Tuesday, November 21, 2023

Prepare for Possible Job Loss

This article on Money Sense talks about preparing for a possible job loss.

The first time I lost a job was just months after I started one in 1964. I had been bored in grade 12 going to Thornhill High School, so when my parents went on holidays I went to Toronto and got a job as a secretary. I had good marks out of school. However, I could not type, I could not read back anything that I write trying to take dictation, and I certainly could not spell. Getting fired was the best thing to happen to me. Since it was 1964 there were lots and lots of jobs and I got hired as a clerk at an insurance firm.

Next, the insurance company I was working for was bought out. At this company I had worked at many different jobs and had worked with the computer. (The first computer I worked with had a room of its own and had 64K, an IBM 360. It had vacuum tubes, not transistor.) I asked one of the executives to help me get another job because this executive seem to know everyone in Toronto who worked for insurance companies. He offered to help if I worked at the company until the day before some of the staff were moving to Kingston. I did and he got me another job in an insurance company. This was 1976.

The next thing I had to worry about was the 1980’s when companies were downsizing. Everyone was worried as I was but I did have some back up. I had started to invest some money into dividend paying stocks. I did not in the end have to use any money, but the time was less stressful for me because of my portfolio. By this time, I was working in IT and so had a reasonably good salary.

Then this next insurance company went bankrupt. Things happen. I went to work for a insurance company that bought part of our business. Unfortunately, it meant that I had to take the subway to work rather than walk. There was a job fair at a company I was interested in working at and it was located within walking distance. I worked for 3 more years. Unfortunately, I had a lousy boss. I started to consider getting another job. Then my boss offered me 6 months’ salary to leave and was rather disconcerted when I reply, where do I sign. In the end, I did not get another job, but decided to live off my portfolio because I had enough income to replace my salary.

Life Insurance firms are interesting as they will pay for any college or university course you past. I did take advantage of this.

You never know how life is going to turn out. Certainly, most people who work will find they lose they job at some point in their working lives. It is best to be prepared for this. Putting money aside into some stock is not a bad way of going about this.

On my other blog I wrote yesterday about FirstService Corp (TSX-FSV, NASDAQ-FSV) ... learn more. Next, I will write about First Capital REIT (TSX-FCR.UN, OTC-FCXXF) ... learn more on Wednesday, November 22, 2023 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

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