Business & Money

The age group most likely to be fired

The axe

It has been revealed that the most likely age group to get fired are workers in their 30s to late 50s as the recession deepens, according to Roy Sheppard of www.FreelanceFuture.com.

Sheppard said: "These workers tend to be the best paid. Employers will therefore have to eliminate these costs when making workers redundant.

"If the CBI's predictions of 3 million unemployed in the next two years is even partially accurate, this will almost certainly mean a massive increase in the number of these highly paid workers being discarded."

Naturally, in this time of financial crisis, getting the axe probably isn't what you're looking for. In reality it could be the greatest and most lucrative thing to ever hit you.

If you were fired you probably were breaching your contract, but if you were made redundant you are guaranteed a statutory lump sum.

The amount depends on your age, experience and salary but chances are that it's only a quick fix.

But that's not the only benefit if you just so happen to be made redundant.

Get a new education

Going back to school could result in you getting the type of job that you love (which means you're less likely to get fired in the first place).

University costs are daunting but can be spread over time. Training for a job in medicine or teaching is where the money is at.

You could also take evening classes and earn while you study. It may take a few years but it'll result in a lifetime of job satisfaction if you do it right.

Start your own business

It takes a lot of work to get your own enterprise running into a profit, but the great thing is that you should be confident and happy with your service.

If you fancy yourself as an inventor, make sure you secure your patent. This can cost you thousands, but it's a small price to pay to avoid being ripped off.

You will need money to get your dreams realised. Luckily the Prince's Trust, banks and personal investors should be happy to help if they see a potential for profit.

Work abroad

While you may be neglected over here, you could be desperately needed abroad. Teaching English in far-flung countries could net you around 500 a month - and remember the cost of living will be much, much lower in these areas.

But if you're not confident of your Queen's English, why not try somewhere like Canada or Australia? Over 18,000 skilled migrants moved to Australia in 2006.

You can even retain your previous career while abroad if you feel like sticking with what you know best.

Invest

The real money is in stocks and shares, and if you master that you may not even need to leave the house to put food on the table.

If you've got a sure bet, try investing but don't put all your eggs in one basket - spread your money and see which avenues are the most lucrative.

Owning gold has recently seen plenty of return capital, as has some art.

The chances are if you've heard of the artist, it'll cost too much. Also don't go for just anyone - make sure they've been working their way up for a few years.

Remember with investments, don't go for the quick fix - a good investment will mature.

Go globetrotting

Being out of the job is the perfect opportunity to see all of the places that you missed out on because you were tied to a desk.

Travel to where the pound is strong, and somewhere that isn't obvious either. You may like the place so much that you invest money in it or decide to live there.

Try joining a group of explorers, hauliers or roadies and you might even make some money. If not you'll probably get a free ride.

Credit addict?
Are you an impulse or a safe shopper?

Being a non-experienced deckhand is perfect for the seafaring type and will grant you working passage to wherever you want to go, cutting out all travel costs.

Charity work is another option. Obviously this won't make you a millionaire, but you'll be well travelled and could be your ticket away from the rat race.

Remember, the possibilities are endless and leaving your current job could bring you amazing adventures regardless of what you perceive your place in society to be.