8 Simple steps to recession proof your future when in college

Thursday, October 7th, 2010

How does one recession proof their future? As we’ve seen time and time again during a troubled economy, even the most educated get laid off or terminated, so how can you guarantee a ‘bullet proof’ future career? In an economy where the future is uncertain which direction do you take? Give it your best shot with these 8 simple steps to help you recession proof your future when in college.

Step 1. Invest In Your Education

It is best to be prepared for the future. Pursuing a college degree is a sure way to get you noticed for job opportunities, promotions, and raises.

Step 2. Plan For the Unexpected – Prepare for the worst

Preparing for the worst, but actually hoping for the best will help you to effectively deal with whatever situation comes your way. Knowing what to expect and how to handle different kinds of situations beforehand will help you handle any situations in a cool, calm and stress free manner. It will also help you to bounce back much quicker and move forward with your future plans.

Step 3. Choose Your Major Wisely

Today, too many college students are majoring in a field that is not in demand or doesn’t pay enough to support them financially. Even though it may be your passion or hobby it is still not a good enough reason to invest your time and money into a degree that will not lead to a solid career future. Turn your hobby into a side job – an excellent way to have two incomes.

Step 4. Cut Back On Expenses

Buy your college books from used book stores, buy things from thrift stores or when they go on sale will help you save money that you can put away for hard times. Possible open a savings account with the money you save.

Step 5. Take Advantage of Financial Aid

Take advantage of all the free money out there. Apply for Federal student aid, grants, scholarships and even work a part-time job if you have to, to help pay for tuition and other college expenses.

Step 6. Pay Off Debt

If you have a lot of outstanding debts such as credit card and loans, it’s best to start paying off the ones with the highest interest rate first then pay the rest off as soon as possible so that you don’t career this baggage into your future endeavors.

Step 7. Cash Rules over Credit

Pay for everything with cash if possible. If you can’t afford to buy something with cash, you probably shouldn’t buy it. Getting yourself into debt is not a good way to recession proof your future while in college.

Step 8. Avoid Taking out Student Loans

Try not to take out student loans or if you absolutely must, then take out only what you need. Student loans will have to be paid back and this is not a good way to recession proof your future having a huge debt hanging on your shoulders to pay back.

We’re not sure how long we’ll be in a state of recession but one thing we can be sure of is the economy will eventually bounce back and when it does you need to be ready to face it head on. Currently the future may look a bit grim, but don’t let that stop you from taking the steps needed for a bright future. Use these 8 simple steps to help you recession proof your future while in college.

Tags: Career Advice, Recession
Posted in Career Guide, Recession | No Comments »

How to handle layoffs?

Thursday, April 9th, 2009

The Unemployment

The economic downturn has left the economy in a standstill. With no financial stability even some of the large corporate houses have seen a downfall. Cost cutting is the only way left with the business houses in order to survive when there is no money available in the economy even to lubricate the smooth running of their existing business.

One of the major cost components of a company is their establishment expenses. Corporate houses move forward to slash the headcount to half. It is the time when they analyze the supply and demand of the workforce in their respective organizations.

With the growing unemployment problem, more number of Americans are out of job. More than 5 million people have filed for unemployment benefits which is the highest ever since late sixties. The number of first time claims has crossed six hundred thousand applicants, the highest in the past three decades.

With the unemployment numbers on the rise, people in their jobs fear the possible layoff that will leave them jobless.

Handling the Layoff Demon

Handling a problem lies in preparing for an expected outcome at an unexpected time. Foresee the possibilities and think of what best you can do to solve the problem. A few tips to start off

Be proactive. It is important that you inform everyone whom you owe money before they fall due and explain your situation. Creditors certainly help those who are proactive and try to find the most convenient deal.

Any request with the lender to reduce your interest rate and some grace period is sure to help you handle the cost factor.

Refinancing your home or vehicle loan by extending the period of repayment certainly helps you reduce your monthly liability and you also end up getting lower rates on your refinance loan.

You can arrange for some cash by borrowing against your insurance policies and other possible savings.

No taxes are levied on these borrowing transactions. It is like you borrow from your savings.

Proceed talking to a debt counselor if you feel you are not able to make both the ends meet.

Debt counselors certainly help you through the process of making your debt management plan work by talking to the creditors and finalizing an optimal deal.

Budget your monthly commitment and cut back on all unnecessary expenses.

Always have an eye for possible employment opportunities, in case you are thrown out. A standby plan is essential in such unwarranted circumstances.

Tags: Debt Counselor, Economy, Home Loan, Layoff, Refinancing, Unemployment
Posted in Layoff, News And Reviews, Recession | 5 Comments »

The dreaded word Recession – How to handle the pressure?

Friday, April 3rd, 2009

“Its Recession Time” – What’s Your Plan?

Just like rainy season or winter season, it is recession time or season. While these climatic changes take place every year, recession a change in financial and economical climate takes place every decade. It is but natural that people are not prepared for things that do not happen too often. Yes, and when it happens, the blow is so hard that, it is recession again once you are back to normal.

Is recession causing a nightmare? Are you worried about your future? And do you think you are the only one facing this problem? I am sorry! You (All of us) are sadly mistaken! Everyone is facing this. And they ought to, given the extent of damage and devastation in the economy.

I am tired of using technical jargons; they frighten me all the more. I prefer simple and straight forward terms that convey the issue. The problem about recession is “No Money”. Activities, from organizations to individuals, no activities are happening. No new ventures, no new schemes, no new employments, no bonuses, no purchases, no housing ventures, you name it and it’s a big NO. It is a vicious cycle. A simple of act of buying by a normal consumer, triggers the economic activity, which turns leaps and bounds considering the number of consumers in an economy. When the initial activity does not take place due to financial crisis, no movement in the economy and hence no developments and which in turn lead to financial crisis.

How To Handle The Pressures Of Economic Meltdown?

The best way to handle pressure is by not feeling it a pressure. Is it confusing? Well, the more tensed you are and more emotional, less are the option visible to you to handle pressure. Hence you should calm yourself and think about it as a problem to be solved, separating you from the situation. It is only then that you see the problem and not your suffering.

The best way to handle pressurized circumstance is by being prepared to face it. Again, if you are prepared well in advance, you hardly have anything bad to face. Most of the times it is like only when you burn your hand, you realize it is hot. Sadly, we are so ignorant of the ways and means of avoiding a bad phase.

Leave alone the past, let’s discuss on what can be done to handle as well as get rid of recession and its impact? Plan your finances, come up with a budget, minus all extravagance and comforts, identify the bare necessities, stock up your liabilities, and prioritize you repayments depending on the cost of liabilities, cut all unnecessary expenses and go for items that serves your purpose.

In short reduce your expenses and make more money available for unexpected happenings and emergencies. Bringing down your standard of living for meeting your budget is not a failure, instead it is a strategy to handle recession. Be mindful of what you do and how you do it. With all this and more I am sure you have the potential to face any circumstance whatsoever.

Tags: Liabilities, Recession, US Economy
Posted in Recession | 5 Comments »

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