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Beating the Doom and Gloom of the Financial News

job cut doom and gloom

It used to be when we listened to the news we would pay attention to the latest happenings for our area and the weather. Now more of us are beginning to pay attention to the business news.

A prime example of this is the latest closing of the Target stores. When we hear of sudden closings like this it makes people feel vulnerable in their own job situation. At one time when there was more job security we may have distanced ourselves from this. Simply saying, “thank goodness it wasn’t me”. Now ask, “could this be me next.”.

While news like this is depressing rather than let it pull you down and stress you out, use it as a resource for maybe checking your own situation.

Take a look at the job market you are in and see if it there are any possibilities it could be affected by what is happening in the economy now. Any industry can be, but some more likely than others. For example, if you work for a health care industry you may not be as vulnerable as someone working in the retail industry.

One of the problems that is occurring is while the internet is a wonderful tool, it is also a potential job taker. With more people being able to buy and sell online, it is hitting the on land stores hard and fast. This is one of the reasons that the Future Shop suffered.

By the same token it would have been nice if the employees could have seen it coming. This is where you want to start putting into place a contingency plan if you are in an industry that you think could be affected by the internet commercial side of it.

Having some extra money put away is one step. Keeping within your budget is another. Basically what you are doing is preparing yourself for a storm, and not just a rainy day.

It is wise planning to always be a step ahead anyway. One of our problems is we become too complacent and self assured. Then when a big blow like this comes along we are not prepared to deal with it.

We tend to become complacent in a lot of different areas of our life, including our taxes.  Which don’t forget the tax deadline is beginning to close in.  If you have not been to see your accountant yet get your appointment booked.   If you don’t happen to have an accountant as yet, I would be pleased to assist you.

 

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Sam Seidman, CPA, CA, LPA
629 Sheppard Avenue West
Toronto, Ontario
M3H 2S3

Telephone: (416) 398-1700
Fax: (416) 398-6226

Chartered Professional Accountant, Chartered Accountant, Licensed Public Accountant

Email: sam@torontoaccountant.ca

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