Are You at Risk of Losing Your Job?

1. The economy is definitely heading into a era of recession, possibly already there. I agree that to secure your job, your may want to venture in new responsibilities within your current job; however that does not guarantee your job either. No money = no money, and truth be told, money makes the world go round! Right now, our world is moving very slowly. It is very unfortunate that during this economic recession, our jobs and people's livelihood are the prime effects. Begin that communication with your supervisor, and find out how this may affect you. I am glad that Bush approved these stimulus refund checks, but I doubt that those checks will speed up the end of these hard times.

JayEll Vaughn at 12:12PM on Apr 9th 2008

2. I agree with JayEll, that those refund checks will not help people in these hard times...at all for that matter. I think it is important to make sure that in this time of uneasiness, that we have options for different job fields, specifically for those in the financial sector. I think people such as myself, who work in the nonprofit sector do not have to worry as much, because competition has not really been anything to worry about as opposed to other job markets. Although, as a writer I feel the pressure constantly. I think getting better acquainted with your superiors at work and finding out what you need to do to be recognized and be the best is critical at this time.

Good luck to all!

Bethel at 1:21PM on Apr 9th 2008

3. As a Software Engineer in Government with a Top Secret security clearance I have not experienced any pinch whatsoever as far as my employment options are concerned. There is still a huge shortage of experienced security cleared personnel to fill the large demand.

My point is that now is the time to take a step back and assess your skill set. Even during recessions there are certain fields and skills that will still be in high demand. It may take years for our economy to bounce back to what it once was. So, now is an ideal time for all people (especially students) to try developing skills that will allow them to survive this rough economic patch that we are in...

Kokeb at 1:31PM on Apr 9th 2008

4. This article touches on a very important issue the economy, and to be exact job security. The time to beat around the bush is over people, we are in a rescession and it will take many sacrifices for the average American family to outlast it. Thank you Yodit for the article, the following are a few tips that could help you weather the upcoming storm:

1. No more purchases on credit unless you plan on paying the entire balance at the end of the month.
2. If you own a home the time is now to switch your adjustable rate mortgage to a fixed rate, or to refinance your current fixed rate lower. Caution the rates may be coming down but waiting has its risks, primarily as banks and financial institutions suffer lending will constrict and even people with above average credit will have a hard time securing a loan.
3. Make a PLAN for the next month count every expense you have and see where you have room for growth (everyone has room). Some common areas which can be reduced are intrest rates (call your credit card company!), restaurant expenses (no need to starve but eat CHEAP), lower car payments (if you have a new car and are struggling turn it back in or sell it and buy a used car for $3000 a loan on that amount would less than $75 a month (better than $300 a month huh.
4. Consolidate, this is a word which is often thrown around without people knowing how to handle a consolidation. If you have high interest rates on say three credit cards it may be wise to consolidate into on lower fixed payment. Beware though people actually run their credit cards right back up after consolidation, and now they have not only the credit card payments but also a loan payment be careful!
5. MOVE, if renting a three bedroom condo for two people now may be the time to downgrade.

Remember this is not going to last forever, so tightening your belt now could leave you at a great advantage down the road. For example keeping a good credit score and low debt so that when the housing crisis is over and you are ready to purchase rates and prices will be low, and you will be in great shape.

Thanks

Ahmed at 1:43PM on Apr 9th 2008

5. This article touches on a very important issue the economy, and to be exact job security. The time to beat around the bush is over people, we are in a rescession and it will take many sacrifices for the average American family to outlast it. Thank you Yodit for the article, the following are a few tips that could help you weather the upcoming storm:

