Bounce Back Faster - Your Pre-Layoff Financial Recovery Plan (Without Going Into Debt!)

Posted by Scott Jacobs, Broker on Friday, May 12, 2023 at 9:30:17 AM By Scott Jacobs, Broker / May 12, 2023 Comment

Let's face it, getting laid off sucks - whether you saw it coming or not. Trust me, I've been there...twice. The first time caught me off guard and hit me in the wallet pretty hard. The second time around, I was prepared and able to relax until I landed my dream job.

Here's a little secret: a layoff isn't necessarily a reflection of your worth. It's typically a business decision.

So, how can you financially survive a layoff or even better yet, be ready for it in advance? Remember the wise words, “The best time to plant a tree is 30 years ago. The next best time is right now.” We've got some tips to help you prepare for the unexpected, so you can keep your head held high. Before you start packing, let's weigh the pros and cons of this location.

Three Issues to Address Right Away

Laid off? Don't panic! First things first: secure your benefits and preserve your resources. Act now to save money and avoid depleting your savings. We've got your back with this timely advice.

#1. APPLY FOR UNEMPLOYMENT

Unemployed? Apply for benefits ASAP. While your employer can give a heads-up on eligibility, don't hesitate to file a claim pronto. Depending on your hood, it may take a couple of weeks to receive your payout. But you'll want to be ahead of the game since your pay-out date hinges on your application submission.

#2. RECOGNIZE YOUR COMPLETE PACKAGE

If you’re handed a severance package, think twice before scribbling your signature. The package could come with some rather inconvenient strings (think no-go clauses when it comes to working for competitors or taking your former employer to court). So, don’t make any snap decisions. Instead, call your lawyer pronto to go over the ins and outs of the package - especially those that concern legal and tax issues. Play it smart to ensure you don’t end up losing out in the long run.

#3. TALK TO YOUR COWORKERS

Don't ghost your colleagues! Tell them you're moving on, and do it with finesse. Taking a page from a wise mentor, seize the opportunity to "own your story" by reaching out to your soon-to-be ex-coworkers. Ask if they'd be keen to connect further, and shoot for a LinkedIn recommendation or two. But here's the catch: don't rag on the company or blabber about gossip. Keep it classy and stick to the terms of your layoff agreement.

Don't hit snooze just yet! After you've tackled the first few steps of being laid off, it's time to get organized and make a plan for your days ahead. Don't let this downtime go to waste - use a schedule to stay on track and keep yourself motivated. Start on day one and keep productivity pumping!

CUT YOUR LOSSES: LOWER YOUR BURN RATE NOW!

Getting laid off is tough, but reducing your burn rate in the first 48 hours can help you tackle the new challenge with a level head. It can also help stretch your savings (if you have any) much farther than you thought possible. Even if you're not on the chopping block, the tips below can be life savers for your rainy day fund. Adopt them and start adding to your down payment sooner than you think!

Slash that Pesky "Destroyer of Dreams" Spending Now!

Whether it's indulging in a little retail therapy or taking your chances at the casino, it may provide a quick fix for a bad day, but trust us - it's not worth it. Don't let these expenses take a toll on your health, finances or future. We're looking at you, gambling, alcohol, and those pesky pesky fees from missing bill payments. So why not nip it in the bud now before they start biting back later? Let's face it - your future self will thank you for it!

Streamline your finances and live like a boss – with money to spare!

Cut back on non-essentials like:

1. Travel

2. Gas guzzlers

3. Fancy restaurant meals

4. Overpriced groceries

5. Entertainment that breaks the bank

Stop throwing money away on monthly subscriptions!

Instead, hit up your local library for FREE access to online magazines.
And why waste your hard-earned cash on booze or clothing clubs that only harm your body and wallet?
Invest in a good interview suit (if needed) and skip the expensive gym memberships.
Remember, staying in shape and staying sane is crucial, but overspending on unnecessary things is not.
And instead of mindlessly binge-watching more TV, maybe try swapping in some meal prep and cooking for a change. Your bank account (and waistline) will thank you!

