Keeping Your Eye On The Prize
The unemployment rate has now reached 6.5% and analysts say it could reach 8% before too long. Already it's at the highest point in 14 years. Chances are many of you know someone personally who has been affected by this worldwide recession or maybe you yourself has been affected. I have two good friends who've suffered layoffs and one has been looking for employment for over a year now. I've even read of situations where people have stopped looking for work all together because they've become so discouraged by the lack of job openings.
Just this past week one of my co-workers was laid off due to business conditions. It's always understandable when someone is dismissed due to their poor performance but this particular individual did a great job. It was really a matter of seniority and he was the newest employee of the company. It's sad to consider that he, along with others who have suffered the same fate have families to support, mortgages to pay and so forth. I was speaking to one of our customers this past week and we were discussing how most people in today's economy aren't prepared financially for a job loss. Statistics show that many people don't have enough put aside to sustain their way of life for more than a few short months if their position were suddenly no longer there. What's worse, many families are living paycheck to paycheck and have nothing to fall back on. That's why it's so critically important to set a little aside while you can to avoid a financial crises.
I've written in previous posts about saving for emergencies and there are resources available here to assist you with getting started (assuming you don't already have an action plan in place). Don't be discouraged if you are only able to set aside a little each week or month. Something is certainly better than nothing and you'll be grateful to have something to tap into should you find yourself in a financial bind. Start slow and eventually you'll have a nice little nest egg. Trust me when I say you'll sleep much better at night knowing you won't end up homeless should you suffer a job loss. Just keep plugging away and you'll eventually see the results.
