If you're out of work, or know someone who is, and it seems like it's harder than ever to find a job -- it's not just in your head. A new study showing the state of unemployment among African Americans is both sobering and a wake up call for proper financial planning.

The March 2010 report from the Joint Economic Committee, found that while African Americans comprise 11.5% of America's workforce, they make up 17.8% of the unemployed, 20.3% of those unemployed for more than six months, and 22.1% of individuals out of work for a year or more in the U.S.

Also noteworthy: Before the recession, it took laid off African Americans an average of about three months to locate new work. Now it's taking roughly six months to get re-hired, according to the report.

Depending on your perspective, the economy is either gradually getting better -- or simply getting worse. What's not debatable, however, is that the U.S. is grappling with stubborn, chronic unemployment, a situation in which no overnight miracles can happen. The picture is particularly acute for blacks, as the data above show.

Since none of us have control over any financial market -- whether it's the jobs market, the housing market, or the stock market -- what we do have control over is how we manage our own financial affairs.

Prudence dictates that if you have a job, either because you're an employee or you're self-employed, you should take some economic safeguards to protect yourself in the event you suddenly find yourself jobless -- or without customers and clients, in the case of entrepreneurs.

Top Economic Safeguards

-Start paying down debt:
If you think that mortgage, those student loans or those excessive credit card bills are too much to bear now, imagine how overwhelming they'll become if you lose your income stream. Get serious about reducing debt now to solidify your overall finances.

-Build up a cash cushion:
There's nothing like having a little extra money in the bank when something unexpected, like a layoff, occurs. Being able to fall back on a "rainy day" fund will reduce financial stress if you get a pink slip - even for those who get unemployment benefits or an exit package from an employer.

-Network:
Everyone should network as a way to build personal and professional contacts, as well as boost their career standing. But for the unemployed, especially, it can be tough to stay positive when you're going through a job loss. So some people may avoid getting together with their professional colleagues and other associates (as they normally do when they're working). Don't feel embarrassed about being let go. Networking may help some people feel better, and it's also a strategy that can lead to a new position.

These are just three strategies that represent the minimum you should be doing to safeguard you and your family in tough economic times. What are your thoughts? How are you protecting your job and your finances amid high unemployment?

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times bestseller, 'Zero Debt: The Ultimate Guide to Financial Freedom.'