If the layoffs keep growing, along with the possibility of a market crash and the continuation of regional wars, do you have a plan B to work it out with your family and/or friends?
Not to sound alarmist, just want to read the view of other people on this topic.
Pay off all debts and loans (credit cards, student loans, car leases, mortgages, etc.) and do not get more. Have six months worth of your expenses in a savings account. Do not have it in investments because their worth can collapse very fast (market downturns coincide with massive amounts of layoffs).
Tech salaries and the job market have been inflated for such a long time.
Plan B was to treat it temporary like it is, avoid lifestyle inflation, save and invest such that you won't be impacted when the job market comes back to earth.
There will always be jobs in tech, but what will change is how well paid they are and how enjoyable they are. If you're not dependent on it for survival then those two things matter less, and you can even look to career switch into something more "normally paid" if the enjoyment factor starts to weigh on you. I don't get the family & friends part with layoffs - your concern should be you and your dependents (a subset of family).
Not sure why you're lumping in layoffs with wars here, the two are very different scenarios. I don't think you can really plan for war in any meaningful way except for ensuring your financial, mental and physical health is as good as it can be. Preppers are probably just trying to sell you something.
I agree about the salaries being inflated.
When I mention wars, it's not because of the war itself or needing to go to war, but it's more the consequences that it brings, like costs of living rising, etc.
About the family, I really mean your primary family, wife and kids. The friends part is more to put the question to everyone and not only those who have families.
English is not my primary language, so sorry if the question was badly formulated.
I started preparing my own business company in 2023, and it's small, but it's beginning to make a modest profit. This counts as my Plan B for myself. At the same time, I try to go for job interviews every year to confirm my position and value in the market.
I think it's very difficult to stay with a company for a long time today. But if your goal is to make a living through earning money, the difficulty of this thing is still acceptable.
At the same time, I have been saving money for investment for several years. Currently, I have about $50,000 for investment. So relatively speaking, I feel quite at ease, not to the point where my family's economy would collapse immediately after being laid off.
I'm trying to build stuff that the internet doesn't have yet, but wants.
There are 2 big issues with that approach:
None of them are commercial. Even if I got lots of visitors, I would still need a job.
Everyone is trying to build new stuff now. Even though mine are niche and aren't trying to steal your money, they get hidden under a massive pile of other posts with a very low probability of even getting noticed.
So, I guess I should have answered your question with "no, but trying" :(
I don´t have an ongoing plan atm, but the idea is to move for a rural area and focus more on the farming, family and keep working remote until I am able to choose to not work.
Looking forward to move in the next year.
I have a part time job that could become a full time job and am working on a stealth mode start up.
Really though these layoffs have been more than 20 years in the making. There are some incredibly brilliant people out there writing original solutions to challenging problems. And there are people who cannot do more than put text on screen using a JavaScript framework. There are so many people hired to write software who cannot write software.
forklift driving. always been funn. bit of a pay hit but really dont care for that anymore. or maybe move to some remote place and just do handy work or english teachin to kids or somethin.
plan B definitely is no-computers. though ill keep my hobbies ofc :)
Plan B was to treat it temporary like it is, avoid lifestyle inflation, save and invest such that you won't be impacted when the job market comes back to earth.
There will always be jobs in tech, but what will change is how well paid they are and how enjoyable they are. If you're not dependent on it for survival then those two things matter less, and you can even look to career switch into something more "normally paid" if the enjoyment factor starts to weigh on you. I don't get the family & friends part with layoffs - your concern should be you and your dependents (a subset of family).
Not sure why you're lumping in layoffs with wars here, the two are very different scenarios. I don't think you can really plan for war in any meaningful way except for ensuring your financial, mental and physical health is as good as it can be. Preppers are probably just trying to sell you something.
About the family, I really mean your primary family, wife and kids. The friends part is more to put the question to everyone and not only those who have families.
English is not my primary language, so sorry if the question was badly formulated.
I think it's very difficult to stay with a company for a long time today. But if your goal is to make a living through earning money, the difficulty of this thing is still acceptable.
At the same time, I have been saving money for investment for several years. Currently, I have about $50,000 for investment. So relatively speaking, I feel quite at ease, not to the point where my family's economy would collapse immediately after being laid off.
There are 2 big issues with that approach:
None of them are commercial. Even if I got lots of visitors, I would still need a job.
Everyone is trying to build new stuff now. Even though mine are niche and aren't trying to steal your money, they get hidden under a massive pile of other posts with a very low probability of even getting noticed.
So, I guess I should have answered your question with "no, but trying" :(
What about you?
I am going to take a look at the Wunderkammer.
Really though these layoffs have been more than 20 years in the making. There are some incredibly brilliant people out there writing original solutions to challenging problems. And there are people who cannot do more than put text on screen using a JavaScript framework. There are so many people hired to write software who cannot write software.
plan B definitely is no-computers. though ill keep my hobbies ofc :)