Good Financial Reads: Coping with a Layoff

Coping with a Lay-Off 

You Just Got Laid Off. What Should You Do Now? The First 24 Hours

by Meg Bartelt, Flow Financial Planning, LLC

Dude. I’m sorry. No bones about it, being laid off sucks and feels rotten. And possibly you feel compelled to do something, anything to improve the situation. But what should you do in the 24 hours immediately after being laid off or fired?

Nothing.

Welp, I think that just about sums it up.  See you next week!

But I jest…

Specifically, don’t make any financial decisions. There’s no need to. And in fact, I would beg, plead, and cajole you not to. Sure, there are many important financial decisions in your near future:

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You Just Got Laid Off. What Should You Do Now? Career Edition

by Meg Bartelt, Flow Financial Planning, LLC

It can be terrifying to lose a job.  Love or hate our job, the majority of us value security, especially when it comes in the economic form.  But nothing in life is certain, and while there are fears that exist with the unknown, this disruption has the potential to transform your day job drudgery into a life you love.

The key is to respond, and not react, to a lay off.  Know the difference?  A reaction is our initial thought, and it usually comes from a place of fear.  I have to find another job!  I need to pay the mortgage!  What about the college loans!  It’s a pre-emptive panic attack, and it’s not very helpful.

A response is how we show up once we’ve had a moment to view the situation from all sides.  And a lay off can truly be an opportunity to begin anew, with a few simple (but not always easy) steps.

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You Just Got Laid Off. What Should You Do Now? The First Two Weeks

by Meg Bartelt, Flow Financial Planning, LLC

You’ve been laid off. You took my advice to Just Don’t Do Something, Stand There during the first few days. But now, now it’s time to do some stuff.

In last week’s blog, career coach Kristen Knepper gave some strong advice (I do like that woman’s energy) about what to do with your professional life in the aftermath of a layoff. This week, I want to dive into the un-fun responsibilities in your financial life. Sometimes, ‘tis true, being a Grown-Up just sucks.

If you search the intertubes, you will find a bunch of other things you can also do in response to being laid off. And it’s mostly reasonably advice. Here I try to highlight the most important considerations, and prioritize them from high on the “Oh shit” meter, to lower.

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Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

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