The government and major corporations are cutting thousands of jobs with little warning, making it clear: it’s every man and woman for themselves. Layoffs are swift, benefits are vanishing, and financial security feels like a distant dream. If you want to survive and thrive in this new era, you need a battle plan.
The days of company loyalty securing your future are over. You must be proactive about protecting your career, income, and wealth. Below are essential strategies to stay employed, lose less money, and create long-term financial stability.
1. Stay Employed By Becoming Indispensable
Your job is only safe as long as your employer finds you too valuable to let go. Here’s how to solidify your place:
- Develop Unique Skills: Don’t just be competent—be irreplaceable. Learn specialized skills that set you apart.
- Show Measurable Impact: Keep track of the revenue you generate, costs you save, or efficiencies you introduce. Make sure your boss knows.
- Master AI and Automation: AI is replacing jobs, but it’s also creating new ones. Stay ahead by understanding how AI can enhance your work.
- Network Internally: Be visible. Engage with leadership, contribute to company discussions, and participate in key projects.
- Work Like You’re a Contractor: Think of yourself as an independent operator within your company. Deliver results and always be prepared for the next opportunity.
If you've really had enough of work, then I strongly suggest trying to negotiate a severance package. This way, you might get a severance package, health care benefits, and unemployment benefits as you set off on doing something new.
2. Create Multiple Streams of Income
Relying on a single employer is risky. Having multiple income streams provides security and options.
- Invest in Dividend Stocks: A well-built dividend portfolio can provide passive income to cushion job losses.
- Start a Side Business: Whether it's consulting, e-commerce, or content creation, a side gig diversifies your income.
- Monetize Your Knowledge: Platforms like Udemy and Substack allow you to sell your expertise.
- Freelance on the Side: Sites like Upwork and Fiverr make it easier to get contract work and build additional income streams.
A typical millionaire has seven streams of incomes, including passive income. Meanwhile, a typical non-millionaire just relies on their day job, which could disappear at any moment.
3. Cut Expenses Ruthlessly
A lean financial setup makes job loss or economic downturns less stressful.
- Eliminate Recurring Expenses: Audit your subscriptions and cut anything unnecessary.
- Downsize If Necessary: If your mortgage or rent is consuming too much of your income, consider a smaller place.
- Drive a Used Car: A new car is a liability, not an asset. Stick with reliable used vehicles.
- Cook More, Eat Out Less: Meal prepping can save thousands annually.
- Negotiate Every Bill: Call your internet, insurance, and phone providers to get a better deal.
The time to slash expenses and save aggressively is here!
4. Build an Emergency Fund
Job security is an illusion. Having 6–12 months’ worth of expenses saved up gives you leverage and peace of mind.
- Automate Your Savings: Set up automatic transfers to a high-yield savings account.
- Cut Back on Luxuries Temporarily: Channel excess cash into your emergency fund before splurging.
- Consider a Home Equity Line of Credit (HELOC): It’s not a substitute for savings, but it provides liquidity in case of emergency.
- Collect all debts now: If things get worse, then your chances of getting paid back will suffer.
The need for liquidity is important with job cuts and a recession.
5. Invest Wisely to Preserve and Grow Wealth
- Avoid Speculation: Stick to long-term, proven investments rather than gambling on hype stocks.
- Diversify: Spread your investments across stocks, bonds, real estate, and alternative assets like private equity.
- Stay Liquid: Keep a portion of your portfolio in cash or near-cash assets for flexibility.
- Tax Efficiency Matters: Use tax-advantaged accounts like IRAs and HSAs to maximize your after-tax returns.
During difficult times of chaos and uncertainty, investing in hard assets like gold and real estate makes sense. Real estate tends to outperform during periods of uncertainty, as interest rates go down and investors want to own less volatile assets.
6. Build Stronger Relationships and Networks
Your professional and personal networks can be your safety net in uncertain times.
- Strengthen Professional Relationships: Stay in touch with colleagues, mentors, and past employers. Opportunities often come through personal connections.
- Engage in Industry Events: Attending conferences and joining professional groups can lead to unexpected job offers or business opportunities.
- Help Others First: The more you provide value to your network, the more they will be willing to help you when you need it.
7. Protect Your Mental and Physical Health
Financial security means nothing if you’re burned out or sick. Take care of yourself.
- Exercise Regularly: It helps manage stress and keeps you sharp.
- Get Enough Sleep: Lack of rest leads to poor decision-making, which can cost you money.
- Have a Mental Health Plan: Therapy, meditation, or even just talking to friends can make a huge difference.
- Avoid Doomscrolling: The media thrives on fear. Focus on actionable information, not panic-inducing headlines.
8. Always Be Ready for the Next Opportunity
The worst time to look for a job is when you desperately need one. Always be in motion.
- Keep Your Resume Updated: Regularly refresh your LinkedIn profile and resume.
- Take Recruiter Calls: Even if you’re happy in your job, always listen to what’s out there.
- Build a Personal Brand: Writing, podcasting, or posting insightful content can position you as an expert in your field.
- Stay Adaptable: The job you have today may not exist in five years. Keep evolving.
The Bottom Line
The new era demands resilience, adaptability, and self-reliance. The people who thrive will be those who take control of their careers, finances, and well-being. Whether you’re employed, self-employed, or in between jobs, now is the time to build a foundation that ensures your survival and long-term success.
No one is coming to save you. But with the right mindset and actions, you won’t need saving—you’ll be the one thriving while others scramble.
It’s time to take control. Are you ready?
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