facebookI want to change my job but it seems like a bad time to do so considering that a recession seems impending. How long do you think this recession in 2020 will last? - Seedly

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Anonymous

12 Apr 2020

SeedlyTV

I want to change my job but it seems like a bad time to do so considering that a recession seems impending. How long do you think this recession in 2020 will last?

Would it be a safer move to stay put at my current job eventhough I would prefer to change my job?

SeedlyTV S2E01

Discussion (2)

What are your thoughts?

Colin Lim

Colin Lim

12 Apr 2020

Level 9·Financial Services Consultant at Colin Lim

Please stay put in your current job if you are still paying for expenses like mortgages, bills, insurances, households... Unless you have sufficient emergency funds from 6 to 12 months then maybe u can consider to look for jobs and rest and upgrade yourself.

We do not know this covid19 will end, top researchers are guessing by summer probably june... Remember this is health crisis that result most of us unable to work and business go bust because we cant spend... Its not financial crisis... And thus after all these... Companies will start to reopen, will start to hire, but when? We are unsure.

You are fortunate to still have a job, so i would consider to stay on to continue having income and start buying stocks/ investment.

Kenneth Lou

Kenneth Lou

12 Apr 2020

Level 14·Co-founder at Seedly

Hey there friend!

Yes I do think that this period does seem pretty pecarious at this moment in time as there are uncertainties, so do work with what you can actually influence.

If you remember my sharing on the SeedlyTV S1EP01, this was my main summary:

TL;DR: Stay employed, continue channelling your 30% of income to Emergency funds savings

  • I would advise to focus on staying employed now

  • Build up your emergency rainy day funds (6 to 12 months)

  • Right now your employers are heavily subsidised up to 75% of your income (up to $4.5k) which kind of means that you are being paid by the government more than your employer now

  • Consider how the economy looks in that same period as well, and thus perhaps plan your next move in that timeframe

  • To be honest, right now many countries are also figuring out how best to deal with this, and many plans are being set in motion now to cut-costs, but will take the next 1-2 mths to be in effect

  • Hence you will have better clarity on your next move post immediate crisis!

Hope this answers your question and take some time to re-consider and re-calibrate your current position in life!

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