1. No more purchases on credit unless you plan on paying the entire balance at the end of the month.
2. If you own a home the time is now to switch your adjustable rate mortgage to a fixed rate, or to refinance your current fixed rate lower. Caution the rates may be coming down but waiting has its risks, primarily as banks and financial institutions suffer lending will constrict and even people with above average credit will have a hard time securing a loan.
3. Make a PLAN for the next month count every expense you have and see where you have room for growth (everyone has room). Some common areas which can be reduced are intrest rates (call your credit card company!), restaurant expenses (no need to starve but eat CHEAP), lower car payments (if you have a new car and are struggling turn it back in or sell it and buy a used car for $3000 a loan on that amount would less than $75 a month (better than $300 a month huh.
4. Consolidate, this is a word which is often thrown around without people knowing how to handle a consolidation. If you have high interest rates on say three credit cards it may be wise to consolidate into on lower fixed payment. Beware though people actually run their credit cards right back up after consolidation, and now they have not only the credit card payments but also a loan payment be careful!
5. MOVE, if renting a three bedroom condo for two people now may be the time to downgrade.

Remember this is not going to last forever, so tightening your belt now could leave you at a great advantage down the road. For example keeping a good credit score and low debt so that when the housing crisis is over and you are ready to purchase rates and prices will be low, and you will be in great shape.

Thanks

Ahmed at 1:49PM on Apr 9th 2008

6. Interesting article, allot of good but tough facts. This article’s facts are why many economists believe the US is falling into a recession. Between the housing market crash and the rate of unemployment, it is high time African Americans take time out to save, eliminate credit debt and not accrue debt. Great Article!

dk at 3:07PM on Apr 9th 2008

7. As the job market becomes tougher, one should take advantage of any possible certifications and or advancements that you can receive from your employer. Staying up to date with the latest achievements will help you in the long run when your position may come into jeopardy. Along with this, your willingness to diversify your expertise by either exploring other fields in the same place of business or professionalizing oneself ina totally unrelated field will help you to maintain an above average status as the job market continues to suffer.

Nate Zewdu at 4:10PM on Apr 9th 2008

8. I agree. I was laid off as well, so I created my own company Selling Crystallized Tees. Check us out at http://executees.net

Natalia at 10:43AM on Apr 11th 2008

9. Why do you keep showing the African American drug lords. It should be known that most of the drug kingpins are not African American. This is unfair representation of the negative side of African Americans. Tell the truth that African American drug king pins represent not even a tenth of that group. The drug king pins are an Anglo Saxon majority. Give them their fair share of publicity AOL. Which means we should be hearing about them for at least 3 years to have an equitable portrayal of all drug kingpins on your sevice.

Donald Harrison at 8:27PM on Apr 11th 2008

10. you know i think it is time for a new AMERICA THAT ALL WALK OF LIFE CAN HAVE A IMPUT ON HOW IT CAN AND SHOULD BE RUNNED YOU KNOW WHEN THE CONSTITUTION OF THE UNITED STATES WAS WRITTEN IT WAS NOT WRITTEN BY EVERY MEN OF COLOR IT WAS WRITTEN BY MOSTLY THE WHITE EUROPEANS AND HAD THERE OWN INTEREST AT HEART AND WHAT THEY HAD LEFT OVER TO WORK WITH FOR THE REST OF THE PEOPLE MEANING TRIBE RACE OR NATION BECAUSE OF A COMMON CULTURE.REPSENTATIVES WHO WAS NOT CHOSEN BY THE PEOPLE AT THAT TIME. BUT BY THERE PEERS A PERSON OF THE SAME RANK OR STANDING A LEGAL EQUAL TO ANOTHER IN ABILITIES OR QUALIFICATIONS A NOBLEMAN. AND WE NEED TO START OVER A CLEAN SLAT WHERE EVERY MAN IS EQUAL TO AND HAVE THE SAME RIGHTS AS THE NEXT MEN STARTING WITH CREDIT WAGES GOOD JOBS EDUCATION GOOD EDUCATION HEALTH CARE HOUSEING AND ALL THE THINGS THAT MAKE A SOCIETY RUN THE WAY IT SHOULD RUN BUT SENCE THIS IS A CORPORATION AND A BUSINESS WE ARE JUST EMPLOYEES THAT ARE ABOUT TO BE FIRED FROM OUR NATION AND THE ECONOMY THAT WAS SUPPOSE TO HAVE SERVED US WELL I GUESS WE ARE JUST THE POND AND EVERY ONE IS READY TO CASH IN AND LEAVE THE PEOPLE HIGH AND DRY. BUT THAT IS WHY WE NEED TO TAKE BACK AND REALY MAKE THIS THE WONDERFUL THE PROUD THE AMERICA EVERY ONE DREAM ABOUT BUT NEVER WAS A REALITY. LOOK AT US NOW WE ARE NOT ABOVE WE ARE BELOW WITH OUR SECRETS COMING OUT OF THE CLOSETS OR SHOULD WE SAY OUR DECASUALIZE MEANING TO REDUCE OR ELIMINATE THE EMPLOMENT OF CASUAL LABOR.

