Layoffs Can't Knock Down a Well-Constructed Fort 🏰💪🏽✨

Hello!!

December has inherently become a month of joy with the pleasant weather, build-ups to a fresh start, and whatnot! I hope you’re doing well :)

But tell me,

I’m sorry for cutting right to the chase right after a question like that, but, in the ever-evolving job market, layoffs have become a reality. Are you financially prepared for it?

Yes? No? Maybe?

Okay, don’t fret, we're here with a financial lifeline, ready to guide you through these uncertain times.

So, let's get to it… in a jiffy!

Market ka haal: 📈 After basking in a six-week bullish spree, Indian markets are gearing up for volatility. Sensex and Nifty decided to do a little somersault into the red territory after the release of inflation data and the US Fed's policy decision, despite an enthusiastic start.

🌐 Globally, stocks have been in a celebratory mood overall, gearing up for the US inflation figures that would set the tone for a week dominated by central bank dramas. The rupee held its ground within a narrow range, mirroring the subdued movements of its Asian counterparts as markets awaited a crucial US inflation report, eventually closing at ₹83.39 against the US dollar.

📊 Despite the market throwing little tantrums, the overall mood seems to lean towards a bullish streak. So, play it cool, don't let FOMO drive your decisions, give your portfolio some love, and, oh, stay away from penny stocks. Trust me, they can be more trouble than that catchy dance move you've been trying to perfect.

💃📈 That said, after months of speculation we might just be ending the year on a positive note (yay!!), only time will tell!

What I was up to: The past few weeks have been the dictionary definition of hustle for Fincocktail because Sayali & I have been running around, making lots of arrangements for a surprise reveal in Jan ‘24! These days have been hectic for sure, but man-oh-man nothing beats the satisfaction of hitting the sack after a productive day at work! Besides the said special reveal we’ve also been penning down a lot of interesting content material to bring to you, so if you have any specific requests, drop us a DM and tell us here!

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Humara Gyaan: 

The winds of lay-offs have swept through the employment landscape in recent weeks, casting a shadow just before the festive season. Numerous companies across domains and sizes including Spotify, Google, Amazon, and EY amongst others have had major layoffs over the recent past.

The tech industry alone has seen over 240,000 jobs lost in 2023, a total that’s already 50% higher than last year and growing.

While layoffs might be inevitable for many, a clear damage-control strategy can fix anything. So, here are 5 such strategies to ensure you and your loved ones are covered even if a soul-crushing layoff were to happen:

💸 Beef up that emergency fund – aim for at least 6 months to a year's worth of income tucked away in an easily accessible account.

🚑 Don't rely solely on your company's insurance: if the layoff wave hits, you might lose coverage. Get a separate health plan for you and the fam.

💼 Dabble in the Side Hustle Scene: Explore side hustle opportunities that align with your skills or passion. This not only brings in additional income but also hedges against a complete financial standstill in case of a layoff.

💰 Avoid the Loan Trap: While it might be tempting to bridge financial gaps with loans, it's a slippery slope. Steer clear of new loans until you're on stable ground again. The last thing you need during uncertain times is mounting debt.

📈 Review and Reinforce Investments: Take a closer look at your investments. Are they diversified? Do they align with your risk tolerance? Make adjustments if necessary. A well-structured investment portfolio can act as a financial cushion.

A layoff can leave an emotional and financial void that needs to be filled. But as unexpected as layoffs are, in the face of uncertainty, financial strategy can be a compass that ushers you towards stability, ensuring you're well-prepared for whatever twist the job market takes. 🌐💼

Here’s to getting finances in order to fix EVERYTHING, quite literally!

Niyati ❤️

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