You might be really worried about getting laid off, but it could be the Best thing for you… here’s why.
It’s easy to get caught up in all the negativity on the news right now during this pandemic. My WestJet spring vacation was just cancelled and my stock that was growing so well has dropped seven dollars a share.
But that’s nothing compared to what some of you will have to deal with in the upcoming months. With schools and businesses closing everywhere.
Hopefully, we band together, stay healthy, and do a little extra to take care of those in need. And hopefully, we can rebound quickly when this is all back under control.
Regardless, the fallout will be inevitable.
Depending on how long this goes on, some businesses won’t be able to recover at all. Others will restructure, or take the opportunity to downsize considerably.
That’s just the reality of it.
That could leave you out of a job, and your savings diminished due to the market crash associated with this COVID-19 global crisis.
My hope is to inspire you by sharing my experience with a similar situation when the economy crashed back in 2008.
It really looked dismal at first, one of the worst things that had happened to me financially, but it also turned out to be one of the best things!
“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.”
Alexander Graham Bell
Lots of people got hit hard the last time the economy dumped like this. I was 48, and at the height of my career when it happened.
After thirty +years in the corporate world, I was laid off Nov 8th, 2008.
It was a quick and dirty phone call right before the holidays. They were cutting out middle management and reducing their costs.
I was assured that it wasn’t personal or performance-based.
There was no fanfare, no goodbyes, and no pension.
I packed up my corner office and backed out of my private parking spot — never to return again.
It completely derailed my retirement plan, and my perceived identity seemed to melt away overnight. Not to mention my 6 figure income.
I felt desperate, lost and extremely angry.
Even worse, I didn’t have a clue what I’d do next to recover.
Have you worked really hard for a lot of years to find yourself here?
I know some of you are facing this right now — temporary or not, it’s scary!
It absolutely rocked my world and gave me a much deeper understanding of what the term ‘you’re just a number’ means.
Had those last 15 years of hard work and loyal dedication to the same company been for nothing?
After a couple of months of job searching, I realized I had an even bigger problem than I thought I did.
I’d been out of the job market for a long time, so I hadn’t realized how different things had become.
Job applications are all done online now, and unless you meet all their criteria you never get a chance to make an impression with a face to face interview.
The level of employment I was looking for also required degrees and I didn’t have one. I’d made my way to that corner office through hard work, sweat, tears, and dedication.
Sometimes I had two jobs, sometimes three to make ends meet.
But I didn’t have any letters after my name…and I still don’t.
When I applied for jobs that didn’t require a degree, my job experience disqualified me because I was overqualified!
It was a classic catch 22, and it was all very depressing.
Let’s face it, times have changed radically, and surviving financially means adapting to those changes, or find yourself struggling.
Look at this latest world health crisis. It came out of nowhere, and the only thing we can be sure of at this point is that it will have a huge (global) financial ripple effect.
In my humble opinion, it has become even more imperative in the last 10 years that we find a way to create streams of passive income if we plan to survive… as well as thrive.
We need to become financially self-sufficient.
I think it’s especially critical for us Baby Boomers(born 1946–1964)as we have been, and continue to, reach retirement age at a frantic pace.
Another huge setback like this one can be devastating, especially if you still haven’t fully recovered from the last one!
We’re also facing our retirement years with some (or most) of the following;
- loads of financial stress
- depleted savings
- a mortgage (wasn’t that supposed to be paid off by now?)
- divorced at a late age (so you own half of what you had!)
- hours cut back at work (someone in India or China has them now)
- being laid off just before you retire (you know they timed that just right)
- kids are gone — but parents are moving in (yikes)
- health issues (no f**king wonder) — right?
So here’s what happened after I was forced out of my comfort zone;
I decided to look at my situation (the big lay off) from a different perspective.
Finding the bright side of having zero options was that I could head in any direction I chose and set my own parameters.
So why not take this opportunity to recreate myself and build the freedom lifestyle I’d been dreaming of for years.
How were other people my age coping and making a go of it?
That was my burning question!
Well, eventually I figured out that they’re making money online.
And they’re doing it from the comfort of their own homes, supporting their families and changing their lives for the better.
Ten years ago that was a revelation for me.
Today it’s really common, but it’s mostly the younger crowd that’s taking advantage of all the opportunities online.
