As the “everything bubble” threatens to pop, Wall Street players are scrambling to slash staff and save investor confidence in the never-ending cycle of boom and bust.
However, the real heartbeat of the American Dream is entrepreneurial in nature and flourishing. So now it’s your turn: Do you plan to cope with layoff anxiety or explore self-sufficiency?
Coping With Layoff Anxiety
During the pandemic, low interest rates and the Federal Reserve’s policy of buying government bonds and mortgage-backed securities to boost the economy prompted housing prices to soar and investors to make risky investments. These moves created what economists call the “everything bubble.” And like all bubbles, it eventually will burst, and hardworking Americans will have to deal with the aftermath. Major corporations are already cutting staff to shore up their bottom line. Sweeping layoffs started in the fall, and the news is still bleak. U.S. businesses announced 89,703 job cuts in March, up 15% from 77,770 in February, and the tech sector is feeling the brunt of these cuts.
As this news dominates the headlines, layoff anxiety is taking root and lack of job security is leaving people feeling battered and bruised. Living with the fear of losing your livelihood or being forced to take a job below your pay grade and skill set takes a toll.
A recent survey of 35,000 people revealed that 52% are concerned about the impact of the economy on their job security, and 37% are worried about losing their job. Fortunately, there are steps you can take to cope with layoff anxiety. I’ve been helping Americans discover financial freedom and self-sufficiency for more than 40 years. Along the way, I’ve learned some tips and tricks to minimize anxiety during a tough economic season.
I believe the best way to cure layoff anxiety is to take charge of your future and invest in yourself. Rather than being reactive, hoping that you may survive the next round of layoffs, I encourage people to become proactive and take charge of their careers. For many, this may mean scratching their entrepreneurial itch and launching a business.
Although being a business owner allows you to control your paycheck and diversify your portfolio, not all business or business opportunities are created equally. I encourage you to educate yourself and discover what is possible.
The Resilient Entrepreneurial Spirit
The economic news is not all gloom and doom. Over the past two years, Americans created 10 million new businesses, and the number continues to rise. Americans filed 429,800 new business applications in February, according to the U.S. Census Bureau.
Entrepreneurship is breathing new life into the American economy and helping people achieve financial freedom and self-sufficiency. People are taking control of their destinies and finding a path forward during a tough economic season. I attribute Main Street’s continued success to our entrepreneurial spirit and exhaustion from the corporate grind. Whether you’re launching a side hustle or debuting a storefront, I believe that the Roaring 2020s startup boom is here to stay.
Six Steps To Prepare For Self-Sufficiency
If you’re not yet ready to cut ties with corporate America, there are small actions you can take to ease your worry, improve your sanity and prepare you for whatever comes next. Take a page from my playbook and follow these steps to banish fear and find the light at the end of the tunnel.
1. Determine your goals.
Over the course of your career, it’s possible to lose sight of your goals as things change. Take time to dream a little and determine your shorter-term income and lifestyle goals and your longer-term wealth and equity goals. Are you on track to achieve them? If not, don’t despair; consider seeking coaching to ensure you are on the right track. (Full disclosure: I am a career coach, but you have many options in this space.) Understanding the steps you need to take to achieve your vision helps inspire confidence and forces you to evaluate your current career trajectory.
2. Know your worth.
Having confidence in yourself and your ability to excel on the job will go a long way. Now is not the time to coast. Volunteer for new projects and spearhead new initiatives to make yourself an indispensable member of the team.
3. Ramp up networking.
Devote time to cultivating your network and building relationships. Having a robust network is an invaluable resource if your company does decide to make cuts.
4. Take a class.
Investing in yourself and improving your skill set allows you to lean into your transferable skills and can give you an edge. Focusing on the things you can change is critical to weathering the storm.
5. Get a hobby.
If you work 12-hour days and your identity is shaped by your career, it’s time to do a reset. Find a passion and purpose outside of the office to provide fulfillment and spark joy.
6. Create a budget.
If you are living paycheck to paycheck, there’s never been a better time to trim your expenses and create a budget. Cut out unnecessary expenditures and start paying down debt. If a layoff does roll around, you’ll be financially prepared to cope.
Final Thoughts
Learning how to cope with layoff anxiety and considering new opportunities and paths to success will lessen the impact of the ups and downs of the economy. Remember: You want to be proactive rather than reactive.
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About Your Career Revolution
Our mission is to help individuals explore self-sufficiency as an alternative career.
We help them define their Income, Lifestyle, Wealth, and Equity goals and provide education on the best ways to achieve them. We don’t sell franchises – we help people achieve their dreams of self-sufficiency through business ownership. The approach is different, the experience is different. And it works.
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Dedication:
We dedicate this book to the tens of thousands of clients who have allowed us to guide then through their Journey of Discovery – courageous people who have made their dreams come true by taking the path less traveled. You inspire us every day. May you, the reader, also achieve your dreams and may this book empower you and assist you in your journey.
—The Entrepreneur’s Source Career Ownership Coaches
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