Welcome to PFI and the weekly updates – Unemployment Edition. Did you notice the current unemployment rates that came out last week? Unemployment continues to grow at a rapid pace, which is not surprising, given the current global recession that we are facing. We also found out that my former home state of Michigan leads the way with the highest rate of unemployment in the country. Anyone who follows business understands that the collapse of the auto industry has helped this state to lead the way. This current year should be very interesting to see if the new administration can create jobs and put our country back on track.
Are you becoming concerned at all over the rising unemployment rates and the mounting job losses we are facing? I have mentioned this many times and will continue to in the future – but why not start creating alternative streams of income to reduce your financial dependency on your job? Whether it be writing articles on eHow, investing in dividend producing stocks, starting a blog, or picking up some extra consulting work – now is an excellent time to protect yourself from the global recession.
Personal Finance Blog of the Week
One of my personal finance goals for the new year is to start visiting other personal finance blogs and help promote them. Each week I plan to provide a highlight of one of these sites. Today, I would like to include two sites as I did not provide any last week. Please check these sites out if you get the chance.
- Fighting Foreclosure – I have posted about this site many times over the last couple of months but wanted to promote this site yet again. Dawn who writes for this blog provides truthful and honest experiences in her fight to save her home and avoid foreclosure. It is inspiring and uplifting and I think a lot of people could benefit from reading her day to day survival tactics to keep her home.
- Growing Money – I found this personal finance site a few weeks ago when looking for other bloggers who have advice to offer on becoming a landlord. It looks like Smarty Guy (who writes for this site) has some very good tips to offer from personal experience of being a landlord. I am looking into a rental property this year and need to learn from others and look forward to reading more from Smarty Guy.
Carnivals
January 6, 2009 – I participated in the Carnival of Money Stories Edition #92 hosted by Gather Little by Little. I was fortunate to have my post – Personal Finance Goals (2009) – version 1 included in this weekly carnival!
Articles I liked this week
Sticking with the theme, I am listing my favorite articles posted on the topic Unemployment and job loss. Here are some of my favorites -
1 – Pinyo over on Moolanomy tells us what to do with your 401k plan if you are laid off from your job.
2 – Amateur Asset Allocator breaks down the current unemployment rates that recently came out.
3 – Curt from Penny Jobs discusses government job creation.
4 – Scott at The Passive Dad gives us reasons to start a blog when looking for a new job.
Have an excellent week!
{ 5 comments… read them below or add one }
The job numbers in Michigan are really unfortunate. I watched the CNBC special on GM again and so many of the parts and suppliers who make components for GM will be impacted by the company. So many employees are nervous that they could lose jobs if GM sneezes.
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Wow, thank you so, so much for the mention! Your kind words really meant a lot. I have to say, things here in Michigan are tough. I don’t know one person who hasn’t been effected by the economy in some way – and not one of those people are employed by the auto industry, I might add. Friends in government jobs and health care jobs that have been laid off, the lay offs at my job and demise of raises and profit sharing, other freelance friends who work in film & video that aren’t getting work anymore… the list goes on and on. I have to say though, there is a feeling of hope here. I have been sensing it lately, or maybe it is just the quiet feeling that things can’t get much worse. In either case, the despair isn’t as bad as it has been.
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Dawn – Anytime. I really enjoy your blog and look forward to reading it!
Passive Dad – I was talking with my wife’s uncle a few weeks ago and he retired from one of the railroad companies a few years back. Anyways, he was worried about GM going under and I really couldn’t figure out why. Come to find out – GM is their biggest source of revenue because of hauling cars all over the country. When I think of companies impacted by the auto industry, I think of suppliers and local businesses around the plants – but never thought of this scenario. I can’t imagine what else I am not thinking of.
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Hi, I hope you can also visit my blog. I do believe somehow we have the same niche. Keep it up!
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Millionaire Acts – Thanks. I will check it out.
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