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If You Were Laid Off

Written by: Donald J. Trump

Article Overview: Of course no one likes to think about it, but if you were laid-off from your job tomorrow how would you fare financially? With today’s volatile economy and job market, unfortunately it’s something you have to consider.

If You Were Laid Off

Of course no one likes to think about it, but if you were laid-off from your job tomorrow how would you fare financially? With today’s volatile economy and job market, unfortunately it’s something you have to consider.

I saw a recent online poll on CNN.com and was shocked at the results. Nearly 100,000 people had logged in their comments and about half said that if they were laid-off now, their savings wouldn’t last more than a couple of weeks.

That’s unbelievable to me. It’s hard for me to imagine that people are that unprepared for financial hardship today, especially knowing how unstable everything is right now.

I know it can be hard to save money when you have a mortgage and car payments and credit card bills but take my advice and try to save just a little bit from every paycheck. Put it in the bank - somewhere you can get it if you need it but where you won’t be tempted to touch it. The same principle applies to me. I don’t care how much you make or how rich you are. You have to save money.

That way if the unfortunate happens and you lose your job, it’s there when you need it until you’re back on your feet. In today’s unsteady economy, it’s the smart thing to do.

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Article Tags: car payments, cnn, credit card bills, economy, financial hardship, job, little bit, money, mortgage, paycheck, poll, principle



Related Forum Posts
Best Month For Getting Financed? - I would think that November and December would be bad, as most people are busy racking up debt in the holiday season... has there ever been a study on what are the most popular months for people getting loans? Although, with the current breakdown in banks, I suppose all the old paradigms are going to be trashed, and new ways of doing things will have to be learned. Quite a few large comapanies seem to be built on nothing but smoke and mirrors, with nothing to back them up... Much as I hate to see thousands of people thrown out of work just before Christmas, the Unions have way too sweet a deal wth the Big 3 Automakers. Laid off workers get paid 95% of their paycheck, indefinitely? Ridiculous!
Re: Best Month For Getting Financed? - [quote="OmnivoreInk":1xyzag4z]I would think that November and December would be bad, as most people are busy racking up debt in the holiday season... has there ever been a study on what are the most popular months for people getting loans? Although, with the current breakdown in banks, I suppose all the old paradigms are going to be trashed, and new ways of doing things will have to be learned. Quite a few large comapanies seem to be built on nothing but smoke and mirrors, with nothing to back them up... Much as I hate to see thousands of people thrown out of work just before Christmas, the Unions have way too sweet a deal wth the Big 3 Automakers. Laid off workers get paid 95% of their paycheck, indefinitely? Ridiculous![/quote:1xyzag4z] I heard that talk from the president of the AUW today and could not believe those details. Yet a few days ago, he was complaining that the bailout was stopped as a conspiracy to bring down the union. Its been interesting to hear the differences between the auto worker situations in the south and the auto workers in the north - also interesting to note that auto makers in the south are still making money. One report said that one of the big 3 auto makers and Hundai or Nissan actually grossed the same amount last year - one is making money and one needs billions. Hmmmmm... makes you think. Chris


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