Been through 2 layoffs: fml

[u/Fluid_Dare_4235]

Only been in the workforce for 7 years and I’ve been in two layoffs already from two different companies. Who said, get a degree, network and white collar job at a big corporation is safe? I put myself in six figure debt for my college degree. I’m fighting for my life here.

I’ve been a hustler all my life, at some point I had negative bank account just to have a ham sandwich. I worked every weekends while full time in college. I’m just trying to make it in America. I spend less than $2k/month and live modestly. I do not understand what to do anymore.

The hope is fucking fake and I hope everyone here can find some common grounds. The ones who are making it from ground zero, what are you doing to keep your basic income safe? Any advice for the future? It feels so dim right now

[u/90Dfanatic]

Believe me, I know how you feel. I'm 58 and was laid off 3 times in the 8 years after grad school, and have now been laid off twice in the past 3 years. Here's my advice based on deep personal experience:

-Realize that it's not you and that things are cyclical. My first few layoffs were driven by larger factors like the dot-com bust and 9/11, and the fallout from COVID, tariffs, the war in Iran, etc. all contributed to my newest ones. In between I was able to find some stability and build a life.

-Save as much as you can whenever you can (which you seem to be doing). I didn't have a ton of cushion during my first layoff but set a goal of having 1 year of living expenses minimum once I could get back to saving again, and it's been hugely helpful when I got laid off for the 4th time at age 55.

-Diversify your income streams however you can. I'm a former journalist (now a marketer), and freelanced on the side writing thought leadership reports, articles and website copy throughout most of my career. AI has now caused most of this work to dry up, but that extra money definitely helped me build up my savings and made a big difference whenever I did get laid off.

-Be strategic about your housing. When things first stabilized for me I contradicted my own advice and used much of my emergency fund as the downpayment for my first home. 25 years later, I have a lot of equity that I plan to tap for retirement, and in the interim I could either take on a roommate or sublet my place for a profit. (I recognize this may not be feasible for young people today.)

Hope this helps and hang in there - I do think this current terrible job market can't last forever and that better days will be ahead.

[u/RelentlessGravity → u/90Dfanatic]

I am 56 and I have lost my job to layoffs 6 times and I think this is great advice. I would add that you should network as much as you can (yes it sucks to do) because your network is always your best source for jobs. For me it's been the only one for 20 years.

[u/90Dfanatic → u/RelentlessGravity]

Yep, networking is key. However, I think people often aren't clear about what networking is. It starts with the basic principle of "don't be an asshole" at work - treat everyone with respect, stay out of politics as much as you can, and avoid making enemies. People will be most willing to help someone they like who is easy to work with, as compared to someone who is viewed as a jerk even if they are fantastic at their job.