How To Prepare For A Recession
While you probably heard or read by now that several thousand part time employees have lost their jobs, most Malaysians haven’t truly felt the impact of the global slowdown, yet. If you are feeling just a bit uneasy with your job security, that is normal. Here is my take on “how to prepare for a recession”.
Update on your resume
Yes, that is the first thing to do, even if you don’t need it now. After that, you might want to consider sending it off to head hunting companies and apply for some jobs. Why do I recommend that? Just to brush up your interview skills and to find out how much you are worth! Most people wait until they get fired or downsized, then only they update their resume. You might lose out on a great opportunity.
Increase your reserve fund
Now is the time to increase your reserve fund or to start one if you don’t already have one. Having a reserve fund gives you options and confidence. Imagine you only have 1 months reserve to pay your expenses. You’ll be a lot more desperate compared to having 3 months reserves to pay for monthly expenses if you lose your job.
Start networking
No, not as in join a networking or direct selling company to but to get in touch with friends and acquaintances. These are your best sources for getting job opportunities. Don’t wait till the last minute.
Finally, remember that the recession brings opportunities! Yes.
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