trisha at 10:12AM on Apr 14th 2008

11. I truly agree with this article. Being a store manager of a jewelry store I can see that the people are not buying as they use to. They are opening more credit account to purhace things and then they are still hesitant to buy.

Heran at 10:15AM on Apr 14th 2008

12. Being a college student about to graduate and already having to worry about job security makes the idea of unemployment and recession a difficult thought. Diversifying one's professional attributes to have a foot up on others is one way to go about it but as previous comments have stated I think now is the time to acquire new skills and prepare for the near future, when hopefully the economy will rebound.

Great Article!!

H. Elias at 10:15AM on Apr 14th 2008

13. I agree that we are in a resession and we need to look at how we spend our money and what we buy with our surinking dollars. But how about looking for ways to make more money or for some, extra money! Like finding ways we can work from home, that can save a lot of GAS! Go to the store and buy some of those Home Base Business type Magazines and look through them to get some ideas to work from home. Thats what I did and so far I made $12 Grand in CASH! If you would like to find out what I do call 1-800-662-1961 ext. 4162 (24-hr. Rec. Msg) and go to website: www.ExtremelyFastCash.com and use my Referral ID # DS20177....God Bless....Bro. Dave

Bro. Dave at 7:28AM on Apr 15th 2008

14. Coming from the financial side of the real estate industry, I must agree whole heartily with this article. I have seen first hand the results of the downfall of the mortgage industry and at some point I might even have had my fair share in creating some of the mortgage mess.

I have worked with two different companies that would finance home purchases and refinance existing home loans. Some of these mortgage programs included rather creative financing options that would allow people to borrow up to their max LTV (loan to value ratio) with a low introductory interest rate that would then jump up in a few years if not refinanced before hand. These programs were even offered to individuals with a history of poor credit decisions.

Eventually the borrowers would allow their adjustable rate mortgages to reset, or they simply did not have enough equity in there home to refinance. Once the mortgage payments became unbearable they would then default on their loan and would be forced into a foreclosure. Eventually after so many of these occurrences, Wall Street would stop purchasing mortgage backed securities from these companies and even force the companies to buy back millions of dollars worth of loans. This in turn would severely hurt quite a number of mortgage companies and forced a large portion to shut down. As a result we have a huge increase in foreclosures flooding the already crowded real estate market and thousands of jobs lost in the mortgage, construction, and manufacturing industries as pointed out in Yodit’s article.

I have applied some of the advice listed in the aforementioned article and have expanded my knowledge and skills in the real estate industry. Before my previous employer (#131 of #251 “imploded lenders”) closed down, I maneuvered my way into property management and now manage a block of Class A luxury residential and retail real estate investments in downtown Washington D.C.. However, we all should think twice because in this world no position is certain, except working for a mortuary or the IRS! Lol ;)

-Brandon H
Bharris1113@hotmail.com

Brandon Harris at 11:12AM on Apr 18th 2008

15. The recession is here and plans to stick around for a while. I'm not sure what $600 is going to do for us, personally it's going to school costs for me.

In response to some other comments, one way to save money each month if you've bought a car recently and think you got a bum deal on it, you can refinance it. There is a possibility that you can get a lower rate and save major $ each month. http://www.rategenius.com

Kate at 11:28AM on Apr 21st 2008