Dealing with Job Loss

Updated 1 year ago

Major life events can be great of they can make you feel a little nervous. Job loss is a nervous event. Let’s see what I can do to come up with a strategy.Get the big picture- What’s your status? What do you have coming in from other sources of income such as savings or from unemployment? What do you owe and where can you cut spending right now? Eating out, movies, other ways you pay for entertainment need to be closely scrutinized.Prioritize the bills- You know what matters when the ground feels a bit shaky from the job loss? Shelter matters. Food matters. Figure out minimum payments and bills that can be deferred. Making calls to defer payment of change a payment plan is necessary so don’t put it off and communicate with the people you owe. Don’t add debt- if at all possible, don’t add more debt. If you must add debt do it for really good reasons and not that your depressed so let’s go buy something.Be creative- ask around and see if you can secure part-time or seasonal work if full-time work is not possible. Be creative with family fun. This I a tough time and fun can be really good medicine. So invite folks over for a potluck dinner and play games or watch old movies and laugh. Your character really shows in tough times. Make it beautiful.Citations:Ameriprise Capital Onehttp://www.capitalone.com/financial-education/life-events/unexpected-events/job-loss/ Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Vote Norumbega Financial for Bangor’s Best Financial Planning Firm at Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated.


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