Thursday, October 6, 2011

Unemployment and a loss of income

Unemployed risk a permanent pay cut

Take a look at the article from CNN on unemployment and how it might affect your income down the line. Answer the following questions with a post and we will discuss some answers! All answers should be in complete sentences!

1. The study shows that a worker who losses their job during a time of high unemployment with 3+ years of experience can expect to lose how much on average?

2. Based on the article, Maria is currently able to find work but there a possibility for a large added cost to her situation. What is this possible added cost and why is it important?

3. Based on your experiences and this article, what are some ways to better protect yourself against potential economic downfalls?

12 comments:

  1. Tristin washingtonOctober 6, 2011 at 7:06 AM

    1.workers who lose their jobs during a high unemployment are expected to lose 19% of their lifetime earnings.
    2.The added cost is younger kid will work for less then what maria or other adults expect to get paid.
    3. Pick a job that is high in demand ,always have money saved up just in case ,and be trained in more than one skill.

    ReplyDelete
  2. 1. A worker losing their job during a time of high unemployment can expect to lose around $112,000 on average.
    2. The possible added cost of Maria finding work is going back to college to get a new career. College is expensive but doing this could potentially help her, because she could enter a whole new field of work that may have higher employment rates.
    3. One of the best ways to protect yourself is to make sure you don't become expendable. When you make sure you have fantastic school history and that you're one of the best in the field, your chance of getting laid off decreases dramatically.

    ReplyDelete
  3. 1. Workers that loose there jobs during a high unemployment are suppose to loos up to 19% of their lifetime earnings, or $112,000 on average.
    2.The added cost would be younger adults that will work for less then what Maria would expect to get paid.
    3.Go to college an get a degree in a high paying field but also try an have a side job to keep money saved up on the side, but also be trained in a few skills that would be mandatory for other jobs.

    ReplyDelete
  4. 1. The pay hit is likely to be about $112,000 on average, or 19% of their lifetime earnings.
    2. She was planning on going back to school and collage is expensive.
    3. continue to study in the career your working under to make them want to keep you.

    ReplyDelete
  5. Danny Phillips
    1.112000 dollars ,or 19% of their life earnings.
    2.The recession hit making her unemployed.
    3.Save some cash for in the case that a recession hits.

    ReplyDelete
  6. 1. They can be expected to lose $112,000 dollars on average. That is almost 20% of one's life earnings.

    2. She is planning on going back to school, possibly for a career change or to better qualify her for her field. This is important because if the schooling does not help her she'll be out several thousands of dollars in school bills.

    3.The best way to keep yourself safe from unemployment is to keep in mind that finding a job is a full time job. Also, keep your options open and keep an eye out for opportunities, even if you are employed.

    ReplyDelete
  7. 1. A person who loses their job during the time of high unemployment with 3+ years of experience can expect to lose about $112,000 or 19% of their life savings.
    2. College is the possible added cost to Maria's situation. College is important for Maria so she can start in another career field.
    3.I think the best way to protect myself against potential economic downfalls is to put money in the bank.

    ReplyDelete
  8. the study shows that workers who losses their job during a time of high unemployment with 3+ years of experience can expect to people on loose $112,000 on average, or 19% of their lifetime earnings.

    The large cost in my opinion is going back to school to changer her career path to find a better job. going back to school can be very expensive but she needs to do it to get a better career so she can get a career in the field that she wants to be in to make enough money to pay her bills.

    To protect your self from economic downfall you need to have more then one thing that you are good at like Music and cosmetology. Have more careers so you can have something to fall back on.

    ReplyDelete
  9. alizabeth#1112000 ON AVERAGE OR 19% OF THAIR LIFETIME EARNINGS #2 THE ADDED COST WOULD BE YOUNGER ADULTS#3 GO TO COLLEGE AND GET A DEGREE IN A HIGH FIELD

    ReplyDelete
  10. Workers who have lost their jobs at a time of high unemployment loss 75% on average.It is very had to get their income back to where it was when they lost their job.

    The possible added cost is she has lower income than what she had before.It is important because she cant live the way she used too.

    Some ways to protect oneself from an economic downfalls is to spend less and save more.Only buy things you need and put the rest back for a rainy day.

    ReplyDelete
  11. Workers who lose their jobs during high unemployment with 3 years experience can expect to lose 19% average.75% employees still were earning less before their job loss.
    Maria is currently able to find a job but she could have a large added cost to her situation of $39,000. Maria said it maybe a struggle to get back on the level she was on but by time the economy turns around 25-year old will most likely be working for less.
    Based on this experience of this article the best ways to to protect your self from economic downfalls is to always save money, work to to the fullest never give up have other jobs on stand-by just in case you do have to resign. People need to have these kind of things planed and prepared for because nothing never last for a life time. I'm pretty sure your really not trying to be like Maria having to move back in with her parents.

    ReplyDelete
  12. 1. They lose $112,000 on average, or 19% of their life time earnings.
    2.She was planning on going to college, which is very expensive.
    3. Go to college and get a degree in a high paying job.

    ReplyDelete