One of my worst fear is getting laid off from my job. (Knock on wood) I have never been laid off from a job ever since I started working at the age of 18. I have constantly been employed for the past odd some years.
Working for a company such as mine, it was something that never crossed my mind. They have always been financially sound, debt-free and unbelievable growth since inception. The company has been around for over 40 years and have never in its history laid off anyone. They will move you around when times are tough but never lay you off.
Most recently, due to the Global Economic Meltdown - we received a notice that our 401K will be matched dollar-for-dollar for a whole month. That's great news isn't it? At least we initially thought so. It will be effective for one full month. Woohoo! - - Read on below...
Right after that, a speech was given globally by our CEO to assure us that the company is in the best financial shape and that there's nothing for us to worry about, patted us on the back for our hard work and went on his merry way.
Right after the holidays, we received our company newsletter telling us that times are really difficult. Changes have to be made and that in order for our company to survive this financial crisis, changes have to be drastic.
After our dollar-for-dollar matching expires, the company will no longer match any of our 401K contributions until further notice. On top of that, they laid of approximately a 10th of our workforce - all in one swoop. The ones who remained will have to take a 5-10% paycut in order for us to keep our jobs.
Let me tell you guys - this economic meltdown is not done yet and it is about to get worse. Unless you have been sleeping under a rock for the past year, you may not have heard about this crisis.
I just want to let you guys know, I'm making drastic changes in my household as well. No more cable TV for me, no dry cleaning, cut down on dining out, brown-bagging my lunch and so forth. I need to save every penny I can until we can ride this one through. What are you doing with your finances?