What to do if you're about to lose your job?

2개월 전

Introduction

Recently, my friend was on the verge of losing his job. It's due to a miscommunication. Fortunately, the misunderstanding was cleared up, and he now knows how to hold his work. I'm not here to debate the source of that misunderstanding. Whatever the situation may be, I needed to talk about his backup plan in case he lost his job completely.

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Photo by Ben White on Unsplash

The Strategy

When he was informed that he would be losing his job, the first thing that sprang to him was how he would pay his bills, day-to-day costs, housing credit, insurance, and so on. Fortunately, he had saved away some money for emergencies now and again. He concluded that he could go for a half year without doing anything. Aside from his savings account, he has money in a stock exchange and a unit trust.

He also has some funds in his home equity line of credit. For your information, this home credit account is a flexible advance installment account. Whenever he pays extra, the additional funds will be used to lower any advance head exceptional. The credit interest will be reduced as a result of this. In any event, if you absolutely need that extra income, you can get it anytime you choose. This is a wonderful addition, in my opinion. You will consistently pay more money to the advance record. In less than five years, he intends to settle the house. So far, he has amassed a sizable sum of money in his account. It's usually used as a backup plan when he's in a pinch. Likewise, it assists in the reduction of his housing credit interest rate.

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Conclusion

To return to the original topic, I believe we should have some backup assets in case of a catastrophe. These days, most of these people's financial circumstances don't even allow them to exist for a month if they lose their jobs. You may believe this isn't necessary, but wait till you're slapped, you will comprehend how severe it is at that moment. I believe we should have a hidden stockpile that will allow us to exist for around a half year if we lose our main source of income.

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They are situations that get out of our hands sometimes and we can't recover or it goes away for a moment, risks to take, and having something up our sleeve makes us not only wise but also more preventive.
thank you

Hi @lennyblogs
It seems to me that the fact that your friend has an emergency fund to be able to be a few months stable, and cover his expenses is a good way to ensure peace of mind. The reality is that most people have no idea what to do if they are out of work, it was evident with the pandemic. You should always have some money for emergencies like this. Even more so if you have children and other responsibilities.

Hello friend, today I can say that a job can not be everything in your life, we must look beyond and have several sources of income. Thank God I am an independent person that I understood that very well. Greetings.

Greetings @ lennyblogs
Being able to have a financial back up in case of fortuitous events like losing your job is very good. It certainly helps until you get a new job. You can also inform him about cryptocurrencies, he could make a savings in a stable currency , which will not lose value and when he requires it he will have his asset to dispose of it.

Thank you very much for shari

Undoubtedly I believe that very few manage to have a savings or emergency fund, especially in countries with depressed economies or in constant disaster. But I think it is essential nowadays to have another option, if my me of 15 years ago were reading your post I am sure I would answer you differently, I would collapse at the thought of losing my job, however my current me knows how to have not only a job but several sources of income that allow me to survive in the midst of the economic catastrophe that my country is experiencing, in today's world we do magic and reinvent ourselves, in most cases we have diversified, I am always grateful for everything that happens to me in life because it has taught me in one way or another how to live. For me today losing a job means to reinvent myself, to think of other options and to continue because I have learned that every end is a new beginning.

if I lose my job if in the real world, then I will focus on the world of technology, because in the world of technology there are many things we can learn, I briefly reply to your comments, friend, thank you greetings

Your friend has a good financial plan and that is one thing a good number of us are poor at, if some of us should lose our source of income now, we are going to be back into huge debt. Thanks for the thoughtful reminder this post brings to us.

I believe that crypto has presented golden chances for regular people to become financially independent and I hope those chances will continue to thrive in the future, but as you said it is always important to have an emergency fund for unexpected events