How to Earn a Living in Times of Global Layoffs
Unless you've been living in a cave, you've probably heard that we are living in some rough economic times. Even though many economists believe that the worst may be over, it will still be quite some time until America becomes the land of prosperity that it once was. Of course, these tough times are not limited to America; the economic crisis can be felt in just about every corner of the world. It is still possible to survive, and even thrive, in these hard times. Here are a few tips that can help you maintain a high quality of life, even in these times of global layoffs.
1. Learn to trim the fat. When money is tight, the first thing that needs to go are unnecessary expenses and extravagances. For example, use your vacation time to tackle projects at home instead of planning a getaway vacation. Even better yet, forgo a vacation altogether and put in some extra hours on the job. It'll be hard to feel sorry for yourself and your financial status if you are engrossed in a worthwhile pursuit. You can further cut corners by renting movies instead of going to the theatre, or by preparing meals at home instead of dining out. Clip coupons before you buy groceries, and take advantage of rebates on other purchases. A few dollars here and there will begin to add up, and the more money you manage to save, the lesss dependent you will become on your employer.
2. Become a valuable employee. With good-paying jobs becoming harder and harder to find, it is very important to protect the job you may already have. Job reductions are seldom arbitrary; there is usually a method when it comes to deciding who will keep a job and who will be filing for unemployment compensation. When it comes to job performance, now is the time to be on your "best behavior", which means working hard and showing up on time. The more valuable you are to an employer, the more secure your job will be.
3. Liquidate. Now is an ideal time to turn your possessions into cash. A yard sale will put a few extra dollars in your pocket as well as eliminate clutter. Take those old golf clubs or that electric guitar that has been gathering dust and sell them on E-bay. When the economy is tough, it is much smarter to have actual cash instead of material possessions.
4. Multiple streams of income. Bolster your bank account by finding extra sources of income. Rent that spare bedroom to a student or another boarder. Look into legitimate work-from-home opportunities. Think of these additional income sources as tiny mountain streams. When enough tiny streams flow into the same valley, they form a mighty river.
5. Moonlighting. Rather than eliminating jobs, many employers are simply reducing their employees' hours. This can turn into a great chance for making extra money by taking on a part-time second job. When you combine the two jobs, you may find that you are making much more money than you did with just one job. Not only can you earn more, but it's usually much more enjoyable to work 4 hours at one job and 4 hours at another job instead being stuck at one job for 8 consecutive hours.
As you can see, there is no mystical approach to keeping your head above water financially. Make more money than you spend, and you will accumulate wealth. This common sense approach to personal finance has worked for hundreds of years, and I'm sure it will work hundreds of years into the future.
