Broker Check

Sudden Job Loss / Downsize

Wow, I didn't see that coming. I'm not sure what's next but I do know that I need to stay financially healthy in this time of transition for me and those that are depending on me.

"Things turn out best for the people who make the best of the way things turn out" --Sandy Stein, Founder & President of Finder's Key Purse

So you're dealing with a curveball...but not sure what's next and how to deal with the financial implications? You're not alone and we help people in your situation with practical next steps and make the best possible financial decisions in the face of uncertainty. The number one fear when sudden loss of job occurs (regardless of why & how it happened) is personal finances.

If you find yourself in this situation, it's important to know that even though you are dealing with uncertainty now, it won't be that way forever and there are practical next steps you can take beyond your job search to help with your current and future financial situation. Our 3 step process will bring a sense of clarity and confidence in your financial picture in the midst of other uncertainties.

1. Goals Alignment

Getting a sense of what you hope for is certainly important and allows us to provide strategic financial advice. Questions we ask includes:  

  • What are you looking for in your next job/career?   
  • Do you have a timeline set up?   
  • Do you have a coach or guide to help you in this pursuit?    
  • What does your ideal job look like (get it down on paper)?  
  • Who are the resources and relationships who can help you in your search?  
  • Have you considered hiring a headhunter or other professional in your search?   
  • Do you desire to stay in your current field or is this an opportunity to make a career change?

Who is with you in this season? Naming your trusted and wise inner circle is critical to staying encouraged, staying engaged, and being able to bounce off ideas and opportunities as they arise.

2. Resource Assessment 

Assess your finances to assess the impact of time off--both short and long term. This is to name where you are, allow you to know you have runway for named amount of time and/or when cuts to your budget need to be made. Ultimately this should allow you and those impacted by your unexpected job loss to move forward in more confidence & freedom, not less. We run a cash flow analysis and long-term forecast, answering:    

  • How healthy are my emergency reserves?
  • What's the impact on my retirement and other long term savings goals?
  • Is it wise to use the equity in my house or retirement funds?
  • Is it too late to make a career change?
  • What are the "what-if's" that can derail my plan?
  • What is my biggest financial concern or fear?
  • What is my likely re-entry income and financial situation?

3. Benefits Analysis

It's also important to consider other benefits that don't show up on your balance sheet:  

  • What's the impact of losing my current employer benefits?
  • Do I have certain benefits with my current employer that I can/should keep?
  • What's my health insurance plan during this time?
  • Have my overall insurance needs/coverage change?
  • How do I handle debt payoff during this time?
  • Are there other "what if" variables to consider during this time?