Comment on Laid Off From Your Job, Now What? by Financial Slacker.
Glad to hear your role is secure. I always worried about getting laid off even when it was a remote possibility. I think because I tended to work for high-growth, private-equity backed companies that operated with a feeling of desperation – either grow or die. And if you couldn’t grow top-line, you had to cut expenses to make up for it.
That’s probably one of the reasons, I am so concerned about having not just a few months of living expenses, but multiple years of living in savings. It’s not great for my overall rate of return, but it helps me sleep better at night.
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Laid Off From Your Job, Now What?
That’s exactly right. While I don’t want to minimize the impact, getting laid off is not the end.
Making money blogging would be quite the feat. It’s definitely harder to make money as a freelancer than it was working a real job. But I did have 20 years of experience working real jobs and just a few months as a blogger/freelancer.
Laid Off From Your Job, Now What?
I hope the advice does help people. I get emails almost everyday from someone who has been recently laid off. It’s been especially difficult in the energy sector impacting cities like Houston.
I really do think launching a side business is a great way to stay engaged while you’re looking for a new venture. And maybe that side business will grow into something significant.
Laid Off From Your Job, Now What?
Completely agree. I just don’t think there is job security any longer. Things change quickly, whether it’s something new in the industry causing a shift or your company getting acquired.
When I was running mergers & acquisitions for a large healthcare company, we would typically see about 80% turnover after we bought a business. Most of the time, it wasn’t layoffs, but a change in culture led the acquired employees to seek out something new.
Recent Comments by Financial Slacker
Buying a Business Requires Life Changes
Thanks for commenting and the compliment, Mr. Prairie FIRE.
In my experience with small business owners, most are welcome to hearing purchase proposals so long as they are legitimate. But while they are open to hearing what you have to say, they are also hesitant to admit they would consider selling if they think word could get out to their employees, customers, vendors, or others.
One approach is to begin building a relationship with the owner. Start using the company on a regular basis. Strike up a conversation with the owner. Ask questions about the business. How did they get started? How long have they been in business? What are some of the challenges they face – getting customers, keeping staff, etc?
This approach may not yield immediate results, but in relatively short time, you should be able to introduce the idea of a sale and get a feel for whether the owner is interested. And even if they’re not interested at the moment, they may be in the near future.
Thanks again for commenting and please let me know how it goes.
Creating a Better Life By Spending Less Not Earning More
Thanks for stopping by and commenting, ZJ.
It has taken me 20 years to get to that point where I only take on the business that I choose. In additon to getting to a financial place where I can be selective, I’ve spent a large portion of that time figuring out what it is I want to do and what type of client I want to work with.
I wish you the best in your journey.
Confidence Can Be Learned
Thanks for stopping by and commenting, Sam. I always love your perspective and your words tend to get me thinking.
I haven’t been away from the corporate world quite as long, but after over two years away, I am starting to gain confidence in this new lifestyle. It has taken me a while as the corporate life was what I knew for 20 years. And in that world, your schedule and priorities are mostly dictated by the company you work for.
But when you’re on your own, you start realizing that the best person to rely on is yourself.
Thanks again.
Creating a Better Life By Spending Less Not Earning More
That’s the decision we all make whether it’s intentional or not. Freedom in the future or discretionary spending today.
Avoid the Home Warranty Repair Scam
My only other appliance repair was actually a dishwasher that I tried to repair myself. Unfortunately, after ordering and installing the wrong part, I did finally get the correct part installed. But the new part didn’t fix the problem.
I’ve been working around the issue but at some point, I’ll probably need to bring in someone to actually repair it.
And I still don’t think it will cost $500 to repair.
