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Surviving Job Loss

Losing a job for whatever reason is a difficult point in your life. The following is a plan to help you navigate an unexpected job loss or financial hardship. These are guidelines but you have to create your plan that pertains to you situation. It is time to prepare for the battle but you are a Fiscal Warrior….wait you are becoming a Fiscal Wizard! YOU will be both…

  1. Regroup, prepare, and battle. React quickly and stay focused on your sanity, financial well-being, situation, and self-confidence.
  2. Don’t panic. Stay confident and remember that people get new jobs every day. This could be a passing memory soon with hard work and persistence. Not motion but ACTION!
  3. Prepare a financial battle plan for immediate needs. Ask if you can negotiate a severance, budget your expenses, and take advantage of paid vacation days and insurance before they expire. Consider the cost of COBRA insurance and other financial expenses.
  4. Take inventory of your situation and start thinking about your strengths. Be realistic about your future expectations and research the job market. Consider switching fields or freelancing until other opportunities become available.
  5. Update your resume, LinkedIn profile, and social media posts before sending a resume. Request recommendations, add a professional picture, and clean up any controversial posts.
  6. Build a networking plan and document all conversations with potential employers, colleagues, vendors, and partners. Customize each resume and cover letter for each opportunity and reach out to friends and former colleagues.
  7. Research all major job search sites and consider all options, including selling assets if necessary.
  8. Don’t forget to focus on yourself and your mental health. Spend time on community activities, exercise, reading, gardening, painting, or anything that brings you joy. Remember to stay focused and update your battle plan regularly.

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Please reach out to info@fiscalinvestor.com with any concerns you may have. We look forward to hearing from you.