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I am following professor Aswath Damodaran's blog since long. Professor Damodaran teach Corporate Finance and Valuation and is well known valuation guru. Here's the link to his blog -
Musings on Markets (aswathdamodaran.blogspot.com)
His writing and videos have been great source of knowledge for me and hence sharing with this group.
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That’s tough. I've been employed on soft money before. It’s nerve-wracking because you constantly live in a gray area and struggle to make plans beyond that expiration date. My 2 thoughts are:
1. Look into ways to make passive income, PT work, or miscellaneous gigs. That way, if your contract isn’t renewed, gigs or PT work can help you coast. Even if you don’t work PT or do gigs now, get these ducks in a row now so you aren’t scrambling while unemployed. After a year of unemployment, I’ve managed not to dip into my savings through a combination of CDs, random consulting jobs, and pet sitting. I’ve even made ~$1,200 just signing up for research studies.
2. Reduce your expenses. Budgeting and downsizing your life might help you set aside $ for unemployment or reduce the worry you have now (I went from owning a 3BR house to renting a room until my income normalizes).
I hope this helps! Keep positive, take care, and good luck!
To some extent, that's just the reality of the work and we have to learn to accept it. A lot of people must feel threatened lately, you never know when layoffs might be looming. If you've got six months to go on your contract, that's a relatively long time. Try to stay on top of your prospects by talking to your managers, but there's no need to panic at this point.