4 ms·

We only need to go back a couple of years to mid 2020 when every company was laying people off. Layoffs.fyi was tracking multiple new rounds every day. I fear w

by throwaway_1928 4y ago

We only need to go back a couple of years to mid 2020 when every company was laying people off. Layoffs.fyi was tracking multiple new rounds every day. I fear what is coming is going to be that or worse.

anthomtb 4y ago
What are you doing to prepare?
- throwaway_1928 4y ago
  I wish I had a good answer for you.
- mupuff1234 4y ago
  Have enough cash to keep you afloat for at least 6+ months of unemployment. If that's not currently the situation try to cut back expenses where you can to reach that state (to a reason), and imo even on the expense of 401k contributions (but please remember to start again once you have enough cash).
  - RhodesianHunter 4y ago
    You can borrow from your own 401k. No reason to limit contributions.
    - mupuff1234 4y ago
      Good point!
- ejb999 4y ago
  >>What are you doing to prepare? My advice: - hoard cash, i.e. don't spend it on things you don't need right now, you might need it a lot more in 6-12 months just to pay the mortgage -do anything and everything you can to have a nest egg that will give you 18-24 months of living expenses; 6 months won't be enough for a lot of people. Not easy for everyone I know, but if the SRHTF, it might take you that long to find a new job - and that new job might not pay as well as your old one. -get out of debt if you can. Again, not easy, but owning a house and car free-and-clear is an awesome feeling when the economy goes into a bad recession and you don't risk losing your house as long as you can pay taxes and insurance. -get a side-gig or two on top of your job if you can, having a few irons in the fire is never a bad idea if you can handle the extra work. -not a good time to switch jobs to a risky small tech company (or even a big tech company) if they never, or rarely make money - sooner or later VC's will stop writing checks to companies that don't have a prospect of becoming profitable - in a severe downturn, VC's will cut their losses and move on; these types of companies will be hit the hardest. -if you are working at mega-corp, try to get on - or stay on a team that supports or develops projects that are really important to the core company functions and/or makes them money. Not a good time to be part of a 'special group' exploring some new technology pr product that might not ever pan out - when big corps tighten belts, look for those types of projects to get shut down.

anthomtb 4y ago

What are you doing to prepare?

throwaway_1928 4y ago
I wish I had a good answer for you.
mupuff1234 4y ago
Have enough cash to keep you afloat for at least 6+ months of unemployment. If that's not currently the situation try to cut back expenses where you can to reach that state (to a reason), and imo even on the expense of 401k contributions (but please remember to start again once you have enough cash).
- RhodesianHunter 4y ago
  You can borrow from your own 401k. No reason to limit contributions.
  - mupuff1234 4y ago
    Good point!
ejb999 4y ago
>>What are you doing to prepare? My advice: - hoard cash, i.e. don't spend it on things you don't need right now, you might need it a lot more in 6-12 months just to pay the mortgage -do anything and everything you can to have a nest egg that will give you 18-24 months of living expenses; 6 months won't be enough for a lot of people. Not easy for everyone I know, but if the SRHTF, it might take you that long to find a new job - and that new job might not pay as well as your old one. -get out of debt if you can. Again, not easy, but owning a house and car free-and-clear is an awesome feeling when the economy goes into a bad recession and you don't risk losing your house as long as you can pay taxes and insurance. -get a side-gig or two on top of your job if you can, having a few irons in the fire is never a bad idea if you can handle the extra work. -not a good time to switch jobs to a risky small tech company (or even a big tech company) if they never, or rarely make money - sooner or later VC's will stop writing checks to companies that don't have a prospect of becoming profitable - in a severe downturn, VC's will cut their losses and move on; these types of companies will be hit the hardest. -if you are working at mega-corp, try to get on - or stay on a team that supports or develops projects that are really important to the core company functions and/or makes them money. Not a good time to be part of a 'special group' exploring some new technology pr product that might not ever pan out - when big corps tighten belts, look for those types of projects to get shut down.