Article by Sherin Dev; Follow me in Twitter or Facebook
Do you worry about job loss or running out of ideas on how to survive from such and support family if? Here is a highly working, simple idea for you to follow which would help complete survival in case of job loss.
Global and territorial recessions and related worries make employees panic always. No one know when their company planned to distribute pink slips to employers. Such unknown status really required preparation from employees end to face it at any time. One of the best methods to survive from immediate job loss is, expect the same at any time. Unexpected job loss generally put employees in panic, but an expected loss does not give them much pain. If someone has such expectations, they generally take preparations too to face it. Here is a sure win idea for all to follow and survive such situation.Generally, employees come to two statuses, Bachelors or Married. This article points to this ‘status’ to take appropriate actions. Never mind whether you are the bread winner of your family or an individual, but your status as individual or married is only matters here.
What should bachelors do?Most of the bachelor employees are lucky by not having many responsibilities. They generally have family members and friends to financially support them in case of job loss. However, taking care is always better. To survive from job loss and find another easily, bachelors should build secondary skills. Having secondary skills help them to search jobs from multiple sectors or areas at a time. Having only one skill is vulnerable in case of recessions happening to that particular sector. If any issues there with your one sector, you may able to find job in another sector where no recessions but have skills too. Additionally, having money reserve that equal to 2 to 3 months expenses help bachelors to not depend more to friends or family members until getting next job.
What about married people?
Yes, you are in trouble if loss your job and have a family to support! Better, avoid such risks by prepare intelligently. Have emergency funds. Build sufficient emergency funds to survive next 10 to 12 months. Have 12 equal installments as fixed deposits where each one equals to your one month expenses. I personally took 12 months to build my own emergency fund which now helping me to live without job loss fear. If you have such funds, you will be able to survive with your entire family for next one year without any problems!
Conclusion
Remember, it is very rare case people running out of job for more than 1 year. Building an emergency fund help people to survives enough time until get a next job. Being panic leads people to total failure.Bachelors also should build your emergency funds depends on their requirements. They should identify how much time they required to get another job and build fund upon it.Remember, advance preparations are always better. Some people have enough courage to face problems, but most of them not. Take your own preparations to have a happy life.