Layoff tales

Everyone has been talking on the Layoffs and all of them know of someone who has been affected. But how many of us are learning and course correcting?

I was reading the Rediff's article where people who have been affected by the recession and been laid off, share their views and their learnings, though late. All of them say and put the most weightage on the savings front. Tradionally, Indians have been the typical reserved types and would not venture out for loans of any kind and manage their purchases / spending on the amount of savings that they had. Generations now, splurge first and think later. For sometime, I have been in the second category, but slowly and steadily migrating myself towards the traditional Indian mentality.

When you look at the savings and the asset created by the newer generation, most of the times we find liabilities in the guise of assets. Housing, car, gold, etc, which would have been procured with a loan / credit card. Though these could be assets after sometime, but they are definitely liabilities right now and the market conditions are not encouraging either.

So what should be your plan to insulate / minimize the effect, if you are the next one?

I am still thinking and would put that here after sometime