Comments on: How To Prepare for a Layoff http://moneysmartlife.com/how-to-prepare-for-a-layoff/ Money Tips for a Better Life Sat, 21 Nov 2009 15:08:40 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Nat http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-151303 Nat Tue, 09 Jun 2009 15:40:59 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-151303 My husband lost his job 3 months ago. Prior to that: -we built up 9 months of living expenses in savings -we bought a fourplex that generates a positive cash flow of 1k/month -we paid off all high interest debt After the layoffs we: -cut back on all non-essential spending (zero eating out, no more trips to nearby city/shopping center) -called our student loans to get interest only payments for the next 6 months (we can do that again) -try to earn more through freelance work until a real job comes up In our experience RRSP's are a horrible investment since it's not there for you when things go bad.. our fourplex is way better then that. (Tax advantageous, we can get money out every month instead of putting more in etc...) My husband lost his job 3 months ago.

Prior to that:

-we built up 9 months of living expenses in savings
-we bought a fourplex that generates a positive cash flow of 1k/month
-we paid off all high interest debt

After the layoffs we:
-cut back on all non-essential spending (zero eating out, no more trips to nearby city/shopping center)
-called our student loans to get interest only payments for the next 6 months (we can do that again)
-try to earn more through freelance work until a real job comes up

In our experience RRSP’s are a horrible investment since it’s not there for you when things go bad.. our fourplex is way better then that. (Tax advantageous, we can get money out every month instead of putting more in etc…)

]]> By: Ben http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-84960 Ben Wed, 11 Jun 2008 03:14:40 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-84960 Andy, as the economy gets worse it wouldn't be a bad idea for everyone to do a little contingency planning. Andy, as the economy gets worse it wouldn’t be a bad idea for everyone to do a little contingency planning.

]]> By: Andys http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-84937 Andys Tue, 10 Jun 2008 20:59:38 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-84937 Great post and one to bookmark for future reference. I have put down a list of things I think one should do to prepare for a lay off at my personal blog. Shares a number of items with your list. Thanks, Andy. Great post and one to bookmark for future reference. I have put down a list of things I think one should do to prepare for a lay off at my personal blog. Shares a number of items with your list.

Thanks, Andy.

]]> By: PinoyTech » Sense of Job Security http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-22388 PinoyTech » Sense of Job Security Tue, 23 Oct 2007 00:35:43 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-22388 [...] “Should I quit from my job?”, you might ask. I will promptly answer, “No”. But if you ever think of quitting, then you should prepare for unemployment. I am not the one to answer for everyone but I really don’t see any financial security in having a job. There are just so many reasons not to have a job and I intend to resign in a couple of years. I would then start to build a business to generate income for me. [...] [...] “Should I quit from my job?”, you might ask. I will promptly answer, “No”. But if you ever think of quitting, then you should prepare for unemployment. I am not the one to answer for everyone but I really don’t see any financial security in having a job. There are just so many reasons not to have a job and I intend to resign in a couple of years. I would then start to build a business to generate income for me. [...]

]]> By: Angie Hartford http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-12375 Angie Hartford Sun, 08 Jul 2007 20:21:17 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-12375 Final tip: Remember that you are not your job! Layoffs happen, to the prepared and unprepared. Final tip: Remember that you are not your job! Layoffs happen, to the prepared and unprepared.

]]> By: Free Money Finance http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-12182 Free Money Finance Fri, 06 Jul 2007 10:20:07 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-12182 <strong>Star Money Articles for the Week of July 2...</strong> Here are interesting posts and news this week from the MoneyBlogNetwork and beyond: Consumerism Commentary has more on credit cards versus debit cards. AllFinancialMatters reviews Shut Up, Stop Whining Get a Life. MightyBargainHunter thinks borrowing o... Star Money Articles for the Week of July 2…

Here are interesting posts and news this week from the MoneyBlogNetwork and beyond: Consumerism Commentary has more on credit cards versus debit cards. AllFinancialMatters reviews Shut Up, Stop Whining Get a Life. MightyBargainHunter thinks borrowing o…

]]> By: MoneyNing http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-12158 MoneyNing Thu, 05 Jul 2007 22:30:57 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-12158 I don't think there is a better advice than building an emergency fund in terms of preparing for a layoff. My former supervisor was laid off and it took him 9 months to find a job! He did take his time to find what he thought was the "right" job though since he had savings. I don’t think there is a better advice than building an emergency fund in terms of preparing for a layoff. My former supervisor was laid off and it took him 9 months to find a job! He did take his time to find what he thought was the “right” job though since he had savings.

]]> By: Alfa http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-12151 Alfa Thu, 05 Jul 2007 20:22:32 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-12151 Or don't rely on just one job. Look for freelancing opportunities and other part-time jobs. Or don’t rely on just one job. Look for freelancing opportunities and other part-time jobs.

]]> By: Moneymonk http://moneysmartlife.com/how-to-prepare-for-a-layoff/comment-page-1/#comment-12145 Moneymonk Thu, 05 Jul 2007 18:14:12 +0000 http://moneysmartlife.com/how-to-prepare-for-a-layoff/#comment-12145 Get a line of credit while you’re still working Im not sure if I will agree with this one. I rather advice you to "save up" money while you are working. Than to do that. Get a line of credit while you’re still working

Im not sure if I will agree with this one. I rather advice you to “save up” money while you are working. Than to do that.

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