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Posts Tagged ‘Economy’

Career Planning For a Challenging Economy – 3 Strategies

Wednesday, May 19th, 2010

Career planning during a tough economy calls for logical thinking. Yet it’s easy to get caught up in a swirl of emotions. You have to deal with
rumors, fears and uncertainty. In my experience, the best course of action will not seem immediately obvious. But here’s what I recommend, based on years of living through economic cycles.

Begin by turning off the news. Stop buying newspapers that display scary headlines about jobs and sales forecasts. Be especially wary of news networks and programs. They have to come up with stories every day and they like to evoke strong emotion.

Journalists are wonderful people but they need startling headlines. They work on a case basis, highlighting extreme experiences. What’s
happening “out there” may not make any difference to you. I talk to people every day who are changing jobs, getting raises and moving up with promotions.With the time you save by not watching news programs, grow your network of positive, successful people.

This one action alone can get you on the right track. You get ideas and connections that will move you to your goals. You get inspiration to develop new goals.

Sadly, you may have to bite the bullet and release negative people from your life. Don’t be too quick to drop someone who’s having a bad day.

But every time I’ve moved away from one negative source, two positive people arrive unexpectedly.

Finally, take the most difficult step: create a second stream of income before you need one. Use your evenings and weekends to take the first step.

For example, “Karla” needs more money. She wants to enjoy life and buy a lot more, but she realizes she can’t get a raise at work.

Since Karla is still working, she cannot violate her employer’s rules on second jobs. More important, she needs to think outside the box. One city government official works in accounting and runs a lawn care business on weekends. He loves it. He gets out in the fresh air. He gets to be physical rather than cerebral. And his target market wants his services on weekends, when he has no obligations to his employer.

You might also consider developing online income. Avoid the “Get Rich Quick” schemes. To earn revenue on the Internet, you have to invest
some time and energy. Chances are you can use find a business model to fit your own talents, preferences and skills.

Finally, some advice doesn’t change in any economy. While you are still working and secure, create your Plan B. Even in a high-performing
environment, we are all vulnerable. After all, you might wake up one day and realize your job or your business is making you sick. This situation is extremely rare and I never advise anyone to quit a job without another one waiting. But it could happen.

Your Plan B includes provision for health insurance, alternative income sources and a clear idea of how you will support yourself for the next six months to two years. It’s scary to put all these components together when you’re under the gun. So if your job feels comfortable or you’ve just started a job, make creating a Plan B your first priority.