[ytlee]

Some forum members asked question regarding the bust and boom cycle of the oil & gas industry. I post a link http://www.centerwes...ioeconomics.php which talked about the dark side of the boom. The dark side of the boom is not just employment of the industry workers, it comes with human and environmental price tags.

As a member of the mentor program, I have tried to educate my fellow young professionals how to manage the bust and boom cycle of my industry. I would like to share a few pointers with follow forum members.

First, the bust and boom cycle as bad as they are; are nature cycles of every industry. They are unavoidable. Therefore, be a mature person, be prepared for it.

Second, layoff is a number game, it has nothing to do with you, nor your job skills. Being lay off, does mean you are a failure. It just means you have an unscheduled involunetary long vacation.

Third, be prepared, here is an article in job fair that may help you. http://www.jobfairy....vingLayoff.html

Four, have a rainy day fund. As I mentioned, the industry pays better than other industry. Many took it as a go-ahead for wasting spending, ie buying big houses, expensive cars, etc. Getting in debt is never a good thing, if your household expenditure is above Jones, you will be in financial trouble when your job is gone. Live like the Jones, and put the difference into a rainy day fund. When I was younger, my rainy day fund was 1-3 years US average household income. The fund helped me living thru the big layoff in the 80 & 90s.

Five, be a voluneteer. There are many good reasons to be a voluneteer, I'm not repeating them in this post, However, couple benefits I like to point out.
A. voluneteering will keep you busy and avoid idle time. Bad things always associate with idle time, many o&g workers get into drug, alcohol, etc to fight off boredom. Don't be one of them.
B. voluneteer will broaden your network and good networking will help you finding your next employment sooner.

Six, learn new skill and get out your comfort zone. Do I need to tell you more?


YT

[shadow9451]

Good Post!