Comments on: 10 Ways to Prepare Financially If You Suspect You’ll Be Laid Off

By: Jetsyn

Jetsyn — Sat, 02 Jul 2011 13:43:42 +0000

Haha, shouldn’t you be cgharing for that kind of knowledge?!

By: Craig

Craig — Tue, 29 Dec 2009 15:13:42 +0000

@Aleks I agree, those things can be done while still employed and are great things to do. Not just for potential revenue, but to learn and build new skills that could polish a resume for the future.

By: Aleks

Aleks — Tue, 29 Dec 2009 11:13:38 +0000

I believe #9 is something you can do also while employed. For example, you can spend some of your spare time building a blog, photography, or perhaps offering consulting services in something you have an expertise in. As such, you create income diversification and you are not fully dependent on one type of activity.

Best regards,
Aleks
Aleks´s last blog ..Becoming a Millionaire, and “The Million Dollar Club”

By: Have Yourself A Merry Little Christmas!

Have Yourself A Merry Little Christmas! — Fri, 25 Dec 2009 16:03:32 +0000

[...] 10 Ways to prepare for a layoff [...]

By: Kenny

Kenny — Mon, 21 Dec 2009 21:11:10 +0000

I’d add to this list: Look for outside sources of credit. Apply for a Line of Credit (or attempt to increase the limit on an existing LOC).

Banks only like to give you a LOC when you don’t actually need it, so apply and save that space in case you have to use it.

Only apply for credit if you’re able to have available credit without spending more.

By: Team @ Credit Card Compare

Team @ Credit Card Compare — Mon, 21 Dec 2009 20:23:46 +0000

Hi Paul – we agree with you.

Our post is pointing out the overall financial goals of lowering outgoings and building up that emergency fund.

Of course, if you were going to be laid of off next week (as opposed to 6 months away) you’d divert your energy away from paying down debts until the storm passed and start storing cash.

In the meantime you’d be gunning to pay the basic bills, keep the lights on and put food on the table. Ideally, you’d have that emergency fund built up now, before the storm.

By: Paul @ FiscalGeek

Paul @ FiscalGeek — Mon, 21 Dec 2009 19:36:36 +0000

I’m curious as to the too options that seem to be at odds with each other. Why would you pay down debt and build a reserve. If I were facing uncertaintity I’m paying minimum payments and storing cash for the coming storm. You can always throw it at your debt once the storm passes.
Paul @ FiscalGeek´s last blog ..Free Gift Wrapping Using Unconventional Materials