well I guess lay off's are getting more and more common by the day

and I fear more people are unprepared than prepared for it. I also am optimistic to the point that I feel people who know their stuff should not have lasting problems finding employment. Also, an exit plan before hand and savings help

Hmm, never really thought about it. Guess i would have a problem... In my line of work i think i would be able to find me a new job, but still. It is not that easy in my country to get laid of actually. I have a contract for undetermined length. This cannot be broken just like that. But still, you never know!

With this crisis going on at the moment, it might be a good thing to think this stuff over. Cause i always thought that if i would ever get fired, i would just start up my own business. But if i get laid of cuz of the crisis, who is going to hire me then if there is no money to spend at companies. Hmmm, well, i think i'll as @mayank for a job then ;P

But seriously, never gave it too much thought. Dammit, now i wont be able to sleep tonight!

oh no! Hopefully you can sleep. I think it's a good reminder to think all this stuff out. It's inspired me to implement a savings plan strategy but I am never really worried about finding work. I got mad skills! ; ) Best practice is to always have your own back.

Wow, Nikitascene--your coworker got fired? Does that me they're hiring? :D

Sorry, I'm in job hunt mode. I'm stuck in the netherworld of being successful at things that make me little money but obviously needing money to survive. Last year when I was still temping, I wish I had been smart, instead of a moron, and saved at least *some* of each of my paychecks.

I'd say "live and learn" but I already told myself *before* the last job to save my money.

I am lame...

But seriously, anyone hiring? ;)

@thepete we are hiring in fact. I need someone on my linkbuilding team with some SEO prowess and someone to help me with my social media madness. If interested, email me at babynikita@gmail.com and we'll discuss.

And you know, I am always on the job hunt of I am employed or not. I think it's always good to keep your eye out for opportunities. Here's a smart article I came across today outlining some basic strategies: http://www.semportland.com/events/have-gun-will-telecommute/

I don't have enough clients of my own to say that I would be too bad off without them. I am still a cubicle clown in a colony of cubicles. If my 9-5 suddenly didn't work out, then yes, fvckage would happen. I agree with keeping your own back, we have to be responsible for ourselves.

@uberdev a colony of cubicles sounds so sadly. at least I have a window to look out and watch the weather coming and going.

Awesome, Nikita! Thanks! I will definitely email you. Thanks for the article, too. Very good points for sure. I looove working from home, but actually prefer to work from coffee houses. I get more done, believe it or not. :)

But I'm way off topic, so I'll shut up now. Thanks again, Nikita! I'll be in touch momentarily.

Haha, we called them cube farms back in LA. As though they were growing us. :(

Hi Nikita
I am no expert in solving these special problems you are hinting to. After reading this thread just some general things come to my mind:
To never (usually) put all eggs in one basket.
To have at the same time survival strategies
as well as strategies of growth,
but also retreat.

Brilliant @wilbau! ; )
This convo actually inspired me to transfer some money into my savings account; not a ton of money buy a few nuts for the winter. Gotta start somewhere.....

Wilbau's on Kwippy! Did I know that? I'm following too many people on Twitter now I think--I never see you post there any more. :(

Back on topic: It's always the most simple advice that works the best. Seems like your tips are perfect for implementing the saying "Plan for the worst, hope for the best, expect nothing."

Good stuff.

Nikita, you're right--start somewhere--even if you only put $1 away for each day of the year, by the end of the year, you'll have enough for... well, in today's economy at least a night out, right? :)

I'm in a bit of a different situation because I'm an MMO earner (I make money online.) So while I don't have to worry about being laid off, I do have to plan for financial crisis that may affect my advertisers. If my advertisers go under, or are strapped, I can expect my income to go down- however, since I'm involved in several different industries, I have a large number of advertisers, in different countries, and the chances of them all taking a hit at the same time is not too likely.

On the other hand- I did just take a major hit from the financial crisis myself. Exchange rates dropped and I really got "spanked" by the banks. Things like that, I have to prepare for and keep an eye on the trends in preparation.

Interesting stuff @brilliantjeni. I did not consider the exchange rate. You do have something going for you that seems to be a sentiment running throughout this conversation stream which is to cast a wide net for yourself.

It is painful to be in such a situation. You should think about doing some freelancing on your side too. It will save you from any sudden changes in your workplace. In this economy every little bit helps.

Wonderful advice @angsuman. Freelancing on the side seems to be a way to go and much more acceptable these days. I think any added value we can bring to our lives is a benefit for our resume and all future clients.

