Dealing with a Layoff #16
Getting laid off is an experience that no one wants to encounter- unfortunately, thousands of men and women across the country are coming face to face with this stark reality. How should you respond to getting laid off? What is the smartest financial course of action when you find yourself having to deal with a layoff?
As our country deals with COVID 19 and the economic repercussions of the ensuing lockdowns, many people are wringing their hands - trying to find a financially feasible path forward. Don’t let fear and uncertainty rule your decision making - use facts and data! Tune into this episode as I explain how hard-working people like you should respond when faced with a layoff - you don’t want to miss a minute!
You will want to hear this episode if you are interested in...
Taking a hard look at your budget after a layoff? [1:30]
Stabilizing your health care coverage. [4:00]
Using your retirement investments while unemployed. [5:45]
Getting back into the workforce. [10:00]
Evaluating your budget
One of the first things you should do when faced with an income shortage or layoff is to re-evaluate your budget. While most people dread this thought, the truth is, you can really locate a lot of unnecessary expenditures by taking a hard look at your budget. From streaming services to subscription boxes and more, reigning in your budget can help you buy some time before you start writing your next chapter. I also encourage people who have just faced a layoff to make sure they secure their connection to health coverage - the last thing you need is healthcare coverage that has lapsed when you are unemployed.
Writing the next chapter
You’ve heard the saying “To get what you’ve never had, you must do what you’ve never done” this can apply to your financial journey as well. It’s hard for people to imagine getting to where they’ve never been in life or business if they don’t set a goal. If you’ve faced a layoff and you’ve taken the time to evaluate your budget and secure your healthcare - the next step is to make a plan. Is it time to retire and close the door on your time in the workforce? Or is it time to dust off your resume and apply for a position with a new company? Whichever course is the right one to take for your family - this is the episode for you!