Personal Finance: 8 Ways To Avoid Money Drama

Personal Finance

8 Ways To

Avoid The

The Woes

by Susan Freedman

Single people are usually the hardest hit when the economy is like it is right now.  When the job is gone, there is often little or no backup on the home front.  If you don’t bring it in, it doesn’t get there.  Therefore, singles everywhere need to begin an income-sustaining program that can kick in if needed.  Good income today does not necessarily mean good income tomorrow.  In these times, it is highly intelligent to prepare for the worst employment scenario by adhering to the following tips:

Pay Attention. Watch and pay attention to the signs around you that the company you work for could be falling on hard times.

Sharpen your skills. Learn how to do more than one thing.  Become multi-faceted as it relates to your usefulness in the workplace.  Any workplace.  This alone will help you become more marketable.

Stop living up every dime you make. Put something aside for a rainy day and let it stay there.  If shopping is a hobby or favorite pastime, divert your attention smarter.

Never feel secure with the length of time you’ve been on a job. Seniority means nothing if there’s no money to pay you.  Everybody goes when the money stops coming in.

Look at the feasibility of entrepreneurship from a hobby, idea, or talent that you have. Fields of the now-famous Mrs. Fields Cookies Brand began with a cookie recipe that she formulated in her kitchen.  The same applies to Colonel Sanders of Kentucky Fried Chicken fame.  He was 67 years old when he went into business for himself after people fell in love with his fried chicken recipe.

Diversify.  Right now, while you’re still working, look for other ways to earn money and save or invest for the future’s sake.

Always be on the lookout for a better position. Don’t be stuck in the same position because of the “wonderful benefits.”  Benefits can stop and your company is not the only company in the world with “great benefits.”  Look while you can afford to look.  You never know what’s out there.  Bill P. left his job of sixteen years, four months before they announced a major layoff and his job was one of the first jobs eliminated.  He sensed the writing on the wall and was lucky enough to land a better position with another major company.

Network.  This is something you could never do too much of.  It helps to connect with as many people as you can because you never know when you might need to make a hook-up.  The right face in the right place is a valuable asset.