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Layoff Season is Here
AI is cool until it starts destroying the livelihoods of workers across the globe. If you haven’t been following the news, that’s what’s happening now.
Amazon is potentially cutting 30,000 jobs. Meta, Google, Goldman Sachs, and plenty of others are doing the same.
With more layoffs looming, it’s time to make sure you’re in the right place with your money, before you’re impacted.
Today, I’m diving into why layoffs are exploding right now and exactly what you should do to prepare.
Why Now?
Layoffs are a normal part of the working world. Companies are always looking out for themselves, often at the cost of cutting employees to meet targets and boost margins.
But why are so many layoffs happening right now?
Three main culprits:
Over-hiring during COVID: Companies went on hiring sprees in 2021 - 2022 during the tech boom. Now with slowed down growth, they’re correcting course for long-term stability.
Economic Uncertainty: Stubborn inflation, tariff threats, and recession fears are driving CFOs to cut costs wherever possible.
Artificial Intelligence: This is the big one. When companies can replace humans with cheaper algorithms that work 24/7, and don’t need health insurance, it’s tough to compete.
While we’re almost certainly in an AI bubble, companies are already making bets that AI can do jobs cheaper (and better) than humans.
Whether they’re right or wrong, layoffs are happening now. Here’s what I’m doing to protect myself:
My Defense System
At this point, I still work a corporate job in finance. Although I like to believe I’m indispensable (i.e., my company won’t ever fire me), I’m a realist and understand if push comes to shove, they’d kick me to the curb.
For this reason, I’ve hyper-focused on ensuring I am prepared by doing the following:
Keep an Emergency Fund: Cash is king. I keep 12+ months of expenses in a savings account, in case of an emergency, like getting laid off.
Start a Side Hustle: I’ve built multiple streams outside of my day job. These aren’t get rich quick schemes, but real hustles that make some money. For example, I earn money from my YouTube channel, and my small home services business.
Update Your Resume: Even if you’re not actively looking, having your resume ready to go can limit future stress if you lose your job. When layoffs hit, you don’t want to be scrambling to remember what you’ve done for the past few years at your company.
What Not to Do
(Not financial advice)
Don’t panic sell your investments. Don’t drain your retirement account. Don’t think you’re safe.
That last one is a tough pill to swallow, but that’s how the corporate world operates.
The Bottom Line
Layoffs aren’t going away. You may be safe now, but the future is uncertain. The only thing you can control is your preparedness.
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Talk Soon,
Steve
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“The future of AI is not about replacing humans, it’s about augmenting human capabilities.” - Sundar Pichai, CEO of Google
Disclaimer: The content provided in this newsletter is for informational and educational purposes only. It is not intended to be a substitute for professional financial advice. Please consult with a financial advisor before making any financial decisions. This newsletter may contain affiliate links, which means I may earn a commission if you make a purchase through these links, at no extra cost to you.
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