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Monday, January 26, 2009

Are You Stunned By Bloody Job-Loss Monday?

Looking at the news, I am really stunned that over 70000 jobs are lost in a single day... worldwide of course. If this is in America alone, we are really headed for the second Great Depression.

Are You Stunned By Bloody Job-Loss Monday?
In any case, the numbers are shocking and I am beginning to worry that I could be retrenched too. If that happens, that could spell trouble for our family finances. We do have about 3 months reserve in savings but in this economic climate, jobs are not easy to come by and the disruption to my income could stretch for months.

I am motivated to cut down further on my family budget to accumulate more reserves for rainy days ahead. In fact, it is not only raining cats and dogs, it is a thunderstorm out there. I won't be giving up on my blog monetization but neither am I placing much hope on it. So far, I have earned only pennies. .

Meanwhile, I have been helping my wife to hunt for jobs too. Recently, she found a part-time job giving tuition for juniors. The money is not great, but it helps to tide us over.

How are you guys coping with the economic recession? Any tips to share?

4 comments:

Froi said...

We should really change our mindset and the way we think about money. There is no such job Security in this Information Age. People should start to have the mindset of investing, not just saving, and just holding on to their job.

Anny said...

I got laid off last week and my last day is this Friday. Ironically I was in the middle of money saving steps when this happened. I'm scheduled to move on March 1. Plus I'll still have sidework and am emergency fund to tide me over :)

Barry Ritz said...

@ Froi-

Yup, no iron ricebowl anymore.

I was taught by my dad that nobody owes us a living in this world and we got to work hard.

But I am not so sure about investing as a substitute for good old "saving for a rainy day."

Barry Ritz said...

@ Anny -

I am sad to hear about your lay-off.

Now, the situation is that a lot of hardworking people are willing to work but there are just not enough jobs to go around.

I also fear for my job too. We should give each other encouragement in times like these.

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