MW As mass layoffs threaten jobs, here are 4 smart moves to protect yourself

By Brett Arends

Do this now, even if you have a job

If the latest news about mass layoffs has you worried, there are some simple practical steps you can take right now - today, this weekend - to help protect your money.

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Meta $(META)$, one of the strongest and richest companies in the world, just announced it is firing 10% of its workers, or about 8,000 people. Microsoft $(MSFT)$, which is in the same stratosphere of corporate strength, recently offered 7% of its workforce voluntary retirement buyouts on the heels of cutting nearly 9,000 jobs over the summer. Nike $(NKE)$, one of the world's most recognizable brands, is laying off 1,400. Snap (SNAP), owner of Snapchat, is laying off 1,000. Even accounting giant KPMG is axing about 10% of its auditing partners.

If the latest news about mass layoffs has you worried, there are some simple practical steps you can take right now - today, this weekend - to help protect your money:

-- Banks including Wells Fargo WFC, JPMorgan Chase JPM and Bank of America BAC will agree to lend you money for the next 21 months for free - at 0% interest - if you sign up for one of their 0% interest credit cards. These deals are are generally available to those with a credit rating of 670 - which is good but not stellar - or above, according to Bankrate.

-- File a new Form W-4 at work and claim more exemptions on your tax withholdings. It will mean you get to bank more of each paycheck now, instead of paying too much tax and then waiting a year for a refund.

-- Go through all your bank and card statements. Identifying where you are spending money and getting the least bang for your buck will help you boost your emergency savings.

-- And it is never too soon to build your network, reach out to contacts and talk to people about your next job. A lot of data say that the way to get a job is to get a referral from somebody already inside the company. It's not what you know - it's who you know.

Maybe it's just a coincidence that these job cuts have all been announced around the same time; maybe it isn't. There are multiple reasons why we may be facing a new wave of job cuts across the economy. They include geopolitical turmoil on a scale rarely seen since 1945, $4-a-gallon gasoline, $5.50-a-gallon diesel, and the rise of artificial intelligence. Some argue AI will replace a vast number of white-collar jobs.

A classic mistake is to wait until you've been laid off to start taking these steps. Some of them are much easier to make when you have a job than when you are out of work. These include getting a new credit card with free debt, and talking to people about your next job. Banks only like to lend money to people who have an income and look like they don't need the money, while employers and people in work are much more likely to talk to someone who is already in work and doesn't look needy.

America has a fire-at-will economy. That means most people can be laid off at a moment's notice - and many are. Even in normal times, about 60,000 people get laid off in the U.S. every day.

But things may be more precarious than normal right now.

The risks may be biggest for those who are either young and early in their careers, or older and near the end. Getting laid off before you are really established in your career can derail you. But those in their 50s or 60s who get laid off may have a very hard time getting another job.

It is never too soon to make smart moves.

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-Brett Arends

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April 28, 2026 11:04 ET (15:04 GMT)

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