So instead of mumbling things like “I’m too old for this” or worse…
Throwing pity parties, succumbing to our fears or just giving up and drinking so much red wine our tongues are permanently purple…
Yes! I’ve had that too 🙂
How about we shake off that old mentality, and instead look at some of the great options that have presented themselves.
There are lots of creative new ways out there to supplement our incomes, that we might actually enjoy. We just need to open our minds up and find a need you can fill.
Here’s an example that I found astonishing, but also very inspiring.
It was also the catalyst that made me realize I could do this — so I included it here for you too.
As I was researching some of these ‘online money-making options’ I came across a young girl (20ish) who is writing a blog about stupid stuff.
Yup, I said it…stupid.
Here’s what I saw being discussed at great length on her website;
The lipstick color she was wearing that day…hmmmm.
Oh…and her cute new designer shoes (why can’t I afford those ?)
Reasons she’s mad at her girlfriend (really?)
What she’s ‘up to’ today (geez who cares!)
And most of the site is covered in her selfies with that pouty lip thing (so weird) staring at her cell phone.
I totally didn’t get it…but here’s what else I saw;
She’s got a huge following and she’s making about $40,000 a month!!
Not a year — a month!
Even though it was a shocker, what I took away from all that is (that even though I had my opinion) lots of other people her age are loving it.
Because she has three million + followers — what??
She’s got what they call a tribe!
As Baby Boomers, we have a ton of life and work experience. So I figured there must be people that would be interested in our journey’s as well.
Did you know that what comes naturally to you can be absolutely amazing to others?
I’m not talking about lipstick and new clothes — because that’s not my thing, and maybe not yours either. I’m talking about sharing our vast experience in whatever it is that we are passionate about and love doing.
Maybe it’s Woodworking or Crafts.
Maybe it’s Cooking, Baking, Yoga, Fitness, Science or Health & Wellness.
Even Home Decor, or maybe you’re a History Buff, or you love Music and Guitars. It doesn’t matter what your passion or lifetime experience is…
It just matters that you take some time and figure out what you have that others need or want.
Can you provide value in some way to help other people get what they want?
Your unique set of superpowers can shine through and will set you apart in our new online world.
It’s time we face the fact that (although it worked for our parents) the old system of going to college, having one career and retiring at 65 with a pension is completely broken!
Understanding Passive Income and Setting up Multiple Streams of it… well, that can be your Practical Solution.
”If you don’t find a way to make money while you sleep, you’ll work until you die.”
~ Warren Buffet ~
Now let’s fast forward 10 years.
I’m 58 now, with a whole new set of current and valuable skills.
But I also tapped into a lot of the skills I’d learned over the past 30 years.
I joined 2 Network Marketing Companies and had moderate success in both.
My new skill set allowed me to build and launch my own website.
Which has resulted in multiple streams of passive income.
I’ve also written and published a book.
I work happily from home on things I’m passionate about and I’ve never gone back to a 9 to 5 ~ ever!
I worked hard to get here and there were times I really wanted to quit.
When I got overwhelmed and scared I stayed motivated by taking a walk down memory lane to that fateful day I got laid off.
Then I thought about my alternatives…
I thought about the life I’d built that I never felt I needed to take a vacation from, and pulled my chin up.
It was the best decision I’d ever made.
So as this new global crisis unfolds I’m pretty calm because I already work from home.
I’m in control of my situation and how I spend my days.
My schedule hasn’t been disrupted much at all, nor has my income and I can’t be laid off.
In fact with everyone home and spending more time online it’s actually a good time to reach more people.
So that also makes it an excellent time to get started.
If you’re facing a layoff or depleted savings, know that it can also be a great time to step back, weigh your options and tune in to what really matters in your life.
Huge disruptions in our daily lives always generate change.
And as light disrupts darkness and chemo disrupts cancer cells it can also have a very positive outcome. There is no doubt in my mind that good things will come to us through this crisis.
We just have to open our minds to the new opportunities presenting themselves.
Will you be one of the few that can find positive change?
If you want more detailed ideas about what’s available online to supplement or replace your income, read on right here.
I’ve outlined 5 valid (doable) ways that I’ve researched and/or had personal experience with right here.
And if you experienced the 2008 crash in similar ways that I did, I’d love to hear how you survived it ~ any tips for us?
Paying it Forward with Gratitude ~ Liz
P.S ~ If you like Straight Talk and Practical Solutions you’ll also enjoy…