It’s been around 20 years since I had a laid off experience. I vowed that I would prepare myself more confidently to manage through a layoff if I ever had to go through another one. The future of my employment is 50/50. 20 years ago I would be stressing out. Today, those stresses are much lower because I have built that financial security over these past 20 years. Minimize the effects of being laid off. Here’s what I’ve done to prepare myself. 

Build additional income 

Whatever you are good at, there’s potential for you to make additional income from it. Start a blog or a vlog; be an influencer; start a podcast; start a business. 

Invest every penny 

Don’t let your money sit around. Build a financial portfolio that returns interest, dividends, and other investment income. 

Live within your means 

Don’t live life more than you can afford. If you earn $60,000 a year, don’t spend more than that. Live a life according to the amount you make.  

Minimize your spending 

Do the latest and flashy new tech or styles catch your eye? Think twice before making a purchase. The money you save from minimizing spending, use it to invest it 

Pay off all debt 

That means loans, credit cards, mortgage, and any bill that you have. Not having a monkey on your back with financial obligations is a big one. This will be the hardest but it is the most rewarding.  

Build your skillset 

While you are employed, look for opportunities to learn new skills, broaden your skillset, and not be complacent with what you have. If your employer would be willing to pay for it or if you pay out of pocket, it’s an investment in yourself which could pay off when you need it the most. Whether it’s a skillset in a new technology, different industry, or even management, building more skillsets will make you more marketable. 

Build your network 

Throughout your career, I’m sure you come across many people: co-workers, colleagues, supervisors, collaborative team members, etc. Build your network of people. Once you build a network, stay in touch. Building a network is one thing but staying in touch with them is another.  

Look for health insurance alternatives 

If you get your health insurance from your employer, once you are laid off those health benefits will go away unless you opt into extending it through COBRA or other means you may have. Health insurance is costly and you may not realize how much your employer contributes towards it, if any. Get educated on the available health insurance options out there so that you’re not scrambling last minute when a layoff happens. 

No job is 100% secure and there is always a risk of a layoff. Taking steps to position yourself can help minimize the effects of being laid off. If you are interested in following my journey and their journey, follow them on Instagram and email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.