Comments on: Minimizing the Impact of Job Loss: Short Term Tactics and Long Term Career Pillars http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/ Financial talk for the rest of us Sat, 16 Feb 2013 01:14:45 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: Lee http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-792622 Lee Sun, 18 Oct 2009 12:51:48 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-792622 It’s amazing how little you can spend on food if you put your mind to it. My monthly budget for food is just £40 ($65 USD)! Some folks can spend that with ease in one DAY.

]]> By: Brigitte http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-792355 Brigitte Sat, 17 Oct 2009 21:22:57 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-792355 This article is great, lots of good advice, but the title doesn’t match! Other than cutting costs and educating yourself about your field, it doesn’t really discuss how to minimize the impact of actually losing a job–just how to avoid doing so. Which means you don’t really lose the job or have impact from losing it to minimize…

]]> By: The Job Vault http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-557857 The Job Vault Sun, 08 Mar 2009 08:03:45 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-557857 There is obviously a lot to know about this. I think you made some good points here. Thanks!

]]> By: MH http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-394665 MH Wed, 15 Oct 2008 20:26:54 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-394665 Great advice. We’re a single income family, and my husband has been at the top of his region in sales for quite some time, so despite the economy, we’ve felt relatively safe. However, being at the top doesn’t help when the entire department is “down-sized”. . .nationally! He was laid off last week, and we are SO thankful that we have followed these steps up until now. We can live for a number of months on the emergency fund we’ve built over the past couple of years, so while we still need to get one of us employed soon (health insurance is too expensive!), we’re not in a panic. You never know what the future holds, so we are so thankful we took time to plan for something unforeseen.

]]> By: IRG http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-394517 IRG Wed, 15 Oct 2008 14:51:22 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-394517 Good overall post, which I personally agree with.

But the bit about ethical behavior…staying “above it all” doesn’t really work if you work with people who DO NOT exhibit ethical behavior.

The world of work is populated by many who view work as solely about competition and getting “ahead”–at any price, usually at someone else’s expense–job, reputation, raise, promotion, etc..

Although one should not resort to unethical behavior even in those circumstances, one does have to think and sometimes act differently, to protect one’s self professionally. Many really nice, professional and ethical people get royally screwed while others gossip, backstab and worse to them. Sometimes turning the other cheek isn’t the answer. These people get away with stuff precisely because they know that professionals either won’t “get” or won’t protest what is happening to them.

Alas, given the current climate, we’ll see a lot more fear-based negative behavior at work as people worry about losing their jobs. And, sadly, less cooperation (Most companies really don’t seek cooperation. They want internal competition because they think it spurs better work. NOT.)

The “new rules” of work today mean you not only have to work more on your own stuff, but you may have to pay a lot more attention to office politics and what you’re co-workers are doing.

For those of us for whom it’s about the work, this is an extra stressor.

If ever the work world needed more professionals and more “leaders”, it’s certainly now. But then, there aren’t many examples of good managers and real leadership anywhere these days.

]]> By: theBadLibrarian http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-394278 theBadLibrarian Wed, 15 Oct 2008 05:56:58 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-394278 Plus, keep your side gig honed and ready in case you might need it for more than ‘fun money’?

Here in the UK unemployment levels are rising. As recession deepens, are we maybe going to see jumps in the levels of entrepreneurship and self-employment – and if so, will it be altogether a good thing?

I’m ‘between jobs’ and I know my little microbusiness has paid for more bills lately than I ever expected it to have to. That’s great, and I may have to ramp it up to do more than that. OTOH I have a pal in the same position who has leapt into full-time self-employment – and is finding the swimming-pool is, if not dry, at least only half-full re: getting business in these times. Ouch!

Will some people experience the double whammy: first unemployment, then own-business failure?

]]> By: Andy @ Retire at 40 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393991 Andy @ Retire at 40 Tue, 14 Oct 2008 21:06:27 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393991 My mantra is “Spend Less, Save More” which basically encompasses your first two points.

By spending less on those things we don’t want anyway puts you in a better position from the get-go.

By saving more (into an Emergency Fund, a Freedom Fund, your retirement fund or just about anything brings you out much better off.

They’re the keystones and what you do after that is just detail (but important detail).

]]> By: Amy @ My Daily Dollars http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393926 Amy @ My Daily Dollars Tue, 14 Oct 2008 19:47:53 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393926 I agree, your five tips are also sound advice for any point in life. With spending under control and an emergency fund in place, you’re well-prepared for any situation, not just job loss!

