Ways to prepare for possible unemployment


Editor’s note: Lawyer and car-buying expert Adam Goldfein fills in for Clark Howard Monday the 19th – Wednesday the 21st of this week. Below is a summary of some of what he discussed. Visit AdamGoldfein.com for more information.

The Bureau of Labor Statistics reports the national jobless rate fell from 9.8% to 8.6% between November and December.

We all know these numbers are not necessarily dead on accurate. The more important info emerging is about the trends. Sixty percent of all folks who are jobless are jobless for more than 15 weeks. Forty-two percent are jobless for more than 26 weeks. That’s six months.

If you break the demos down, those with more education are doing better. The older are generally doing better except for those who are 60+ and postponing retirement. They’re finding it harder to bounce back once they are unemployed.

Here are the steps Adam Goldfein recommends that you take before you become jobless:

  • Reduce and eliminate unnecessary debt
  • Save as much as you can to weather potential storms
  • Stop being so picky. Get back to work as soon as you possibly can, even if it’s not in your field, or even if it’s for less money. You have to stem the hemorrhage until you can find what it is you’re looking for.

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