We haven’t really needed to worry about layoffs in a long time, but lately, there have been more and more, especially among the tech giants. Today, we’re going to talk about job layoffs and how you can best equip yourself to face them—and survive one—successfully. From navigating the mental side of things to knowing what steps to take (and when), I’ve put together a quick overview to help guide you through the process.
Listen in as I shed light on how unemployment works, what you should do first, how to set up a new budget based on income changes, and more. You will also hear about the importance of making sure you have insurance and keeping yourself up-to-date with key coverages. If you or someone you know is facing layoffs, this will help you to be as prepared as possible and have a smooth transition with less stress.
Listen To The Episode Here:
What You’ll Learn:
- The first reaction people have to layoffs and where you should start if it happens to you.
- How unemployment benefits work.
- The importance of setting up a new budget and how you can do that.
- Why you shouldn't let go of insurance.
- How negotiating with creditors works.
- What to do with your retirement assets.
Ideas Worth Sharing:
- “If you wait until you’re in arrears, you may lose your negotiating power. In many cases, you may be able to work out a deal or stop payments temporarily.” - Regina McCann Hess
- “Work closely with your financial advisor to establish spending priorities and determine the best options for managing your retirement assets.” - Regina McCann Hess
- “Keep your LinkedIn profile active and engage in the community periodically. If you do experience a layoff, that is a great place to reach out to people who can potentially help you get a job.” - Regina McCann Hess
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