192-Recession is Coming: How to Not Get Laid Off In the Next Recession

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 11 May 2015

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

For most of us, our jobs are the economic engine that drive every aspect of our financial plan. One of the worst things that can happen is to lose a job.

If the engine on your car dies, you're going to be stuck by the side of the road for a while. That's not pleasant for anyone, even if you're stuck in a safe area. But, if you're driving up a mountain (paying off debt and digging yourself out of a hole), having your engine die can be disastrous. And, if you have a destination in mind (financial independence), losing the engine in your car will at least delay you from reaching your destination.

So, the key is plan in advance to not lose the engine. Make sure you're doing the things you need to be doing now to avoid being laid off.

Obviously, you can't guarantee that you'll never be laid off, but you can do a lot to improve your possibilities!

On today's show, we cover:

The need to proactively improve your position within your company, your company's position within the industry, and your industry's overall prospects in advance.
Some ways to know if you've got a big target on your back or a small target on your back with the HR people are figuring out who to cut.
The importance of competing with your fellow employees and of collaborating and cooperating with them and why both are valuable.
Ways to stand out and produce up to 4x the output of your fellow employees.

Enjoy the show!

Joshua

Business Insider: 13 Things Everyone Does At Work That They Don't Want Bosses To Know About
Federal Reserve: Average Annual Hours Worked by Persons Engaged for United States
Support Radical Personal Finance! http://radicalpersonalfinance.com/patron

Transcript

Click on a timestamp to play from that location

0:00.0	Recession is
0:02.0	I want to make sure that you are prepared.
0:06.0	And here's the deal.
0:08.0	The key thing to do during a recession
0:11.0	is make sure you keep your job.
0:15.2	So today, let's talk about how to make sure that you keep your job in the coming recession. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your host. This is episode 192, the first part of a three-part series,
0:48.0	all about how to make sure you don't get laid off or fired in the coming recession. We're going to hit this in a three-parter today, how to make
0:56.5	sure you don't lose your job. Tomorrow, how to make a plan in case you do you lose your job and the day after
1:03.8	okay you lost your job now what?
1:08.0	Hopefully if we take these shows in proper order then you won't ever need the third
1:16.6	show and you won't ever need hopefully not even the second show but still we
1:21.2	never know exactly what's going to happen so we want to plan for all eventualities.
1:25.0	Now one of the jobs that I feel very responsible for as the host of this show and then also as a financial advisor
1:32.0	is to always make sure that I'm warning you in advance of what will happen.
1:36.0	And one of the things that it's important for a financial advisor to be able to do well is to be out of sync with society. To be out of sync with the common culture. In essence,
1:49.2	the skill is when everything is good, talk about how to plan for when everything is bad, and help people to avoid the things
1:58.5	that can most go wrong.
2:00.4	And then when everything is bad, try to give people hope that things are going to get better.
2:04.0	I'm not sure whether you call that therapy or just good financial advice, but it is a fundamental role of a good financial advisor and as I sit here in May of 2015 and
2:17.1	record this show we are not currently in recession but we're going to be.
2:25.0	Because that's how our economy works.
2:28.0	We grow through periods of expansion and periods of contraction.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.