Overcoming Job Loss Fear

Overcome job loss fear by using your free time to generate different sources of income. Regardless of the economy companies always seem to be in a state of flux. They are constantly cutting divisions and off-shoring repetitive activities, while hiring new employees for emerging technologies. This obviously strikes terror in the best employees and creates uncertainty about the possibility of long term employment.

What can the average employee do? More than you think…

I recommend employing the same strategy that most successful companies do – diversification. For example, take a look at General Electric (GE). They have divisions in appliances, aviation, trains, finance, energy, lighting, and healthcare, just to name a few. They know that if one market experiences a slump the other areas will sustain and even grow the company.

Some possibilities you might consider:

• Companies pay average people to market their products
• Turn a hobby or interest into a cash paying career
• Part-time work
• Small business you can control

Whatever you choose to do seek out something you are passionate about and explore opportunities to create an income stream doing that. If you apply yourself over the period of a few years you can build a financial safety net that will be there in the event your primary occupation takes an economic hit. There were lots of recruiters that wish they had diversified before the Dot.com bubble burst in 2001. Many of us in the technical field felt like we had been hit by a train. Revenue diversification would have lessened the financial worries of many recruiters.