I Am Made Redundant. What Do I Do Next?

by Ket-Sang Tai

If you are unfortunate and made redundant and you need to find another way to keep your current lifestyle, you have a few options:

1. Find another job within the same field or sector.

I bet this will be difficult as other companies will be affected to a similar degree. You might need to move to a different city or state in order to find a job. You also run the risk of being made redundant again.

2. Get trained in different field.

Look for sectors or fields which are still doing well and get the training and education required to go into that sector. You can only do this if you have some savings to live on while you are getting trained.

3. Start your own traditional business.

If you have a big lump sum of money and do not want to work for other people anymore, then this is a great option. You just got to make sure that you are not using all your savings or retirement fund to do that as 80% of all new businesses fail and you can lose all of your money if you are not careful. Make sure you get proper education and training first and also research the marketing properly.

4. Make money from real estate.

If you have the skill and capital, this is not a bad option. It is not easy especially in the current climate. Again, make sure you learn it properly otherwise it can be very costly.

5. Trading stock.

Same things can be said for stock trading. You need some capital and a lot of education to make it works. Make sure you start small while you learn the skill.

6. Affiliate marketing or multilevel marketing.

This is a great way to make money and you don’t have to risk all your savings. You can do everything online and there is a potential of earning a full time income working part time from home. However, because of the small amount of commission per sale, it does take some time, probably a year or two to build up a full time income.

7. Top Tier Direct Selling

This is another option if you want to build your full time income fast. With these sort of companies, the initial investment is higher than affiliate marketing or MLM, typically between $2000 to $20000. This is still much less than starting your own traditional business and you can earn full time income within a few month if you put in the required effort and do it properly.

Make sure you keep your mind open and consider all your options.

To Your Success,

Ket-Sang Tai

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