Podcast Summary
Monetizing Assets with Airbnb: Exploring alternative income streams like hosting on Airbnb can help cover expenses and make the most of assets, even during economic downturns.
Monetizing what you already have can be a lucrative side hustle, as highlighted by the speaker's experience as an Airbnb host. Despite the challenges of writing in remote locations, she found a solution by renting out her empty home on Airbnb. This not only helps her cover expenses but also makes the most of her assets. The speaker emphasizes that Airbnb makes hosting simple and accessible, making it an attractive option for those new to side hustles. Additionally, the economic downturn caused by the pandemic resulted in record-breaking unemployment levels, emphasizing the importance of exploring alternative income streams. The speaker's anecdotes about major companies laying off employees and the subsequent rise in unemployment underscore the need for individuals to take control of their financial situations and explore side hustles like hosting on Airbnb.
Stay informed about company financials and industry trends to prepare for potential layoffs: Being aware of potential signs of layoffs in your current workplace, such as financial instability or industry trends, can help you prepare for the worst-case scenario and reduce stress during a job loss
Being prepared for potential layoffs can make a significant difference in the aftermath of losing a job. Abby's story of being unexpectedly laid off from her digital media company serves as a reminder that while we cannot predict everything, we can take steps to be more aware of potential signs of layoffs in our current workplace. If a company is falling behind on its spending plan or reporting losses, it may be indicative of upcoming layoffs. Companies under financial pressure may try to cut expenses to minimize losses and maintain investor confidence. By staying informed of these signs, individuals can be better prepared to pursue their next opportunity if a layoff does occur. It's important to remember that no job is completely secure, and being prepared for the worst-case scenario can help reduce the stress and uncertainty that comes with losing a job. Keeping an eye on company financials and staying informed about industry trends can provide valuable insight into the potential stability of your employment situation.
Cost-cutting measures before layoffs: During financially challenging times, companies may freeze growth, pause benefits, hire consultants, or merge/acquire to manage finances, which could impact roles
During financially challenging times, companies may implement cost-cutting measures before resorting to layoffs. Some strategies include freezing growth, pausing benefits, hiring consultants, and mergers or acquisitions that result in redundant roles. While these actions may not always mean imminent job loss, they are signs that a company is carefully managing its finances. It's essential to stay informed about any changes within your organization and consider how they might impact your role. Additionally, be aware that some cost-cutting measures, like consulting teams or mergers, may lead to layoffs down the line.
Company relocation could signal financial troubles, update resume as a precaution: Listen to earnings calls for accurate financial info, update resume as a precaution during company relocations
If your company is relocating employees to a new state for financial reasons, it could be a sign that cost-cutting measures, including layoffs, may be on the horizon. While this isn't a definite indication that your job is at risk, it's a good idea to update your resume as a precaution. A more reliable way to gauge your company's financial situation is by listening to the next earnings call if you work for a public company. Companies may try to present a positive image, but they are obligated to report accurate financial information during these calls. By tuning in, you can get a clearer picture of your company's financial health and whether cost-cutting measures are imminent. Remember, it's essential to invest in yourself and be prepared for any potential changes in your career. Money Rehab is a production of iHeartRadio. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Mike Coscarelli. Executive producers are Nikki Itor and Will Pearson. Our mascots are Penny and Mimsy. A big thank you to the Money Rehab team, including Michelle Lance for development work, Katherine Law for production and writing, and Brandon Dicker for editing, engineering, and sound design. And, as always, thanks to you for taking the time to prioritize your personal growth and financial well-being.
