ASK THE EXPERTS
Jim Ludwick
Founder and President of MainStreet Financial Planning, With Offices in the District, Odenton and Santa Barbara, Calif.
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What should I do if I fear I may lose my job?
Go on a budget. Cut back on spending. Reduce retirement savings beyond the company matching level.
Build up your emergency fund. It should cover six months of after-tax spending if your salary is less than $75,000 a year. Increase that amount by 10 percent for every additional $10,000 you make. So if you want to find a replacement for your $100,000-a-year job and your expenses after taxes are $3,000 a month in "clamp-down" mode, you might need $22,500 to carry you through a job search. The higher the salary, the longer it usually takes.
Make sure your address book of friends, business colleagues and former mentors is up to date. Use Web sites such as LinkedIn and Plaxo to complement your in-person networking efforts.
Read Harvey McKay's "Dig Your Well Before You're Thirsty."
Develop skills in a related field that might have better job prospects.
