Layoffs in the economy and being prepared

Maromi

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Got word at work a lot of layoffs are coming soon. But I made it pretty far at my new job.
Last few weeks been stocking up on everything just in case so I have a solid 3 months of cushion for rent and stuff in case the worse comes.

Anyone else get laid off or make it through layoffs in this economy and what steps are you taking to prepare?

So far Ive stocked up on things like money orders for rent and shampoo and toilet paper. Tobacco and other items. Cancelled a few subscriptions.

Maromi
 
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Nowididit

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I have never been laid off from a job.
Ppl hired before have been laid off yet I never was. One time I questioned why the senior employees were being laid off and I was told that I'm a hard worker, a good solid dependable employee that is well rounded and would take on any task that need to be done. Which is what I always strived to do in every company I worked for. I never fear being laid off.

Now if the shit should hit the fan and I was to lose my job I'm set for at least 6 months food supply ,no debt and plenty of cash on hand. And plenty of diapers.
I'm what you call a doomsday prepper. I'm prepared, so bring it on.
 
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fleckothefennec

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As a marine mechanic I used to get laid off for a few months every winter, but that was fine as it gave me plenty of time for hunting 😌

Now I'm semi retired and work for myself, things were slim this winter, I only worked a few days each month. I have plenty of meat in the freezer and lots of home canning to keep me going and I have no rent, mortgage or debt😌
 
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Maromi

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I want to get a deep freezer but it’s a bit late for that I guess. I do need to stock up on frozen dinners for sure though. I figure if I loose work I may endup just getting food stamps again though.
 
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Moo

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Maromi said:
Anyone else get laid off or make it through layoffs in this economy and what steps are you taking to prepare?
The last time I was living in fear of being laid off, my strategy was simple: maximize my income (by maximizing my value to the company), minimize my expenses (ie: stop eating out, stop buying things I don't need, look for ways to be frugal), maximize my savings rate (the percentage of your income that you save, get it as high as you can), and, once I had enough savings to fund a year of my living expenses, start investing any new money I saved so it would grow.
Also, networking with other people at other companies so I could get a new job more easily if I lost my current one. Often, its who you know, not what you know, that is key to landing jobs.
 
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Maromi

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I’m not too afraid of being laid off. Some of my co workers sit around and do nothing all day. I just want to be prepared. I even took a new position a month ago covering for everyone that quits/gets fired/takes vacation and health days and whatnot for the security.

I pretty much have the next 3 months of resources lined up and my companies severance is 2 months anyway but the job market in IT is saturated with applicants. I do have a few connects though at other companies.

Not gonna lie I have terrible spending habits and if I do get angry customers it puts me into the fight or flight mode. Then I see the money as an outlet and eat nice and buy things.
 
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Kirisin

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I have always been prepared for the problems associated with layoffs. When I was little my church taught us that we should have a years supply of food and water for an emergency. I've never been laid off however always was job attached since I was 21. I have gone thru layoffs so to speak. Medical hospitalization twice for me and once for my wife. The last one for us kept both of us off work for 3 months. Following my churches teachings helped us survive the blow. We have so much frozen foods that we have 5 freezers with wild meat whole hogs half cows chicken's helps. These are cheaper when you buy in bulk. hopefully if the power goes off it's in the winter when it's cold outside lol. My wife and I devoted one of our bedrooms to a pantry and dry goods are stored. If you do something like this you should always rotate so your always using the older stuff that way nothing spoils. You never know when a world disaster could happen (massive earthquake, major volcanic explosen, Yellowstone decides to blow, war god forbid, maybe the next ice age, or as you said a layoff) who knows. My mother inlaw who lives with us has gotten into it and now sees the benifits of it. Everyone should have a store of food and water to survive on your own should a catastrophic problem come up.
 
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Kirisin

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Maromi said:
I want to get a deep freezer but it’s a bit late for that I guess. I do need to stock up on frozen dinners for sure though. I figure if I loose work I may endup just getting food stamps again though.

You can puck up a good 14.1 cf chest freezer for a few hundred. We picked up one of our freezers our 1st actually used. Cost 150. Some people will trade up. Chest freezers are most affordable. Our biggest freezer is a chest think it's 23 cf. That will set you back about 1000. Honestly check newspapers Craig's list. Weekly throw away papers. We have a garage there all lined up 3 chest freezers and 2 stand ups each has a different meat. One has other odds and ends. Get them when you can get a good deal. A good freezer is worth it new or used. Lowe's and Home Depot are always running sales.
 

