6 Things You Shouldn’t Say to the Newly Laid-off

When she was laid off from the job she loved at a media company last fall, one marketing executive went for drinks with her friends to drown her sorrows and find a little solace. She and three-quarters of her department had been fired — and on top of that, she had just signed a lease renewal, including a rent increase, on her Manhattan apartment.

“Don’t you have six months of rent saved?” asked one seemingly well-intentioned friend. The marketing executive nearly fell off her bar stool.

In the hours after a friend or family member is laid off, the last thing they need is…

Tax Tips for the Unemployed

You already know that networking can help you find a new job. But you might not know that the IRS offers an assist, too. You can deduct many of your job-hunting expenses. That’s not that surprising, since it’s in the Internal Revenue Service’s best interest to have you earning taxable income. Uncle Sam’s tax help, however, does have its limits. Here’s what you need to know.

Itemizing required
You must itemize deductions on Schedule A to count your job-hunting expenses. That task is further limited by a threshold amount you must meet. Your job search costs are considered miscellaneous expenses. As such, they are deductible only when they, and all other allowable expenses in this category, are more than 2 percent of your adjusted gross income.

Lemonade Maker: Greg Stallkamp, Fitness Entrepreneur

Profiles of people who turn economic lemons into lemonade.

This week’s Lemonade Maker: Greg Stallkamp

Location: Chicago

Before recession: Financial Consultant

Now: Founder, Holosfitness.com, a social networking website for the fitness community.

When did you notice a shift in the economic climate?

I first noticed clients were planning to scale back their budgets at the end of 2007. By the beginning of 2008, clients were already starting to cut back in terms of head-count and use of outside consultants. My firm saw several clients leave by February and March of 2008. Basically, I saw the writing on the wall and decided it was time to leave.

What was your “aha” moment?

From a needs standpoint, I realized that there was a need for the services offered by our website several years ago. There simply was no way for regular individuals who practiced active lifestyles (in terms of sports and fitness) to track their progress…

Screwed: 1,000 at Mittal Steel

A daily review of the employment fallout around the country and the world.

Mittal Steel will lay off more than 1,000 workers. … Australian mining company Rio Tinto will cut 1,000 jobs. … Some 200 more employees will be cut from Caterpillar before end of week. … Construction equipment maker Manitowoc will cut 159 jobs in Milwaukee. … APAC Customer Service lays off 95 call center employees. … Seattle-based Isilon Systems let 40 employees go…

Recession Briefing 4.7

What you need to know today to survive and thrive in the recession.

Americans’ confidence in the economy jumped from 15% in January to 39% who felt more optimistic — even while 70% of respondents worried that someone in their household would lose their job, 40% had cut spending on luxuries and 10 percent had cut back on necessities. (New York Times)

Growing economic optimism and a strengthening U.S. dollar is impacting the price of gold, which fell 2.7% after the G-20 meeting. (Wall Street Journal)

First quarter corporate earnings reports are expected to be grim and investors are bracing themselves for the reports, which kick off today with Alcoa. (CNNMoney)

If you come across a good article or blog post about the recession pass it on.

Out on the Street: Comp Me

Each week, “Joe the Trader” chronicles his experiences with life after Wall Street.

Last week I had my third interview with my most promising job prospect. While I may have to go through another round of pleasantries, at least as far as I’m concerned, it is time to fish or to cut bait. Fortunately, the chief investment officer of the firm was the one to bring up the touchy topic of pay.

“Lets talk comp,” he said. “What are your thoughts?”

What are my thoughts? Are you kidding me? Just give me a job and a reasonable salary. But of course, I couldn’t sound desperate. A few years back, when times were good and I was being lured away by a prospective employer, my dad advised me to “ask for enough to make them squirm.” While that might have been the appropriate strategy at that time, now I am not exactly playing with the strongest hand—nor with the house’s money. So I decided to try to balance the two.

8 1/2

It’s not a Fellini film. It’s the percentage of people now unemployed in America.

This surreal number has made it official: this is the longest recession in the country since World War II, beating out the contractions of the early 1970s and the early 1980s, which lasted 16 months a piece. And if you count part-time and discouraged workers, the unemployment rate would be a whopping 15.6 percent. Economists say that the job losses are unlikely to let up anytime soon, a point underscored by Secretary Geithner on NBC’s “Face the Nation”. He said that the typical pattern of an economic turnaround shows that only when businesses begin to hire again will there be an unemployment peak…

Screwed: 1,900 at Walt Disney Co.

A daily review of the employment fallout around the country and the world.

Walt Disney Co. cuts about 1,900 jobs at domestic theme parks in another round of layoffs… Fedex is letting go of 1,000 U.S. employees, half of which are based in Memphis, TN… Nationwide Mutual Insurance Co. has laid off 480 employees and contractors across the country…

Recession Briefing 4.6

What you need to know today to survive and thrive in the recession.

Easter bunny impacted by recession: Not even the Easter bunny can out run the current downturn. (Volunteer TV)

Blackberry success with consumers defies recession: What recession? Millions of people are snapping up flashy BlackBerry smartphones made by Research In Motion. (Reuters)

Frugality forged in today’s recession has potential to outlast it: There’s good reason to believe Americans will be saving more in the next decade than they did in the last one. (WSJ)

If you come across a good article or blog post about the recession pass it on.

At the End of Your Robe: Nine Savvy Spending Tips for Spring

Stylist Julie Greene offers expert advice on looking fierce in a financial crisis.

If you are like me (and lots of other people) your spring clothing budget isn’t what it used to be. I’ve had to accept the fact what I already own will, for the most part, have to get me through summer. Any dollars I do drop, I want to go as far as possible. And, I want to be sure every penny is well spent—on clothes I’ll love and wear, not items that I’ll find in a year with the tags still on. That means shopping thoughtfully and strategically, using these nine tips for getting the most out of spring spending.