 Recessions often lead to layoffs and cutbacks. You need to be ready to go in search of a new job. Having a good resume at the ready will get you that new job even faster.
For this one, I’ve pulled in my husband. After 20 years of looking at resumes and deciding who to hire, he has some great tips to get you started. First of all, your resume is going to have competition. Depending on the position, at least 20 qualified individuals are going to apply for the same position. So the goal is to capture the hiring manager’s attention as quickly as possible and standing out in a positive way. Here are some tips: Read the job description carefully. Managers are looking for specific skills and experiences that are outlined in the description. The more you match those skills and experiences, the higher your chances are. Learn about the company, their mission, vision, culture and what makes them unique and successful. Be honest with yourself about whether you are a good fit for the company’s vision and culture. Read example resumes online, choose a template that best fits your personality and skill set. Your resume should reflect who you are and your skills. For example, if you’re a programmer, write some clever programming codes in the resume. Customize your resume to fit the position you are applying for. This will give a stronger impression that you are seeking this specific job and are attentive to details. Think of your resume as if it was a short commercial about you. Remember, you literally have only seconds to grab the manager’s attention (reading resumes is very exciting - not!). Put your most impressive experiences on top, if you have skills or experiences not relevant to the position you are applying for, get rid of it. Keep your resume to a single page and be minimalistic. Pack your very best skills and experiences on that page. Put some effort in being creative and always include a link to a portfolio of your past work. Never, ever lie or exaggerate about your skills or experiences on your resume. Doing so will dramatically reduce your chance of getting the job. If you don’t have certain skills or experiences needed to qualify for your dream job, create a list of what they are and set some goals with a plan to up-skill yourself. Include the how, where, what, and when in your plan. There are excellent cost effective programs out there such as Lynda.com to learn new skills. You may also want to apply for internship programs. One last tip, if you currently have a job, it’s a good idea to keep a private list of major achievements, compliments from peers, customers, and managers. This list will become super useful when the time comes to write your resume, build your portfolio, and during the interview process. Good luck! Thank you, Lance. I hope you all find these tips and ideas helpful as you polish up your resumes! If any of you would like another set of eyes on your plan to see if there is anything more you can do to get you and your family prepared, please reach out! I’d love to sit down with you and help any way I can!
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 Nathan Morris said, “Every time you borrow money, you’re robbing your future self.” In the case of a looming recession, we cannot afford to rob ourselves and our families.
Once you have your beginner emergency fund, you will want to buckle down and start paying off debt using the snowball method. What is the snowball method? Here it is in a nutshell: 1- Make a list of ALL your debt (except the house) - smallest to largest. 2 - Find all the “extra” money you can - remember the idea of cutting your budget and finding extra income? 3 - Pay all that extra money on the debt at the top of the list - pay just minimums on the rest. 4 - Once that first debt is paid off, take the minimum payment and all the extra you’ve been paying to the first debt and pay it to the second. 5 - Continue doing that - making your “snowball” bigger and bigger - until you get to the end of the list and you are consumer DEBT FREE! So, why the snowball method? Shouldn’t I pay off the highest interest first? Many financial coaches recommend the Snowball method because it keeps you motivated. Starting with the smallest and working your way up helps you have quicker wins to keep you going. Often, when you start with the highest interest rate, it takes a long time to pay it down and motivation is lost. The second part of this is to avoid adding more debt to the list. With your emergency fund, you are safeguarded from further unwanted debt. Just remember, if you do have an emergency, pause the snowball and fill up your emergency fund again then get right back on track. Keeping your plan and budget in to forefront of your mind will help you avoid those temptations to borrow more for wants - couches being on sale is not an emergency. It’ll take time and work to get to the end of your snowball, so start now. You never know when that job could end, and not having debt payments sure will help! Next time we’ll talk about one thing you can do now to prepare for job loss... Stay tuned!  In good times and in bad, one financial must remains constant: the need for an emergency fund. Having a solid emergency fund helps turn emergencies into inconveniences.
So how much money should you have in an emergency fund? • Still working to pay off debt: $1000 • Still working to pay off debt and earning less than $25k a year: $500 (this goes for teens too) • Consumer debt free (all but the house): 3-6 months of expenses - what you need to cover your Four Walls If you’re starting to hear whispers of possible job loss or cuts - debt free or not - stop paying any extra on debt, continue to pay minimums on all debt, and pack away as much as possible in your emergency fund to take care of your family. Once you have your fund, keep it safe and liquid. You need to be able to access it quickly and easily when/if it’s needed. Next we’ll talk about paying off debt, so you can have more funds at the ready... Stay tuned!  Dave Ramsey says “Your greatest wealth building tool is your income.” The more of your income you keep, the better off you’ll be. Keeping more of your income requires looking at your outgo.
As you are making your plans for defending your Four Walls, take a look at your spending and pinpoint where you can cutback the outgo. Start with looking at these areas: Eating out - do you really need to eat out as much as you do, or could you start cooking at home more? Cooking at home can take more time, but can save you a lot. Extras at the grocery store - Do you go to the store with a plan and a list and stick to that list and limit trips to the store? The less time spent in stores the less tempted you are to add to your list. Maybe consider using the grocery pick up services to keep yourself (and children) out of the store. Your premium cable package - those cable bills are killers! Cut the cord! How many of those channels do you really watch? That drink/treat you like to grab on the way home - do you catch yourself stopping to pick up a little something? Cutting these out can be good for your wallet and your waistline. Streaming services - these can really add up. Do you really use all the ones you are paying for? Your subscriptions - this is an area a lot of people don’t think about. Are you paying for things you don’t really use? Could you access that magazine’s information online for free? Do you use that digital storage plan as much as you thought? Could you use the free version of your music streaming app? Phone services - perhaps there’s a cheaper plan. Try looking at bundling with a family member and sharing some of the cost. Maybe switching providers will give you a better deal. And while we are at it, do you really need the latest and greatest phone, or does the one you have function just fine? You might find yourself surprised by how much is spent here and there thinking it’s only $5 here or $10 there. It can really add up each month. As you make the cuts, don’t spend it on wants, put it towards your emergency fund or your debt elimination plan. We’ll talk more about these areas coming up... Stay tuned!  The next step in recession proofing your family is to come up with a plan to protect your family. Benjamin Franklin wisely tells us “By failing to prepare, you are preparing to fail.”
Any good protection plan starts with figuring out how much money you need each month to cover your Four Walls. Sit down as a couple or family and decide/calculate how much you need each month to cover your food, your housing, transportation costs, and the basic clothing needs of your family. Finding this number gives you a guideline and helps you know if you have enough coming in each month, or if you need to make some changes. Defending your Four Walls should be priority number one. Knowing you have enough to cover these needs each month can bring you and your family peace of mind knowing you have a place to live, food to eat, and a way to get to work each day, and something to wear. Chris Hogan said, “By maintaining the Four Walls, you stabilize your situation so you can begin to find margin in your budget...” That margin can go a long way in a time of need. Other essential parts of your plan include, cutting back, building up your emergency fund, avoiding debt, and being ready for job cuts. We’ll talk in more detail about all of these in the next several posts... Stay tuned! |
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