djderricke
I was looking up bank failures (and one bank that I used to bank with was on the list, yikes!) and ended up on Recession.org. They had an interesting article that I thought might interest most of you here. (I know most of the DJs here also have day jobs.) It is good advice no matter what your job is. Enjoy.
Get your personal finances in order
Being recession-proof means being prepared in case you lose your job. What if, no matter how amazing an employee you are, you get laid-off? You must have a financial backup plan. My rule is to have at least three months of expenses saved in case something happens. The optimal amount of savings is six months but I know many find that unrealistic. If you can do six months, however, all the better.
You need to calculate ALL of your expenses and start saving immediately. Here is a list of items you must not forget:
1. Mortgage or rent
2. Gas and electric
3. Gas for the cars
4. Groceries
5. Health insurance (be prepared to pay double through COBRA
6. Car insurance
7. All utilities (home phone, internet, cell phone, cable, etc…)
8. Entertainment (you’ll need to cut back but you also want to have some fun)
9. Misc monthly expenses such as gym memberships, internet hosting, etc.
This is only a brief list. Create a spreadsheet and list everything. Then, add up your expenses and then multiply by three. If you have that amount saved, you’re in great shape; now try to save for six months! If you do not have that amount saved, do yourself a favor and start saving today!
Add 120% value and promote yourself
Make sure you are adding value at work in everything you do. Always strive to fulfill 100% of what is in your job description and then do 20% more. In addition, you may want to go back to school. Earn your undergraduate degree, your MBA, etc.. Do what needs to be done to show your employer that you are serious about your job, your performance, and the company’s bottom-line.
Finally, Promote your value. Make sure your boss and your boss’s boss know that you are a 120% employee.
Be prepared to make a change
Update your resume. Create a few canned cover letters so if a position opens in a great company, you can act immediately. Tap into your network of friends, family and colleagues in other companies. In tough times, you want to make sure that if you are let go, you can find a position as fast as possible. That means preparing before the unlikely lay-off occurs.
Think long-term
Your purpose is to preserve your career, not jump around “willy-nilly”. While you are preparing for a change, that’s all you are doing; preparing. You are refreshing your network and putting out feelers. If an opportunity arises while you are in your current position, think long and hard as to whether you should take the new job. Ask yourself if the new position is a good career move. Analyze the new position as if the economy was in fantastic shape.
I’ve seen co-workers panic and start job searching right when the rumors of lay-offs begin circling the water coolers. They post their resumes everywhere and start interviewing. I had a few friends leave their jobs to go to another comapny only to get laid off by that company a year later.
If you have three to six months in savings, there is no need to think short-term. Think long-term.
Be Nice
Huh? What does this have to do with being recession-proof? If you are a 120% employee, you are doing what is necessary at a task level to stay recession-proof. There is an old adage that states, “People buy from people they like.” Guess what? People also hire and keep people they like as well! Be friendly and supportive of your co-workers. Provide a helping hand at all times. Be nice. Be professional. When you must take a stand against someone, do so in a manner that builds the other person up and does not tear them down.
Why is this important? Imagine the following scenario. Your name is Joe. Your boss is asked to lay-off ten people. She sits with her boss and tells him, “I analyzed everyone’s performance and I need to keep Joe. Not only does he perform at the highest level, he is also a real cheerleader. He helps other members of the team and he is motivating to be around. Without him, many of the other team members we keep may get demoralized. Frank has similar numbers to Joe, but he’s harsh and abrasive. He seldom helps when asked for help, and to be honest, not many people like him.”
Get your personal finances in order
Being recession-proof means being prepared in case you lose your job. What if, no matter how amazing an employee you are, you get laid-off? You must have a financial backup plan. My rule is to have at least three months of expenses saved in case something happens. The optimal amount of savings is six months but I know many find that unrealistic. If you can do six months, however, all the better.
You need to calculate ALL of your expenses and start saving immediately. Here is a list of items you must not forget:
1. Mortgage or rent
2. Gas and electric
3. Gas for the cars
4. Groceries
5. Health insurance (be prepared to pay double through COBRA
6. Car insurance
7. All utilities (home phone, internet, cell phone, cable, etc…)
8. Entertainment (you’ll need to cut back but you also want to have some fun)
9. Misc monthly expenses such as gym memberships, internet hosting, etc.
This is only a brief list. Create a spreadsheet and list everything. Then, add up your expenses and then multiply by three. If you have that amount saved, you’re in great shape; now try to save for six months! If you do not have that amount saved, do yourself a favor and start saving today!
