What will happen when you lose your job tomorrow, are you prepared? The job market is bad now a days, with AI, less profit and other things the jobs on the market is very low. And whatever is there, more and more people are applying for the same position which means more competition.
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So if you lose your job today, what will happen next. Most of the people will say that they are not prepared. So you have to be prepared for the job loss. I know it's thinking negative but still you have to be prepared for the unforeseen future. So let's go through some of the things which will make you prepared for the job loss.
3 to 6 Months of Emergency Fund - Since the market is bad, you need arleast 3 to 6 months of your expenses as your emergency fund. This is required because even if yoh don't get a job for 6 months, it should not be stressful and you can focus on preparing for the job and not stressing about the money to run the house.
Once your Emergency fund is sorted, next is to plan for preparing for the job. This is where the AI can help you, you can upload your resume and create a plan for the next 30 days to prepare as per your skills as well as your position. Keep it short, say 30 days. After 30 days you can start applying for the job as you will be well prepared.
Fixed Income - Now if by chance you don't get the job in next 6 months then what. You have to reduce your expenses and try to move your investment to a fixed income source, so that you will get a monthly income and that can run the house. You don't have to take out your investment, just that you will move it yo fixed income and keep it until you get a job.
Join a Lower Income Job - Everyone wants to get a higher pay, but if the job market is bad. Its better to get a low paying job also which can help you to run the house. And at the same time you can prepare and then keep applying to get a high paying job.
This is some basic ways to get prepared for the job loss. So start from today and hopefully it should not come to that level but better be prepared than sorry.
