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What Would You Do if You Experienced a Job Loss?

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What would you do if you experienced a job loss?

If you lost your job today, would there be an overwhelming sense of panic? Or would you be cool calm and collected? Would you be somewhat ready with a "Plan B" that would kick into place? If think most of us are aware that the world of work has changed. Because the changes have been incremental, we may not be aware of just how much they have changed. Job loss is something that many people are faced with. There seems to be an assumption or hope that a job loss will never happen, or it will happen to the other guy.  When or if it does happen most are totally unprepared,

The income received from working is the way the majority of people sustain themselves.  A lack of work for many would be like having the rug pulled from under them, and their way of living would crumble.  We saw examples of this when General Motors left several Midwest cities. Those cities, became ghost towns as people left to find better opportunities.  The people who were left behind, experienced really hard times.  Some of them have not been able to regroup or bounce back from the job loss that occurred during the recession.

Things are ever changing and to keep our world from crumbling today, we have to be proactive in how we think about work, and redefine it.  Today's uncertainty requires that we think of ways to build as much financial security into our lives as possible. 

To create a level of security, and prepare for a possible job loss, some have opted to work more than one job, which can leave most people tired and run down.  Some have opted to leave lower paying jobs for higher paying jobs, and that's great if you can have enough disposable income to save for the future,  Last but not least, another option would be to add income by starting a home business.  Before the Internet came along, starting a home business would have been out of the question for most people.  However a recent report from the Global Entrepreneurship Monitor (GEM) sponsored by Babson College and Baruch College found that 27 million working age Americans -- nearly 14 percent, are starting or running new businesses.  We'll discuss some options hopefully give you a few different ways to think about your financial future.  

Some Signs of the Time

Companies are relocating, restructuring and changing the dialog between employees and employers. While wages are stagnant or lower, the cost of living is increasing. Gone are the days when you could get a job right out of school, and work it until you retire. 

Employers that used to offer great benefits packages and perks are shifting many of the expenses for health insurance and retirement to their employees.  Because of these shifts, many baby boomers, are finding that they cant afford to retire.  As a result, people are working past the standard retirement age of 65, and the average of retirement is rising.

One glance at the evening news or your favorite news feed and you can see that the world of business is evolving. Some changes are for the better, and some are pulling the rug from under more and more people. 

A Refreshing Outlook

One of the great things about today's economy is that the Internet has created new opportunities to freelance or start your own business.  As a matter of fact, it's projected that by 2020, 50% of the U.S. workforce will be freelancers.

What would you do if you experienced a job loss? Do you have a plan B?

Let's Talk About the Shift

The changes outlined above, require a shift.  A shift in the way you think about yourself and your abilities.   A shift in the way you approach making a living.   And a shift in the way you think about your career.  You may love your job, and your career may be on the move.   However as many people have learned the hard way, it can end at any time.  The goal is to create a plan that will help you keep as many of your assets and resources in place if you lost your job, so that your life is not disrupted. 

A temporary lay off or a permanent job loss may be the last thing on your mind. And of course we hope you're never in a position that causes you to lose your job.  The bad news is that at any time you can be let go, and the terms have been re-framed to include right sizing, lay offs, restructuring etc.  I've seen people who have everything going well on their jobs, one day and a pink slip the next.  They don't really call it getting fired any more, but the result is the same.

Don't Discount the Option of Launching an Online Business

As discussed earlier, more and more people are taking action on the option of starting a home business.  Before the internet, having your own business would be out of the question for most people.  Now it's possible, and there are many legitimate options for people who are interested.  Some people are even launching home businesses while working a 9 to 5 job.  Take a look at some of the differences between working a conventional job and launching an online business

Launching an Online Business

Income and increases based on your your ability to effectively promote your business and learn new skills

Time flexibility to earn while doing other things, and spending more time with family and friends​

Financial confidence in knowing that you can build up your earnings when needed.​

Working a Conventional Job

Waiting on your boss to give you a raise; limitations in your income potential

Making more money means more time at work, less time doing the things that matter most like spending time with family

The financial uncertainty and panic that can occur if you experience a job loss and you're not prepared

The Panick That Sets In

People who feel like their jobs are in jeopardy are usually in panic mode if they have no plan B.  When you're in panic mode, it's hard to think clearly, and it can be hard to figure out the next steps.  Many people in this situation feel like their back is against the wall, that their only option is in finding a job, any job... a job they may hate, or one that doesn't pay all the bills.  While not everyone hates their job, many people feel the need for more income and ways to pad their income from a possible job loss.  