Ah yes people in India are also getting fired.. Airplane companies are laying off people by the 1,000s! =(

not really - I'm only working here for a year - if the place suddenly shut down I could either go back to uni or just bum around until next year.

When I'm working properly it might well screw me over!

I'm not too worried because I'm diversified. I'm renting, and I have around 10% of my assets in gold and silver coins, 30% in savings, another 30% in investment-linked insurance policies. I also control my spending so I have no CCs to pay off and no stocks to worry about.

And I also agree with @angsuman freelancing is on my plate too. I work as a content rewriter for a friend who concentrates on SEO and domain flipping. One thing I've learnt is that you can't trust anyone to have your best interests at heart, so you got to learn to take care of yourself. I've been preparing for this financial meltdown since the beginning of this year so I might be later that some, but I'm more prepared than most people are.

Hope that helps.

Yes, Dr. Dollars, but how do we know we can trust *you* to have our best interests at heart, hmmmm?

;)

By the way, how expensive/hard is it to buy just one silver coin? I'm just curious...

LOL! Absolutely, you can't trust me! Do not put your trust in princes, in mortal men, who cannot save. It is better to take refuge in the LORD than to trust in man. Fear of man will prove to be a snare, but whoever trusts in the LORD is kept safe.

Isn't it better to find out that someone you consider your enemy is really your friend because he stood up for you? Rather, than someone who you regarded as your friend, who later backstabbed you? I'm sure we all have had such experiences in our lives. Fortunately, I choose to love people, because the good book says, Hatred stirs up quarrels, but love makes up for all offenses. In the long run, love will have your best interests at heart.

Since you're interested in silver coins, you can email or talk to my mentor in New York, Dr Tom O'Brien at:

315 First Street
Yonkers NY 10704-3156
Phone: (914) 237-0805
distinct@mindspring.com

His program (http://www.silver-unlimited.net/60778) allows you to buy silver coins at US$25 per coin.

My program (http://silver.pinurl.com) is pricier at US$44.50 but it ships internationally and I don't have to pay more even if I get more silver coins. Right now, I'm receiving an extra 18 silver coins a month for US$44.50 total (my one silver coin per month autoship), so I end up paying less (much less) per coin than the market rate ($2.34 per coin including shipping charges). o_O

Seriously? The Lord?

What if I'm not a Believer In Him?

Your mentor is in Yonkers? He's like twenty minutes away from me! :)

Wow--sounds like you are all set and $25 isn't too bad--might actually pick a few up. Thanks for the info!

@drdollars that's wild stuff! And thank you for sharing the wisdom. I think I would always prefer an enemy turned friend than the other way around and I am a staunch supporter of "love conquers" all...most of the time. ; )

Thank you all for shedding some light during this financially maddening time.

Lessons learned:
Diversify
Cover your own booty (metaphorically & physically)
Save some money for the rainy days
Avoid debt when possible
Employ yourself in multiple areas/ways/means

Love it!!!

Start looking for contracts now.

Good summary @nikitascene. I'm beginning to really love Kwippy and the community here!

Well I am supported by my husband but yes if HE lost his job we'd definitely be fvcked! He's in the Army so I'm not sure if that is a possibility (unless he does something bad to get kicked out) but we'd definitely be homeless, foodless & everything else.

My only problem with having a savings account is that inflation quietly steals the value of the dollar. So, if you save $1 today, in ten years that $1 will buy less than it did today. Seems better to buy something with that dollar now before it loses value.

I'm no financial expert, but I understand inflation never goes down--just the rate of inflation.

I suppose this is why investments are better--buying real estate or precious metals that generally only increase in value.

@thepete: what you are saying is quite right. the rate of inflation always goes up and savings account never give you returns that are more than inflation rate..

Metals are generally the safest bet of all. Real estate too for some time and some places works good.

Did you get to know more about investment in art(paintings etc) ?

interesting discussion, i do believe that the safest bet is real estate (and at a sensible valuation , for example land in Delhi , India is over-valued) and metals (from what i hear gold has been giving consistent returns even with the markets going south). Oil would be good if you are playing the commodity markets as it looks like its a low for sure.

Lots of advice, but i guess it is finally up to the person's risk appetite and what are their eventual goals (short term versus long term).

@mayank --no! Thanks for the reminder, though. My brother being an art dealer would make such research easy, you'd think--but my brother never calls me back!! I'll bug him right now.

@ThePete, I'd be curious about the return on investing in fine art as well so do tell, if and when you connect with your brother.

Left him a voicemail!