Misc

How Can You Tell if the Company You Work For is Going Under?

Posted March 20, 2009 by Bernz

It’s a sign of the times. Companies of all sizes and in all industries are fighting to stay afloat in today’s rough economic waters. Employee layoffs are at an all-time high and companies are closing up shop at an alarming rate.

pink-slipsThe illusion of job security is just that- an illusion. Employees are finding that keeping the resume dusted off is their only defense strategy against a sudden layoff. Losing a job in the current economy is a triple threat. There is less likelihood that there are other suitable jobs out there, the employee loses company-sponsored health care at a time when he or she is least likely to be able to pick up the tab, and unemployment means less money for skills upgrading or education.

As the old saying goes, the best defense is offense. Preparing ahead of time for a layoff puts you in a stronger position in case it actually happens. The first line of offense is looking for the writing on the wall. Knowing that the company you work for is struggling to survive is the first warning that imminent unemployment may be lurking on the horizon. How can you tell that your company is on shaky ground? Here are three signs to watch for.

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Is Now a Good Time to Start a Small Business?

Posted March 18, 2009 by Bernz

Have you ever had a dream of owning your own business and not having to work for a boss anymore? That is the dream of many employees who wish to have more control over their lives and their finances. With the unprecedented current level of employee layoffs, more people than ever are considering following that dream rather than trying to apply for a new job. Is now really the best time to do that?

sbaPerhaps it’s time for a reality check. Starting a business is often considered to be one method of building wealth. The fact is, however, that 80% of small businesses fail in the first five years, and almost 80% of the ones that survive fail within ten years. Those that make it through the first decade have a solid financial and entrepreneurial foundation that is strong enough to see the business through the tough times. But what if you’re trying to start a business during tough times? It is possible and there is help available.

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Posted in Career, Financial Goals, Investing Basics, Investing Strategies, Loans, Misc, Retirement Planning, Wealth Building | No Comments »

Banking on American Banks: Why US Financial Institutions Will Survive the Crisis

Posted March 16, 2009 by Bernz

So far this year, the news has been pretty frightening. Banks have been taking huge bottom line hits on their assets. Some banks have teetered on the edge of financial collapse before receiving a $700 million life line from the federal government. Specters of the Great Depression dominated financial markets and, for the first time in two generations, people started wondering if their money was safe in some of the largest banks in the country.

bankofamericaTo understand the banking crisis and why US banks will survive it, you have to understand the sub-prime mortgage fiasco. Most of us know that sub-prime mortgages were home loans made to those who couldn’t qualify for conventional bank mortgage financing, making them high risk. Most of these loans contained a low-interest teaser rate to attract new borrowers, but, buried deep in the fine print of the contract, lurked a much higher rate after the first few months. As the rates went up, so did defaults and the mortgage assets weren’t worth as much to banks. What made the situation worse is that banks and other financial institutions bundled these loans up into packages called mortgage-backed securities and sold them to various investors. Many of these investors were not aware of the risk of the underlying loans. Those securities that sat on banks’ balance sheets rotted away until no one was sure what their true value was, if any. As their assets deteriorated, banks ran into a liquidity crises where their current assets were in danger of not being sufficient to meet their current liabilities. That’s when the federal government stepped in with their bailout.

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Do You Love Your Job?

Posted March 6, 2009 by Bernz

Being employed is something we aspire to for many reasons: it puts food on the table, it helps us to build experience, and it helps us to develop our social and professional networks. But one question that most of us rarely entertain is “Do I love my job?”

Not everyone can get up in the morning, bounce out of bed, and be excited about another day at work. Although some people can find the joy in anything, I would imagine that many slaughterhouse workers, sanitation engineers and debt collectors are more concerned with the money and not the fulfillment.

But you should love what you do for many reasons. The most important reason is that you’re going to be doing it at least 40 hours a week. You’ll spend more time at your job than eating, sleeping, or playing with your kids. Grinding through 40 hours a week of drudgery and duty can be just as bad as having a continual dental drilling.

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