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Episode 1231:
Tania Brown of Financial Finesse.com offers practical advice on preparing for a potential layoff, highlighting the importance of financial readiness and emotional resilience. From fattening your savings to understanding your unemployment benefits, Brown guides readers through seven essential steps to mitigate the financial and emotional impact of job loss, providing a roadmap to navigate this challenging period with confidence.
Read along with the original article(s) here: https://www.financialfinesse.com/2017/12/19/7-steps-to-prepare-for-a-potential-lay-off/
Quotes to ponder:
"The more prepared you are for the layoff, the easier it will be to find a job and the less impactful the layoff will be on your finances."
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[00:01:21] at www.financialfinance.com. Of late, one of the biggest questions I've gotten from friends is, how do I prepare for
[00:01:27] a layoff?
[00:01:28] When I ask for the reason behind the question, they tell me of a friend or relative that
[00:01:32] recently got laid off, or worse, their company has had recent layoffs and has warned that
[00:01:37] there may be more.
[00:01:38] If you find yourself in this position, I'm sorry.
[00:01:41] A layoff, or even the possibility expenses, dining out, and shopping. Create a basic needs budget to determine how much you need monthly to survive.
[00:03:00] This includes food, shelter, transportation, your creditors, and possibly childcare while
[00:03:05] interviewing for a plan. Four, understand your unemployment benefits. Read up on the qualifications for unemployment, which typically have to do with your lack of employment not being your fault. Each state has its own requirements, length of time you will receive benefits, and even benefit amounts. You can even estimate your potential payment.
[00:04:20] Knowing what you might receive can help you gauge
[00:04:23] how many months you can make it
[00:04:24] when you factor in your savings along with unemployment. grace period, but require you to pay the balance rather quickly. If you're unable to repay the money within that period of time, the remaining balance is considered to withdraw and could be fully taxable. In addition, if you're under the age of 59 and a half, you may have an additional 10% early withdrawal penalty. Make a plan to avoid this if at all possible by brushing up on the temporary rules for
[00:05:41] hardship withdrawals that could help you avoid the penalty and even taxes. If you're prepared you are for the layoff, the easier it will be to find a job and the less impactful the layoff will be on your finances. A little bit of preparation can go a long way. You just listened to the post titled, Seven Steps to Prepare for a Potential Layoff by Tanya Brown of financialfinance.com.
[00:07:02] You want consistency and quality, but you spend $125 or more. That's nuts.com slash OWD. And thank you to Tanya, who is passionate about educating others about money and providing independent, unbiased financial coaching to enable them to become more financially secure.
[00:08:24] She does this through one-on-one coaching and facilitating online courses, as well as