Janetsy77

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I was laid off 2 years ago at the height of the pandemic after 31 years (!) with a company I expected to retire from. I was very lucky in that I was able to find another job, from personal/professional connections, in less than 2 months with equal pay and better benefits. I applied for numerous jobs on Indeed, that I was clearly qualified for, and got literally no response at all from any of them. Jobs are found mainly through connections. If you get laid off, don't be afraid to work ALL your connections: friends, family, neighbors, former co-workers and customers.. Apply to online postings too but don't expect much. Job sites are designed to exclude candidates more than to hire them, in my experience.
Oh, and my former company hired a replacement for me, 20 years younger than I am, who just happened to be a former co-worker of my boss (n)
 

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I put up a heavy duty 8’ rack with 5 shelves as my pantry storage. It’s stocked with a lot of whole wheat pasta, 50 pound bag of oatmeal, and a lot of canned goods. My chest freezer is full to the brim in the basement and I just bought a 3,600 watt generator in case the power goes out. Other than that I try to keep the pickup gas tank full, gas cans in the garage full, and the VW TDI full of diesel. At over 50 mpg the later has been an economical alternative to the pickup. Now if they would just quit gouging us for diesel it would be really economical.
 
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Nam Repaid

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I got laid off Dec. 28 2022 after 32 years of loyalty to the family that owned the company. I knew it was coming for a year and a half but not the exact date, one day shy of getting two weeks vacation. I had interviewed for a lot of jobs before the end and got a lot of, "were looking for a energetic self starter" "someone to grow with the company" or I'm "over qualified", all code for YOU'RE TOO OLD! I'm 63. Having applied at all the decent local factories I had none to apply at after applying for unemployment and thus denied for benefits. Lesson to learn, do not look for work before getting laid off!
I'll get by, I've savings, IRA & 401k, been saving for retirement all my life, and will likely take my Social Security soon.
Save a little for your future kids, you will be glad you did someday.
 
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Maromi

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Layoff went into full swing today at work. Covering for 3 people now. One had it coming. One was brand new and the third was unexpected/a well performer but a bit old and possibly overpaid.

It’s really sad, but just gotta power through the next few weeks. I heard they are doing these layoffs executioner style though. No warning, teams meeting and a script.

Sad day
 

Kayleigh

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Maromi said:
Layoff went into full swing today at work. Covering for 3 people now. One had it coming. One was brand new and the third was unexpected/a well performer but a bit old and possibly overpaid.

It’s really sad, but just gotta power through the next few weeks. I heard they are doing these layoffs executioner style though. No warning, teams meeting and a script.

Sad day
Good luck to you. Based on what you have described it would appear that you have worked yourself into a position that might hard to eliminate. Kudos to you on your foresight.
 
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chamberpot

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Nam Repaid said:
I'll get by, I've savings, IRA & 401k, been saving for retirement all my life, and will likely take my Social Security soon.
Save a little for your future kids, you will be glad you did someday.
This right here .. it is never to early to start saving, pay yourself first and lock it up so you can't get it easily.. no mater how far you are already into your work life, if you haven't started start now.

to OP sorry about your lay-off and your age discrimination ..they will never admit it but your right that is just what it is. not having Medicare until your 65 is the hard thing
 

Maromi

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Think I am in the clear at this point. Overall only about 6 people got laid off on my team of about 150 most of them managers.

I’m pretty sure our cloud engineer that got laid off ended up locking a server in the process.

Would be nice to have some liquor but I started sobering up in December haha

Think I’m gonna keep saving money orders and food and whatever else though. I have a closet I want to fill up with war supplies.
 
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chamberpot

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Maromi said:
Think I am in the clear at this point. Overall only about 6 people got laid off on my team of about 150 most of them managers.

I’m pretty sure our cloud engineer that got laid off ended up locking a server in the process.

Would be nice to have some liquor but I started sobering up in December haha

Think I’m gonna keep saving money orders and food and whatever else though. I have a closet I want to fill up with war supplies.
stick to the no beer .. congrats on being sober..i know this drill
 
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Nam Repaid

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Yea alcohol & I have a rocky relationship too, it's not the answer to stress. Cash in those money orders and open a brokerage account, don't invest in last weeks trends but you can get insured CDs near 5% short & long term, play with a little bit if you're bold and studied. Make your money work for you!
 

DLinSecret

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Never been laid off but have been in the position many times having to be the one to deliver the message… worst part of my career.

If you have any inkling your company might be doing such whether you feel protected or not get ahead of it and start looking. You can always turn down a job offer because you weren’t impacted. Better situation than having to scramble.

Hope the best for all those recently impacted in the recent IT cuts across the the globe.
 

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fleckothefennec said:
As a marine mechanic I used to get laid off for a few months every winter, but that was fine as it gave me plenty of time for hunting 😌

Now I'm semi retired and work for myself, things were slim this winter, I only worked a few days each month. I have plenty of meat in the freezer and lots of home canning to keep me going and I have no rent, mortgage or debt😌
I have none of those bills either. I had to retire way early do to my health. I am so glad I worked hard when I did work and paid my home off. I don't see how anyone can survive on disability and pay rent or a mortgage. I get damn near the maxed out amount you can get from it and money is still tight every month. I would of got the Max amount but a judge screwed me out of a few years of m work history.
 
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hodori779

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IMO, there's not really much that you can do to "prepare" except keeping your resume/LinkedIn up to date.
 
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