If your job isn't recession proof, what are you doing about it?

[cantdrv55]

I'm in medical sales and, so far, the industry has been recession proof. Who knows what's in store for it though when the new administration takes over. I'm going back to school at the ripe old age of 44. Should've gotten my MBA a decade ago but life got in the way. My sales track record has been excellent. The degree is just insurance.

Are you trying to recession-proof yourself? If so, let's share best practices.

[azasadny]

I'm a contractor at a local power company. We have heard that 50% of all contractors will be cut, so I'm looking. I will most likely have to leave MI, which will mean losing the house and starting over...My "Plan B" is to try to look at all of my options.

[KFC911]

My advice...become as "debt free" as possible depending upon your circumstances. I lost my high tech job recently (outsourced), but sleep well at night while I decide what I want to do next (I'm 48). No debt = no stress...Good luck!

[mudman]

We are debt free except house and one car, but my business has made us 'cash free' over the last couple of bad seasons. Last year was bad and I'm off last year's sales by 50%.

I'm changing industries. I just scored a job directing labor for a production company that does corporate events and auto shows. I'm going to be 2nd Electric on the Subaru booth in Detroit, and hopefully Cleveland and New York too. I leave to prep in Toronto in a couple of weeks. My brother has done this for a few years and makes well into six figures working six months a year. Not bad for a 27yo. Bad thing is doing this with a family at home. Even working in Detroit between the travel and LONG hours I won't be seen for about three weeks by my kid.

Also I've found that my ability to play with stone impresses people. I'm flying out to WA to do a stone wall at someone's vacation property. Taking my landscaping company nationwide for the right work!

[masraum]

we are building up savings and paying off debt.

I am a contractor at a National power company. Fortunately, I am a member of an all contract group. A small group that runs the company national network. If they get rid of us, they'd have a problem in short order. Hopefully, we've got some time before/if anything bad happens.

[Porsche-O-Phile]

All my debt is on "insured" credit lines (i.e. if you lose your job, they pay it). Other than that, keep a current resume and have a "Plan B", "Plan C", etc. Pay off what you can, save what you can. That's about all one can do.

[Palum6o]

Debt is certainly one thing, having savings to cover your expenses during unemployment is another. The past few years in pharmaceutical has been ridiculous. I keep 6 months worth in the bank at all times. No credit card debt either.

[onewhippedpuppy]

Making sure I keep my savings account healthy, and trying to aggressively pay off my only debt (student loans) besides the house. My field (engineering) is in high demand, so I'm fairly confident I could find another job if laid off.

[ChrisBennet]

Originally Posted by Porsche-O-Phile

All my debt is on "insured" credit lines (i.e. if you lose your job, they pay it). Other than that, keep a current resume and have a "Plan B", "Plan C", etc. Pay off what you can, save what you can. That's about all one can do.

I've heard stories about credit card insurance that I came across while researching Assurant (a crooked insurance company).

http://www.consumeraffairs.com/insurance/assurant.html

-Chris