Whyte

Jamaicans facing the prospect of a jobless 2009 should nonetheless have a positive outlook and draft a game-changing plan to revive their financial independence, financial advisers have said.

From corporate bigwigs to clerical staff, workers from various sectors of the economy have started to experience a financial fallout, whether it is getting a pink slip, losing a line of credit or struggling with millstone-proportion debt. The unstable global economy - a cauldron of layoffs, production cuts and sinking investments - has employers and employees skittish.

Part of life

"Experiencing financial loss is part of life, and there might be individuals such as family members depending on you, but for your own peace of mind you need to get back on track," said Lorna Allen, senior credit officer at NPG Finance Limited in Kingston.

According to Allen, individuals should engage in introspection and analyse the decisions and circumstances that led them into their current predicament, and plot a comeback strategy which might include entering uncharted territory.

Ainsley Whyte, assistant manager for private services at Pan Caribbean Asset Management Limited, told The Gleaner that individuals should consult a financial adviser or investor who could give expert advice on exit strategies for crises. Jamaicans are being advised to approach decisions with prudence, not panic.

Room for creativity

Though the process towards recovery might be long and slow, monetary misfortune often offers opportunities for creativity and new industries, Whyte argued.

"The key to remember (is that) this financial crisis is only a phase, and if you plan accordingly, you can move out of your financial crisis," he said.

Both Allen and Whyte shared some of the first things to consider when getting back on your feet in the midst of financial problems.

sonia.mitchell@gleanerjm.com