]]> By: Trent http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393918 Trent Tue, 14 Oct 2008 19:40:47 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393918 “much of our food spending is discretionary (meals out, fancy cheeses, prime cuts of meat, prepared foods, etc.).”

That’s exactly what I was getting at. Most people have a TON of nonessential spending in their food budget if they’d look at things with a critical eye.

]]> By: Ronald Belham http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393909 Ronald Belham Tue, 14 Oct 2008 19:23:35 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393909 Excellent post here. Its always been so frustrating to see friends and colleagues go through tough times because they didn’t recognize that their performance at work was crucial to keeping their job security. I especially believe in the power of pillar #4 and #5.

]]> By: bethh http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393892 bethh Tue, 14 Oct 2008 19:01:42 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393892 I’ve been laid off twice, and was able to live just fine on unemployment checks until I found new work. In over 20 years, my company has never laid anyone off, but I just checked to see what I’d receive in unemployment benefits.. just in case. I’m happy to see that because of my frugal living and debt reduction, I’d be able to get by on unemployment. It’s a good feeling for sure.

]]> By: Lurker Carl http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393858 Lurker Carl Tue, 14 Oct 2008 17:25:17 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393858 These tips are good for everyday living, not just preparing for a layoff. It’s difficult to adapt these measures and expect significant results two weeks before the pink slip arrives. Personal calamity does not wait for an economic downturn, stuff happens during the best of times as well.

Chance favors those who are prepared.

]]> By: Your Friendly Neighborhood Computer Guy http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393836 Your Friendly Neighborhood Computer Guy Tue, 14 Oct 2008 16:36:42 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393836 Great post! I like how you didn’t just end it with being prepared for the lay-off, but also things you need in place to be able to bounce back and move on to another job.

]]> By: cv http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393824 cv Tue, 14 Oct 2008 16:13:21 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393824 I try not to nitpick given the volume of posts you turn out, but capping spending on “nonessentials like food”? I think your proofreading skipped a beat there.

I know, I know, there are a ton of ways to eat more cheaply than most of us do, so much of our food spending is discretionary (meals out, fancy cheeses, prime cuts of meat, prepared foods, etc.). This still struck me as funny.

]]> By: MARK http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393816 MARK Tue, 14 Oct 2008 16:00:29 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393816 Never underestimate the power of the cash emergency fund. Most people never see emergencies (car trouble, illness, job loss, broken pipes, or car insurance deductibles etc…) coming. The cash emergency fund has saved my ass. Image needing a car repair. The collision insurance will cover everything except the $1000 deductible. Do you have the $1000 or $500 the mechanic will require to start the repairs? Charge it to the Credit card and pay 24% interest? The mechanic may charge 10% interest. Sometimes with cash up front I have talked businesses into giving me a 5% discount. Credit card companies charge a 5% to 10% merchant fee to businesses to use credit cards. Credit card usage is not free to business or users. I advise people to drop $10 to $20 a week into a fund. If you like to when it gets to $500 put it into a federal Govt CD to cover inflation. But always put in money to save. Accidents happen to everyone. Everyone will eventually be unemployed. Everyone will have a fender bender. Everyone will get sick. Do you have the money for these small disasters? Sorry for the long comment!

]]> By: Kristen at The Frugal Girl http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393811 Kristen at The Frugal Girl Tue, 14 Oct 2008 15:50:48 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393811 Isn’t it amazing how frugality comes in handy in so many different life situations? No matter where you are in life, it’s always good to spend carefully and live within your means.

My husband is in a pretty safe job(he does IT for a health care company), but we’re working on building a decent emergency fund for our peace of mind, and because it’s always possible that he could lose his job.

Fortunately, he has a lot of those pillars you mentioned in place, so I think he could find a new job relatively easily if he got laid off.

]]> By: Tyler @ Dividend Money http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393767 Tyler @ Dividend Money Tue, 14 Oct 2008 14:17:29 +0000 http://www.thesimpledollar.com/2008/10/14/minimizing-the-impact-of-job-loss-short-term-tactics-and-long-term-career-pillars/#comment-393767 My biggest piece of advice is certainly to stay on good terms with current and past managers and co-workers. You never know which one of them may end up in a position to hire you or refer you to a colleague for employment in the future.
I’ve managed to triple my salary over the past 4 years and the last (and biggest) jump was the result of a referral of an old colleague who happens to be a fishing buddy of the Vice President of Finance at my current employer.

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