DAYTON — Thousands of federal employees are facing uncertainty about the future of their jobs. The Trump administration’s Department of Government Efficiency says they have been focused on cutting thousands of government jobs to avoid waste.
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News Center 7′s Xavier Hershovitz spoke to a financial expert about what people should do to make sure their finances are safe.
“People worried that when they show up tomorrow, they’re going to check their email and find out that they’ve been terminated,” an anonymous civilian employee at Wright Patterson Air Force Base told News Center 7.
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Rob Burnette is the CEO of Outlook Financial Center in Troy. He is recommending that federal employees get their resumes ready.
“Just start doing some preliminary looking around,” Burnette said. “I’ve seen people do that whose job turns out to be safe.”
Burnette highlights the importance of an emergency fund, enough money tucked away to cover a few months of expenses.
“I need an extra five grand to take that trip to Europe, I’m going to take it out of your emergency fund. No, no, no. That’s not what that fund’s there for,” Burnette said.
He also recommends, if you are worried about a layoff, cut any unnecessary spending.
“So if this happens, we’re ready, we’re not surprised,” Burnette said.
Burnette says, if you do lose your job, you have to do what you have to do. He says a part time job or renegotiating with your creditors may be necessary.
“Just have a willingness to go do things you normally wouldn’t do, because the situation isn’t normal,” Burnette said.
Burnette says this advice applies to anyone in any profession who feels their job security may be unstable.
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