Tips to overcome recession and layoffs
There are some ways which should help everybody to avoid getting into trouble during this period when the Global economy is bad.
Don’t go for any new investments
If you are planning to buy a new house, think twice. You may have to take a housing loan which could be risky at this stage. Try to avoid going for any long term loan as we should expect any situation and should be prepared to avert any financial crisis. When we have an high income, we do have the tendency to go for loans expecting that our income will be growing for ever and we get into liabilities. But at this stage we should always anticipate a reduction in our income or could be a victim of layoff.
Cut Down Un-necessary Expenses
You need to cut down expenses that can be avoided. This can help you in saving some money for emergencies. When we have a good income, we change our life style, we do go out with our family for dinner or parties, spend a lot of money for shopping which can be avoided.
Right Time for Investment
This is the right time to invest in properties. There are lots of people who are in debt and need to sell their house of vehicle. If you have funds which are not of any use for you now, you can think about investing in properties if you feel that you are getting a good deal.
Secure your Job
There are lots of layoffs going on. Make sure that you concentrate on your work and your employer should feel that the company needs you. Recently I was talking to my friend who is working in an IT company in Bangalore. He was telling that some top officials came for a visit to his company from the Head office and they found many sitting idle and spending time in cafeteria. They immediately ordered to fire all the employees who are not really engaged with full load of work. So make sure that you are really engaged in your work and spend more time in your office.