Lost Job -What next -Do you have a backup plan?

Well, i am one of those techies who is working with a offshore based provider. With lots of firing going around US, i was guessing its a matter of time before my client might be affected by slowdown. And it did happen for real last 2 weeks.

The irony is it is very bad out here. At present i am fine but it happened to a collegue of mine who stays near by. Well he happened to go to India on a vacation last week and the news of his project getting closed was told just a day before. He had already spent $3000 on tickets and other stuffs.

The first thing he was worried was how he is going to pay the Loan if he loses his job in India?

Believe me, one may thing if being with a offshore based provider is safe and it turns out its not the case with most of the IT companies now. From what i hear, a person is sent to India and he joins the offshore bench pool and looks for project.

He is considered lucky if he finds project else he is made to take knowledge test and others stuffs. Incase one does not clear the test, then eventually HR shows him the way. The fact is i heard now IT companies in Chennai are firing back and front for ODD reasons like Dress code, mobile conduct, bills, wearing slippers etc.

The main worry is for folks who have huge loans on their head. Do you have a plan to mitigate in case you lose your job. Please dont take companies for granted. Eventually i have feeling that 2009 would be even worse expect if OBAMA does some magic which i feel he cann’t immediately.

I think one needs to spend sensible and take stock of all the investments. Funds can come from Sale of other properties, Stocks, PF, Mutual funds, jewels etc. How are going to pay for the monthly EMI.

I feel it is wise to finish off the loan by taking disciplined decisions. Banks will try to sell your property for cheap and try to cover their Loans, but the end loser is you.

My advice is invest now only if you have back up interms of job and other finances just incase you need it. If you are kind of person who earns around 25-50k PM, not much savings and going to get married or Looking for marriage, then i would advice to do a wait and watch and dont plunge into Huge loans.

Also preferabbly dont go for private banks like ICICI irrespective of their interest rates.

REMEMBER CASH IS THE KING NOW

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