do you have advise for us in terms of job security, investments, cash savings or in general? did you go back to school? or get trained for additional skills? would love to hear experiences from the time. TIA.
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Always have an Emergency Fund.
Emergency fund is 6 months of expenses ?
Yes. All expenses. Mortgage, food, recreation, etc. If you want to be crazy like me you can also include the cost of health insurance in the event you have to self insure. And you can save 12 months' expenses and not 6, if you anticipate it'll take you a while to find a comparable gig.
Hopefully you didnāt buy a house because āhouse pricing in the bay is never going to go downā.
It wonāt unless mass layoffs start
I have been planning to buy a house in the US for a while now. Hopefully sometime soon. I have invested in property in India though (for pure investment purposes).
cloud tech in this environment is a good bet. you need tools for people to work from home and entertain themselves while there are human and gathering and movement lock downs. buy stocks in strong companies while the prices are low.
Makes sense
Thatās awesome. I got AWS certified last year and trying to get into cloud teams at work. Thanks for your input. š
The 08/09 recession was something that hasnāt been since the 30s. Recessions are normal and the most people are actually fine during them. So donāt panic!
This.
Thanks for your assuranceš
This is also big depression ala 1920s. 2008 was a walk in the park. This one has not even started.
Good thing I never invested in the stock market till date.. š.. or is it? š„“
Yea good thing missing 11 years of a bull market
Iām terrified. I was laid off in 2010 and Iām laid off right now. It was hard to find a job then and Iām having trouble now, except now I have more experience. I spent five years underpaid and undervalued.
I am extremely sorry to hear that. What field are you into?? Someone here could help you.. Blind fam is helpful to most..
Iām in marketing, in the Portland OR area. I specialize in websites, and have a technical background in that arena. I could pivot into product management of enterprise websites, and Iād like to get into an Agile shop so I can develop those skills. Iām told I would be an excellent scrum master, from other scrum masters.
Stopped taking anything on loan, including house, as there is no guarantee of when recession is going to hit, have 1 year of emergency fund always
House is fine, if you default on rent you're out in 2 months, if you default on mortgage especially in an economic crisis it's years before you are out. Which means rent free roof over your head.
Not anymore. Donāt count on banks letting you stay for years. The have learned their lessons and better prepared now.
The dotcom was much worse for tech than the 08-09 Great Recession. Start pinching pennies, lowering your overall spending habits, work your butt off and hope you donāt get Laid-off. Stay with your current employer as lay-offs often affect the most recently -hires employees. Last-in-last-out if you are a solid performer. When it hits the fan, it will be a scramble to stay on top. Just ride it out and stop spending money you can save.
Well said. Thanks š
Last-in-last-out? You mean last in first out?
If you're already in a field that has high demand for quality talent (e.g., tech, though not all tech is the same), being at the top of your game is IMO the best course of action. Learning new skills (as if your life depended on it) tends to be far easier within your field than outside it. I was getting interviews in tech in 2008-2009, FWIW. Just a thought, and keep in mind that I am making a conditional statement.
Makes sense. Thank you š
Go into medicine, it's recession-proof. You also earn way more than in tech.
Which ones do you suggest
Surgeons, dermatologists, etc make the most.