Making Money Tristan on 30 Dec 2008 12:36 pm
There’s lots of gloomy news about the recession and rising unemployment, I read on a website that 600,000 Jobs To Go In 2009, which is on top of 150,000 that have already gone in 2008. As the article rightly puts it, that’s 1,600 people per day being made redundant, that’s a lot!
There’s some good advice in the article about cutting costs, saving some money for a rainy day, updating your CV and registering with job sites and recruitment consultants. I think this is all very good general advice, and will certainly help you get through this current recession. But is this just a sticking plaster, a solution to cure the sympton rather than tackling the root cause of the problem?
Certainly by following the advice put forward you will be better prepared to handle a redundancy. It certainly makes sense to cut your spending, especially things like utilities, food shopping, petrol etc - these everyday costs may as well be as trimmed as much as possible. Also, saving money for a rainy day is great advice in a booming economy just as it is in a bust economy.
But is clinging onto the false notion that job security exists a good idea? I know you can insure against redundancy, but this only protects employees who have been with their current employer for a minimum of twelve months, and it won’t protect you if you get fired. I have a friend who is an employment lawyer, and he tells me that employers will look at finding creative ways of getting rid of employees who would otherwise cost a fortune in a redundancy payment. So even if you have insurance, you’re not necessarily protected.
In my mind it makes sense to start a home based internet business, even if you don’t get made redundant, you can make some extra money in your spare time, and know that you have a safety net should you get made redundant in years to come. It could even become so successful that you quit your job and join the scores of new rich internet entrepreneurs.
I’ve read some really interesting books recently about this subject, both written by successful internet entrepreneurs, who far from thinking that the internet bubble has burst, they both think that things are still booming, and will be for years to come. In short, there are plenty of opportunities out there, some are bigger than others, but the underlying theme is that there are enough small opportunities that you can easily replace your existing employed income with a self-employed internet business income.
To read more about this, see Four Hour Work Week by Timothy Ferris and Internet Riches by Scott Fox. You should be able to buy the books from their website or from Amazon or any other online bookstore.