| Topic : Financial Planning & Job Loss - How Secured Are You? |
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Banking & Insurance Professionals |
Business & Strategy |
Investment Hub |
1 more ...
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Activity:
69 views;
last activity : 07 11 2010 13:22:49 +0000
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Be prudent when you spend
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financial planning and have normal life style.
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Should have enough money to continue same life style for at least two years
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how to build a strong contingency fund against a job loss
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Invest in Equity
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Young employees with lesser work experience may see their jobs vanishing faster than their experienced counterparts during a slowdown. Further, such relatively new employees may have lower contingency funds at disposal due to lesser number of years into service. |
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Thanks for the referral Ms.Leena and your views are correct. Whether business people or the employees should have plan to save something every month to sustain the difficult periods. It would be advisable to spend only for the necessary requirement that is more important. Luxurious life with out proper savings will lead to face the difficulties.
Conservatism can be a thumb rule for difficult/contingent times on the other hand wise investments can be a supporting tool for entry to mid-senior level employees.Also during a slowdown no company would adhere to sacking qualitative productive resourcesto further risk of closing down its operations its mainly those not much needed Ginny pigs who are the less productive lot which is thrown out to cut costs and increase operational efficiency of the organization, as compared to the senior cadre of the organization. Not ignoring the talent crunch employers are facing ; one can even spend time wisely(5cigarettes per day on an average, tea/coffee breaks, Lunch break, other gossip sessions) at work so that employers get productive resources at cheaper cost so the purpose itself(prudent spending) is defeated to compromise on one's lifestyle for the fear of a pink slip. Also I personally believe that employers think in absolute terms and if the cost of retaining senior cadre employees with lucrative packages is beaten by excellent fresh skill sets ,guess latter is the choice by employers. Though I do not contradict all the wise spending styles of entry level employees for any of those unlucky lot out there.
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spend wisely do not spend on luxuries lavishly, think twice while spending. Do not go for a loan for your requirements, if it is necessary to take loan, allow high margin for security. do not lie on EMI itself, make part payments in regular intervals. Invest atleast 10% of gross salary in recurring deposit scheme, keep aside atleast 5% of salary in a separate account for children education. Many people while working taken too many loans for investment resulting high emi payments, when looses the job unable to pay this committed liabilities and suffers lot. Discipline in investment and always having normal life style rather get into luxuries definitely put you at winning point always in any circumstances. Last but not least, knowledge is the power. a person who has this never loose anything especially financial matters. try to acquire this as much as you can in your career and became a professional/specialist in the career you choose, job never looses you instead you can quit the job at your wish. |
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Have a fund that will help you maintain same lifestyle even when you do not have Job for two years (Should be able to pay all your bills, Insurance, Loan EMI etc) Like companies for individuals too having visibility into their cost is very very important. So when required they put put breaks on unimportant expenses. |
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hi friends, I work in private sector company and whatever I am getting, is not far enough to me for making contingency funds, but, I can make saving for a period of 3 to 4 months home expenses as a savings. You may term it as contingency fund or whatever name u can call. In the storm grass survive but tall tree brokenup |
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I believe we are being too conservative here. If you have time on your side, you should invest in Equity and take advantage of higher returns. Abhijeet |
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