Add 120% value and promote yourself
Make sure you are adding value at work in everything you do. Always strive to fulfill 100% of what is in your job description and then do 20% more. In addition, you may want to go back to school. Earn your undergraduate degree, your MBA, etc.. Do what needs to be done to show your employer that you are serious about your job, your performance, and the company’s bottom-line.
Finally, Promote your value. Make sure your boss and your boss’s boss know that you are a 120% employee.
Be prepared to make a change
Update your resume. Create a few canned cover letters so if a position opens in a great company, you can act immediately. Tap into your network of friends, family and colleagues in other companies. In tough times, you want to make sure that if you are let go, you can find a position as fast as possible. That means preparing before the unlikely lay-off occurs.
Think long-term
Your purpose is to preserve your career, not jump around “willy-nilly”. While you are preparing for a change, that’s all you are doing; preparing. You are refreshing your network and putting out feelers. If an opportunity arises while you are in your current position, think long and hard as to whether you should take the new job. Ask yourself if the new position is a good career move. Analyze the new position as if the economy was in fantastic shape.
I’ve seen co-workers panic and start job searching right when the rumors of lay-offs begin circling the water coolers. They post their resumes everywhere and start interviewing. I had a few friends leave their jobs to go to another comapny only to get laid off by that company a year later.
If you have three to six months in savings, there is no need to think short-term. Think long-term.
Be Nice
Huh? What does this have to do with being recession-proof? If you are a 120% employee, you are doing what is necessary at a task level to stay recession-proof. There is an old adage that states, “People buy from people they like.” Guess what? People also hire and keep people they like as well! Be friendly and supportive of your co-workers. Provide a helping hand at all times. Be nice. Be professional. When you must take a stand against someone, do so in a manner that builds the other person up and does not tear them down.
Why is this important? Imagine the following scenario. Your name is Joe. Your boss is asked to lay-off ten people. She sits with her boss and tells him, “I analyzed everyone’s performance and I need to keep Joe. Not only does he perform at the highest level, he is also a real cheerleader. He helps other members of the team and he is motivating to be around. Without him, many of the other team members we keep may get demoralized. Frank has similar numbers to Joe, but he’s harsh and abrasive. He seldom helps when asked for help, and to be honest, not many people like him.”
Posted Sun 21 Sep 08 @ 12:46 pm
jimmy b
Times are hard in all our countries, and I guess it will get even harder soon. We all have to be careful.
Interesting reading mate.
Interesting reading mate.
Posted Sun 21 Sep 08 @ 2:26 pm
tayla
Be Nice
really sad state of the work place, when your employment is under threat is when you, under advice, decide it might be best to change your attitude to fellow co workers.
Don't know which is the saddest following the advice from a total stranger, that gets paid a fortune to tell you what you should have been doing anyway, or accepting the advice from a total stranger when realising your livelihood maybe in jeopardy, simply because you are a total nightmare to your work colleagues... good post anyway
really sad state of the work place, when your employment is under threat is when you, under advice, decide it might be best to change your attitude to fellow co workers.
Don't know which is the saddest following the advice from a total stranger, that gets paid a fortune to tell you what you should have been doing anyway, or accepting the advice from a total stranger when realising your livelihood maybe in jeopardy, simply because you are a total nightmare to your work colleagues... good post anyway
Posted Sun 21 Sep 08 @ 8:58 pm
djderricke
It's that very last point that got one of our DJs canned and denied unemployment. Everybody and I mean everybody could not stand this guy. If he had a better attitude, he could've been worked with, but he was an ass to everyone and that didn't help his situation any. (Not to mention writing really messed up things about his employer on a Myspace page.) Most of the things in that article should be common sense, but it is amazing how many people don't plan for something unexpected to happen. Most people just assume their job will be there tomorrow.
Posted Sun 21 Sep 08 @ 11:44 pm
chriso710
Great advice. Non of us are indispensible and in the entertainment world i have certainly seen a difference to Venue door numbers in the past 9 months so much that my business is down by over 50% this year, however i did startup at a time when money was tight for all so the bad times i am used too with optimisim for the future. I will keep an eye on this page as any financial advise and tips are useful, thanks.
Posted Mon 22 Sep 08 @ 3:29 am