A Survival Guide for Losing Your Job

If you lose your job tomorrow, are you prepared?

You're already late to the game if you’ve done nothing in anticipation of that possibility. Here are a few tips and tricks to help you not only survive, but thrive!

Before Facing a Job Loss Optimize Your Liquidity

When things are going well that’s the time to manage your personal balance sheet; make a budget; ensure having liquidity (here) so you have access to cash in an emergency.

• An emergency fund should cover you and your family's essential expenses for up to 6 months; held in an immediately accessible account.

• Balance investments with varying levels of liquidity. 

• Have a backup line of credit, i.e., a HELOC (Home Equity Line Of Credit) which enables accessing the equity you have in your home.

Truthfully, unless you’re in the finance business, expert help and coaching, can help.

What to Do After a Job Loss

1. Cut Back on Spending Immediately

Make the tough choices. Review every personal and household expense. Cut back everywhere you can. Live without most luxuries. The more you cut back, the longer your emergency fund will last. 

2. Reflect and Adjust

Your mindset is everything. Losing a job is painful. It will be tempting to blame your company, your boss, the economy, etc. Do not be lured into this trap. Assess why YOU lost your job, take ownership of the elements in your control, get back on the horse and move forward. 

Is now the time to think about a change in your career path? The point is to be flexible. Life’s journey is never smooth and those who can adapt stay ahead. Take positive action, engage a financial coach for perspective and to help evaluate the tough choices ahead. The next steps are in your control … regaining financial stability and ultimately Building Wealth is by Choice not Chance.

3. Keep Learning

Doing the same thing repeatedly and expecting different results is a losing proposition. I constantly see people trying to do the same job they just got fired from. Why? 

Learn a new skill that will help you land the job that you want or will help you move forward anew into the future. Countless people fear AI - but I don’t hear many learning how to use it to their advantage. Who do you think will be more successful in the years to come?

4. Keep Emotions Out of It

Never make knee-jerk emotional decisions. After losing a job, you’ll be angry, resentful, more. You need an objective voice in your corner that can help steer you on the right course, help you back onto your feet, keep you on track to ultimately achieving financial success. As FDR said:

“The only thing we have to fear, is fear itself.”

Think about it.

Can you work through it all yourself with all going on in your world at such a sensitive time in your life? Can you envision help from just talking through your options with someone who’s been there done that and has a Playbook. If so, Let’s Connect.

Disclosures

This piece contains general information that is not suitable for everyone and was prepared for informational purposes only.  Nothing contained herein should be construed as a solicitation to buy or sell any security or as an offer to provide investment advice. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. Past performance does not guarantee any future results. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. For additional information about Julius Wealth Advisors, including its services and fees, contact us or visit adviserinfo.sec.gov.