Property Investment Advice – Redundancy

Brett Alegre-Wood
March 1, 2009

Redundancy, don't worry until it happens

I have been spending a lot of time talking to clients over the past 18 months or so. Many of them are worried about being made redundant. Now despite this we have only had three clients actually be made redundant.

So I guess that my message is “don't worry”.

Around 7%-8% of the population will become unemployed over this recession. So that's to say about 8 in every 100. Now ask yourself this question: how many people are actually worrying about it? At least 40% (if not more), which means there are so many people worrying needlessly.

If you've thought (or worried) about redundancy don't worry: it's a perfectly natural and normal human process. The important thing is to run the numbers.

By this I mean: could you survive for 3 months without pay and then still manage if you got another job at 75% of your old wage? If so, then you're probably going to be fine since this is the realistic scenario for most people who lose their positions.

Yes, it's tragic that 8% of people are going to lose their jobs but the bright side is that 92% will still be working. The other important point to note is that if you are losing focus because you're worried about keeping your job, your boss is likely to sack you anyway. The key is to become too valuable to get rid of.

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Live with passion,
Brett Alegre-Wood

PS. Remember I am not saying that you won't get redundant but at least you don't have to worry about it until it actually happens to you!

PPS. The employment figure is not actually 92% as 8% doesn't allow for pensioners and long-term unemployed due to illness or injury. The actual number works out to be about 50% working. (!)


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