You are unemployed, or immediately become: what to do now about your finances.
Unthinkable happened. As a professional in the new millennium, you go to sleep at night knowing that it’s the same as a day at work or your boss maybe, you still have a job to go to the next day.
Today, it’s not true for you and maybe a lot of your friends or colleagues. With “new economies” mired in Quicksand, and unemployment at the record level, after productive workers, from almost every field, now trying to make peace with various emotions, from surprises and distrust, until panic heat, anger, and bitter hatred. Here are some thoughts to remember about your finances, while you focus on the landing of the new job.
First, keep in mind you really have a job now, and the job is looking for a full time job. Just like in finance, where new excitement is not a bonus end of the year, but the work itself, looking for work is a full-time job. Think of it as a trial version before you receive full download.
Second, now is the time, more than before, to review your finances carefully. I don’t just refer to your current account balance, but substantially more. There are a number of items in the list of tasks that need to be updated, compared, and if necessary, modified or modified directly. Remember Frugal is a new black. List included, but not limited to:
A. Review your monthly outgoing which is the estimated amount of all your monthly life costs. Collect numbers and use your monthly average back several months during a quarterly bill.
b. Maintain adequate balance, if possible, in checking and saving to cover the monthly outflow for several months.
c. Review the costs and coverage of your home, car and soul insurance policies. Make sure your homeowner includes the house and its contents, and not house dirt sitting.
. Can you reduce certain costs? Take the pad and make a line in the middle. Give one “need” column label and the other “want”. Be wise and think like Nexkate.
e. Review your investment and retirement account very carefully. This is probably the only place you want to spend a little extra time. If you have left your company, review the latest monthly reports from your 401k to make sure you know what you have, how is the performance, and that you are not loaded with a wiser number of company shares. We all have heard horror stories that have the potential to fill too many stock companies in 401K or other retirement accounts.
f. If you are unsure or uncomfortable by analyzing your own retirement account, consult a financial professional for the second or even third opinion. Ask each review your ownership and what the impact is, both positive and negative. Also make sure to ask how your retirement account matches your comfort level of risk tolerance and whether it also reflects your non-retirement account.
g. Finally, determine how much potential compensation can be received when it offers a new job. This is possible for substantially less than you get before. Remember, new jobs might work, but you might not be able to buy it. Very tempting to jump on the offer, but it takes a few days to really consider whether it’s you back to the same path as you.