Plan your exit strategy on day 1

So you've got a brand new job! It's the job of your dreams. It pays well. The benefits are great. Come to think of it, everything is wonderful.

Wonderful as it may be, things can move fast in the corporate world, and things can also move slowly. I've seen a division make a new hire, only to lay them off a week later because they hadn't got the message they were downsizing from HQ.

For this reason, no matter what stage of employment you are in, you need to ask yourself the question:

What happens if I lose this job tomorrow?

If the answer to this question is:

I am screwed six ways from Sunday!

You really need to position yourself better. If you have a solid exit strategy on day 1, you are no longer at the whim of the corporate overlords. Some of you may think this stance is too cynical, but it is what it is.

Give yourself options

Really think about how much time it will take to find another job. Save at least 3 times minimum that amount to cover your expenses. If you think it may take you a month to find a new job, make sure you have 3 months worth of expenses saved up. Ideally you should be able to support yourself for a year or more on savings alone, but you've got to start somewhere.

You should also avoid trapping yourself financially. If your job is the only game in town for what you do, you probably shouldn't be buying a house in that town. I've seen so many people sink roots for some one-off job in some backwater town, only to get left hanging in the breeze when they get laid off.

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Posted via Steemleo | A Decentralized Community for Investors