Insurance-How-To.com


 

How Prepared are You for a Career Crisis?

By Kevin M

There was controversial article out last week, How a Former Currency Strategist Went from $150K/Year to Serving Lattes at Starbucks (Yahoo! Finance), and it’s one of those stories that we all have an opinion on.

At age 38 this guy was working at an investment firm making $150,000 as a currency strategist (what ever that is!), and was living the good life complete with “$200 steak dinners”. Today, he has a $9.70 an hour job at Starbucks, the good life is gone, and he has had to pawn possessions and tap into his 401K plan just to survive.

Before we go passing judgment on this man, I think we first need to stop and consider that what happened to him could happen to any of us. I’ve said many times on this site that in today’s economy the loss of a job often means the loss of a career, and he is an example.

What’s most important for all of us is that we learn from his experience. In the past few years millions of people have had a similar experience, falling from a high income occupation to none at all. It’s the nature the economy in the 21st Century—employers are learning how to survive and grow with much smaller payrolls.

Preparation should be the takeaway, and the best time to prepare for any crisis is always before it happens; here are some suggestions…

Never assume this can’t happen to you


Continue reading How Prepared are You for a Career Crisis? →

What to do When You’re Unemployed Long-term

By Kevin M

One of my regular readers left a couple of comments on my Easter post, The Promise of Easter, that were deep enough in scope that I thought it best to respond to it with a full post rather than with just a comment. The subject of her question is just that important.

One thing before we get started: this is a BIG topic, so this will be a LONG post. Anyway…

“What about doing some research to see how folks are using their FAITH to deal with the recession – whether they have an income or don’t…How to not give up when you get tired of stressing over income generation and feeling something is wrong with you…?”

Angela has been dealing with the unemployment issue for at least three years. Most people see unemployment as mostly a statistic—one the government confidently and regularly reports is getting better. Those statistics, I believe, mask much bigger issues. The number of people who are chronically unemployed, or chronically underemployed, is well in the millions and the options for these people appear slim.

The real story on unemployment


Continue reading What to do When You’re Unemployed Long-term →

A 7 Point Unemployment Action Plan

By Kevin M

All the talk in the media and business world these days is about the recovery. The GDP is up, sales are up, profits are up, and executive bonuses are up. While that’s all good for some people somewhere, for many in the rank-and-file middle class it still looks and feels an awful lot like we’re still in a recession. With the unemployment rate hovering just north of 9%, for practical purposes we still are.

Millions are still unemployed—some chronically—while many others are dangling precariously close to that status in what’s become a full blown employment revolving door. If you’re unemployed, or about to be, you need to have a concrete plan of action—preferably a written one—to keep you moving forward either toward a new job or into something completely different.

And even if you do have a job and don’t think you will lose it anytime soon you might still need a plan to deal with a layoff that could come out of nowhere. These days, a missed budget or just the hint that the company’s five year plan might not pan out just six months into it is all it takes for the layoff ax to be sharpened.

An action plan has to be customized to fit your circumstances, but if you’re looking for a starting point—or a few new ideas to jump start what you have—try adding some of these to your agenda.


Continue reading A 7 Point Unemployment Action Plan →