Ready to Save Some Serious Cash? Renegotiate Your Household Bills in Just Three Hours!

Take advantage of your free time and make those money-saving phone calls. With just a few hours of effort, you can effortlessly slash your monthly expenses - for good! Say goodbye to costly bills and hello to financial freedom. Don't wait - start your renegotiation journey today!

Looking to save some cash? Let's start by talking about the most necessary evils:

Car and Home insurance. Get ready to cheer for GEICO - they offer tons of discounts to help keep your hard-earned money where it belongs. Just remember that a clean driving record and good credit will score you even better rates. And speaking of homes, if you have a Costco membership, you can slash your home and term life insurance policy rates by 45% and 50%, respectively. Next up: Phone and Cable Bills. Check out US Mobile or Mint Mobile for wallet-friendly phone options. For cable, consider cutting the cord or haggling for a promotional bundle with your internet. Lastly, renegotiate any loans and credit card fees to help tackle pesky past-due bills.

Cut Your Credit Costs: How to Win the Interest Rate Game

Don't let high interest rates suck your savings dry! Take action now and renegotiate the rates on your credit cards and loans. With a little effort, you can enjoy the benefits of low-cost credit - just in case unexpected expenses pop up. Get ready to win the interest rate game and boost your financial wellbeing!

SELL ITEMS TO EARN MONEY

Want to earn some extra cash? Start by decluttering your life and selling things you no longer need or want. Clean out your closet and get rid of clothes, coats, shoes, and big-ticket items you no longer use. Not only will you make some money, but you'll also free up space and simplify your life. Win-win!

READY, SET, STRATEGIZE: IT’S TIME TO MAKE TO MAKE YOUR MOVE

Congratulations! You've successfully scaled back your expenses and given yourself some much-needed financial wiggle room. So, what's next? Time to buckle down and make some big decisions about where your business goes from here. Let's get down to business and strategize for success.

Want to take your career to the next level? It's time to take stock of your goals and expand your network. Remember, it's not just what you know, it's who you know that can help you get ahead. So get out there and build those connections - after all, proximity is power!

REVAMP YOUR RESUME AND DIGITAL PERSONA

It's time to face the harsh truth - bullet points are so last decade. In the current job market, companies don't settle for anything less than a candidate's ability to create impact. That's where Guerilla Marketing for Job Hunters comes to the rescue. Crack open a copy and unlock the secrets to highlighting your value-creating prowess in previous roles. With the right approach, your resume and online presence will impress even the toughest critics. Don't miss out on landing the job of your dreams, start rewriting your story of true value today.

Grab your toolbelt, it's time to build some killer personal development habits! Whether you're a communication pro or struggle with priority management, there's always room to level up. And if you're facing an unexpected layoff, don't sweat it - focus on protecting your mindset and physical health, and make your personal development plan your new full-time gig. With steps one through three in the bag, schedule daily time to work towards your goals and watch your skills soar.

Level Up Your Finances with Smart Financial Solutions!

Maximize your time with a few tips and tricks that will help boost your financial future.

Ready to take control of your retirement funds? Roll over your old 401k into a self-directed account and unlock the power of investing in assets that you call the shots on - like real estate! It's time to make your money work smarter, not harder.

Ditch the financial stress for good by building your own financial fortress!

First and foremost, establish emergency accounts and stash away six months' worth of expenses, plus insurance premiums like a boss.

Then, turn your attention to lowering interest rates - refinance your mortgage, car loan, or investment property loans before rates skyrocket. Don't forget to tackle pesky investment fees while you're at it - even a tiny 1% reduction can translate into massive savings over time.

Secure your financial future and say goodbye to money worries once and for all!

Finally, create various pathways for money to flow into your pockets without actively working. This way, you can reach a point where working becomes a choice rather than a necessity, allowing you to fully pursue financial freedom. It's time to kick back, relax, and watch that passive income stack up!