So the goal is to have a Plan B that would kick in if you lose your job. Most financial planners suggest having at least six months of living expenses stashed away.  However that time frame should probably be adjusted because the average job search can take a year, or even more.  Unemployment insurance only provides a portion of what you made on your job, and it only lasts so long.  If you don't have a lot of disposable income, it can be a challenge to save six months or more of income to fall back on.

And Don't Forget About That Plan B

The best Plan B is the one that you create before you need it.  If you're working, the items on the left side are ideas you can do to be proactive.  If you've already experienced a job loss, focus on the right side.  Sometimes it's not possible to be proactive, and life happens. The main thing you need to do when life throws you a curve ball is get back up and regroup in the shortest period of time.

The main thing to do no matter where you are right now is to focus on (1) becoming stable again with a work at home opportunity and/or a conventional job. The goal is to obtain income to keep your household going (2) consider adding as many layers to your income as possible. The best way to do this is to start your work at home education and (3) start earning online as quickly as possible.  Here's what you can do to start: 

You're Still Employed

Learn about passive and residual income

Work on your personal budget​

Revamp your resume to include new skills you've learned since your last resume update or tailor it to fit any new opportunities you're interested in

Start your internet marketing education and earn at the same time by becoming an affiliate

Learn everything you can about affiliate marketing

Clean up your social media accounts and Google yourself​

Choose additional affiliate products or services to promote

Find free and paid traffic sources that will allow you to choose your audience, like Facebook Ads

You've Experienced a Job Loss

Sign up for any benefits you might be entitled to.

  • File for unemployment benefits
  • Check on health insurance options, like COBRA
  • Figure out what should be done with your retirement plan
  • Start looking for a conventional or work at home job opportunity
  • Create a daily routine that includes personal development and applying for job opportunities

Use any extra time to learn about passive and residual income and start your internet marketing education

Learn everything you can about affiliate marketing

Before unemployment benefits are exhausted, look for conventional and work from home job opportunities.

Start your internet marketing education and earn at the same time by becoming an affiliate

Layering Your Income

Layering income is the way that most successful internet marketers have made their fortunes. The greatest way to start out is with one income opportunity.  They become very good at driving traffic, marketing, and closing sales. The great thing about it is that you can do all of those things online. 

Once they've mastered one income stream, they move on to others.  They find more products, services or opportunities to promote.  Once they've conquered that income stream, they add another and so on until they have a business empire. 

Here's a great way to look at it... When investing in the stock market smart investors know that their needs to be some diversification in their portfolio to manage the risk of losing money.  It's the same way with your income.  Today's environment requires that you manage your income in the same way.  You diversify your income portfolio so that you NEVER rely on one source of anything.  Whether it's relying on the Internet, one business opportunity, or one single instance of anything.  You have to be flexible and change with the times.  That means, even after you start an online business, you never put all your eggs in one basket.  When you manage your income in this way, you'll hopefully never have to worry about experiencing a job loss again. 

The Goal is Obvious

The goal is to have additional sources of income that you don't have to physically be present to receive.  That's the concept behind passive and residual income.  The fastest way to get started earning online is to become an affiliate of a company, that will pay you to promote their products and services. 

Once you have mastered affiliate marketing, traffic and internet marketing, you'll want to move on to evaluate and acquire more internet opportunities until you have an acceptable level of income. ​

There are a number of ways to build an online business or a work at home opportunity while working full time. You could take the money made from your online business and save it, use it to pay bills or reinvest it.  At any rate an online business can help you build some financial security into your life and pad your household from the financial disaster that happens when a job loss occurs.

Things are ever changing and to keep our world from crumbling, we have to be proactive in terms of how we think about work, and redefine it.  Today’s uncertainty requires that we think of ways to build as many layers of financial security into our lives as possible.

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