at todays dollar to cost. It was 20, but see the latest DJIA and you know the score.

My family members have some hugely expensive med's that private insurance just don't cover, so I am better off in a group plan.

As such, time to find a "real job" as my wife likes to call it. You know, one with real benefits and a real schedule, as opposed to 5am to 7pm in the field followed by 7pm to midnight with paperwork.

Just let the housing market crap out and think, last year I had 4 spec's and 25 lots. Whew, glad that stuff sold when it did. All the influence one needs to take your ball and go play somewhere else.

It may not have been the fun part of prep's, but it has made my family feel the safest. It has also allowed me to start giving back to the folks who raised me, and the community around me. Give Habitat for Humanity a call. It will be some really worth while effort.

I do the things that I must, and really regret, are unfortunately necessary.


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