Podcast Summary
Monetizing existing assets through side hustles like Airbnb: The speaker, an author and Airbnb host, recommends Airbnb as a flexible and low-risk side hustle for those seeking to monetize their assets, especially during uncertain economic times.
The speaker, an author and Airbnb host, values the flexibility and ease of monetizing an existing asset through side hustles like Airbnb hosting. Despite enjoying writing in secluded locations, she dislikes leaving her home empty. Airbnb not only provides an income opportunity but also simplifies the hosting process. For those new to side hustles, she encourages them to start with Airbnb as it requires minimal upfront investment. The speaker also shares her experience of the economic downturn caused by the pandemic, where numerous companies had to lay off employees, leading to record-high unemployment rates. Despite the recent decline in unemployment and economic recovery, she emphasizes that we're not completely out of the woods yet.
Recognizing Signs of Potential Layoffs: Stay informed about company finances, leadership changes, and industry trends to prepare for potential layoffs. Signs may include frozen hires, decreased communication from management, and financial instability.
Being prepared for potential layoffs can make a significant difference in the aftermath of losing a job. Abby's story serves as a reminder that unexpected layoffs can happen to anyone, even in stable companies. While it's impossible to predict every layoff, there are signs to look out for that may indicate potential job cuts. First, if a company is falling behind on its spending plan or reporting losses, it may be considering cost-cutting measures, including layoffs. Companies under financial pressure may try to minimize their losses by reducing expenses, which could include letting go of employees. Additionally, if there is a change in leadership or a restructuring of the company, layoffs may be on the horizon. Look out for new hires being frozen or reduced, as well as a decrease in communication from management. Lastly, pay attention to industry trends and economic conditions. If your industry is experiencing a downturn, or if there are broader economic indicators of a recession, your company may be more likely to consider layoffs. In summary, being aware of these signs and taking steps to prepare for a potential layoff can help alleviate some of the stress and financial hardship that comes with losing a job unexpectedly. It's important to stay informed about your company's financial situation and be open to new opportunities if the worst does happen.
Companies may take cost-saving measures before layoffs: During financially challenging times, companies may freeze growth, pause benefits, hire consultants, and even merge or acquire to avoid layoffs. Employees should stay informed about their company's financial situation and be prepared for potential changes.
During financially challenging times, companies may implement cost-cutting measures before resorting to layoffs. These measures can include freezing growth, pausing benefits, hiring consultants, and even mergers or acquisitions that result in redundant roles. It's important for employees to be aware of these possibilities and to look beyond surface-level announcements, as these cost-saving strategies can sometimes disguise more significant changes within the organization. Companies typically prefer to avoid layoffs if possible, so these measures are often tried first. However, employees should be prepared for potential changes and stay informed about their company's financial situation.
Companies relocating could signal financial trouble and potential layoffs: Listen to your company's earnings call for accurate financial information and be prepared for potential job changes
Companies may relocate to save costs or for tax advantages, which could be a sign of financial struggle leading to potential layoffs. If you notice such signs at your company, it's a good idea to update your resume as a precaution. The most reliable way to get accurate information is by listening to your company's earnings call during which they must report financial numbers honestly. So, if you work for a public company, make sure to tune in. Remember, this doesn't mean your job is definitely at risk, but it's better to be prepared. Money Rehab, produced by iHeartRadio, encourages you to prioritize your financial well-being. Our team includes Michelle Lance for development, Katherine Law for production and writing, and Brandon Dicker for editing, engineering, and sound design. Thanks for investing in yourself with us.
