What do you do if you want to financially prepare for a potential layoff in Product Management?

As a product manager, being proactive about potential layoffs is smart. We work in a fast-paced environment, and sometimes company shifts can impact our roles. Here's what I'm doing to financially prepare for anything unexpected: Building my emergency fund: This is priority number one. Ideally, I want 3-6 months of living expenses saved up. Since product gigs can involve contract work sometimes, having a buffer feels essential. I'm putting away a higher percentage of my paycheck towards savings and maybe even looking at a side hustle to accelerate the process. Slashing unnecessary expenses: Every little bit helps. I'm taking a hard look at my spending habits and identifying areas to cut back.

Smart Financial Prep for Product Managers ?? ?? Audit Subscriptions: Regularly review digital subscriptions and memberships, canceling those you no longer need. ?? Automate Savings: Set up automatic transfers to your savings account to steadily build your emergency fund without constant monitoring. ?? Invest Wisely: Consider low-risk investments for part of your savings to potentially grow your layoff cushion. ??? Organize Financial Documents: Keep all financial documents, like bank statements and bills, well-organized for easy access and review. ?? Monthly Check-ins: Dedicate time each month to review and adjust your budget based on current needs and savings goals.

Start by getting a handle on your finances. Check your savings, ensure you have an emergency fund, and know your monthly expenses. Experts suggest having 3 to 6 months' worth of living expenses saved up for security. If your savings are low, focus on building them up. Also, take note of any debts, like loans or credit card balances, and consider how you'd manage them without regular income. This assessment sets the stage for financial stability during uncertain times.

Trimming Expenses Without Losing Joy ?? ?? Home Energy Audit: Conduct an energy audit to reduce utility bills without sacrificing comfort. ?? Meal Planning: Embrace meal planning and cooking at home to cut down on eating out expenses. ?? Alternative Transportation: Explore cost-effective transportation options like biking or public transit. ?? Embrace Free Entertainment: Take advantage of free or low-cost local events and nature for leisure. ??? Mindful Shopping: Adopt a 'needs versus wants' approach to shopping, focusing on purchasing essentials.

Financial education is one of the most important subjects that traditional educational systems never taught. Some people will never get to learn through their lifetime although it is super important and can make all the difference. I will recommend a Netflix series that I saw a while back, its titled, "Get smart with money", hope this helps!

Income Diversification for Product Managers ?? ?? Leverage Your Skills Online: Use platforms like Upwork or Fiverr to offer your product management skills on freelance projects. ?? Teach and Mentor: Consider teaching online courses or offering mentorship in product management for additional income. ?? Content Creation: Start a blog or YouTube channel sharing product management insights, which could open up monetization opportunities. ?? Consulting: Offer consulting services to startups or businesses looking to refine their product strategies. ?? Side Projects: Develop your own digital products or apps. They could turn into a significant income source or portfolio highlight.

Exploring multiple income avenues boosts financial stability. Think about freelancing, consulting, or part-time gigs in your field. Product management skills are versatile, opening doors to various opportunities. Diversifying income not only safeguards against layoffs but also hones skills and expands networks. It's a proactive step toward financial resilience.

Knowing your job benefits is key. Understand health insurance coverage, severance packages, and unemployment benefits. Learn how long your health insurance lasts post-layoff and explore coverage options afterward. Review retirement accounts and grasp their status amidst job changes. This awareness aids in strategic planning post-layoff.

Networking goes beyond job hunting; it's about forging connections for support. Engage with colleagues, mentors, and industry peers to nurture professional relationships. Attend events, join groups, and engage in online forums. These connections offer freelance gigs, market insights, and emotional backing.

As mentioned, the world of tech is constantly evolving. It's important to keep your skills up to date and to take every opportunity to level-up. One key area of interest right now is the role of AI in Product Management. I would recommend proactively enrolling yourself in a free AI course to learn more about this key topic. Extra points if it's something that will generate a certification that you can put on your resume or LinkedIn!

I have heard it said that the greatest investments will be those made in yourself. The world of tech is evolving rapidly, and every professional needs to learn very fast, more so as a PM, you have to always ensure that you are upskilling regularly, get familiar with the latest technologies, get new certifications

?? First, I would assess my current financial situation, similar to conducting a thorough evaluation of materials and resources before starting a kitchen cabinet project. ?? Next, I'd create a budget and prioritize saving by cutting down on non-essential expenses, much like optimizing design costs to stay within budget constraints. ?? I would also explore additional income streams or freelance opportunities to supplement my savings, akin to taking on side projects to diversify revenue streams. ?? Lastly, I'd review my severance package and unemployment benefits to understand my financial safety net, ensuring I have a buffer while transitioning to a new role or career path.

Going through a layoff in product management can be challenging, but I've managed to navigate it successfully. Like many others, I had savings to cover six months of expenses. In addition to that, I took several steps to stay financially secure: I made money from my house by listing it on Airbnb when I wasn't there. I rented out my car on Turo, as I wasn't using it much, and it was otherwise sitting idle. I reached out to my past companies to see if they needed me in any capacity, such as part-time work, consulting, or mentoring. Fortunately, they did, and I started working with them, which was a win-win situation. I also aggressively searched for a new job and was able to find a new job in less than two months.

One of my greatest counsels ever: study investments. I was one of those people who was afraid of investments, but then I started to comprehend that there are viable and secure options. Furthermore, putting your money in a liquid investment is a good way to "hide" it, so you don't spend!

Beyond the Basics: Financial Resilience for PMs ??? ?? Recurring Expenses Review: Regularly assess and negotiate recurring bills like internet and phone plans to ensure you're getting the best rates. ?? Emergency Go-Bag: Keep a digital 'go-bag' of essential documents and contacts you might need immediately post-layoff. ??? Financial Planning Session: Schedule annual financial planning sessions with a professional to align strategies with current economic trends. ?? Open Money Talks: Foster open discussions about finances and career planning in your professional network to share and gain insights.

Maintain an emergency fund equivalent to at least three to six months' worth of living expenses to cover unforeseen financial challenges, including potential layoffs, whether your laid off or staying in the job, you should have continuously nurture your professional network and personal brand through active engagement on social media, professional networking platforms, and industry events. Offer assistance, share knowledge, and build genuine connections with others in your field, Finally Embrace change, stay positive, and remain proactive in managing your career and financial well-being.