Urban Thought Collective

My frantic friend (let’s call her Sue) visited the other day for a strategy session to help her figure out what to do now that she lost her job after over 10 years with the same employer.

Before she visited with me she had already gone through most of the grieving stages of a job loss including confusion, shock, anger, guilt and fear. Sue now felt hopeful that the time might be right for her to either start her consulting practice or sign-up to take a few more classes to obtain additional certifications to prepare her for a career change.

Sue finally asked the critical question, “What about the government’s stimulus package, should I wait because I have not had time to determine if I will benefit?”

Have you developed your action plan?
I’ve talked often about how critical it is to establish a direction for your professional life and create an action plan to handle your finances and income opportunities.

Establishing a Plan B or a fall-back plan is one segment of your action plan. You never know for sure if your initial projections and circumstances for your initial strategy will go as planned.

This process is not easy, but to start…

Rank where you are in your career considering your skills, education, training, etc… (using a scale of 1-5 with 5 being best ~ i.e. 5 meaning that you are at the top of your game).

If you are not employed, determine how you compare to other applicants (ask the recruiters to provide some feedback such as how your skills rank, if there are skills and/or education levels that appear to be missing for the jobs that you are applying). Also review in detail job descriptions for positions you feel you are uniquely qualified. As a side-bar, make sure you do not appear desperate when applying for positions as recruiters often share that they can sense this and depending on the job might have some reservations about hiring you.

If you are employed, how do you rank among other employees performing similar tasks in terms of income, responsibilities and feedback? Are you the go-to person that everyone in the department and/or company relies on for input, idea sharing, assistance with projects (i.e. you stay busy with real projects and not busy work)?
How much in assets, debts and income increase potential are you anticipating for the future?
Write out options of how you think you can achieve these future goals (i.e. starting a business, obtaining additional education, spending more time developing professional relationships inside and outside of your company).

Start developing a self bail-out plan today
Depending on where you are on the economic food-chain (i.e. whether you’re a student, clerk, entrepreneur or executive), establishing a solid personal plan of action will help especially when times are troubling.

Many are trying to determine whether or not the stimulus package or bail-out plan from our government will benefit them personally.

Let’s be honest with ourselves, do you really think that any plan will solve all of our woes? I don’t have that unrealistic expectation because there is no one-size-fit-all package.

We must all get involved to help the economy turn around.

Start establishing your self bail-out plan concentrating on activities that will generate income, secure your job, help you advance in your career and save on taxes, expenses and bottom-line add additional funds to your personal coffers.

Don’t forget to get to work early, work late, communicate with your boss, read the company’s financial information, refer to previous Only Money blog entitled “Surviving the Economy, Part I.”

Are your true skills and talents going untapped too long, establishing a plan will help you start to realize, appreciate and expand your financial dreams.

If you’re like me you are working to establish a solid plan that allows for enough flexibility so you can take advantage of whatever government plan exists.

Current Conditions
Yes, we are currently in a recession. I personally do not know of anyone in today’s current economic climate that has not been affected in some way by the financial challenges of the market.

Companies have implemented RIFs (reductions-in-force ~ a polite term for lay-offs) and many of our governmental agencies have issued furloughs and cut-back in hours at all levels. Companies continue to seek outside investors including partners not based in the United States.

As a realist I am currently implementing short and long-term financial strategies so I can position myself to be better prepared when the economy turns around.

Over the years there have been times when the stock markets have experienced significant slides, commonly referred to as “bear” markets and normally a positive recovery follows. During these bad markets you will find a significant increase in unemployment with the great news again that there will be an eventual recovery so we have to be very patient.

Right before the economy starts to turn around there are always opportunities for those who have implemented an action plan and have taken advantage of some great deals during the hard time and held onto them.

Genevia Gee Fulbright, CPA is President & COO of Fulbright & Fulbright, CPA, PA, a business strategist, tax advisor and author of Make the Leap: Shift from Corporate Worker to Entrepreneur and most recent book Make the Leap: From Mom & Pop to Good Enough to Sell (Infinity Publishing). Her sound financial planning advice tips can be read regularly on www.urbanthoughtcollective.com. Visit Fulbright at www.makeleap.com.