1560: 5 Ways To Survive a Layoff by Jeff Rose of Good Financial Cents on Crisis Budgeting

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🗓️ 17 June 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jeff Rose provides 5 tips to help you survive being laid off. Episode 1560: 5 Ways To Survive a Layoff by Jeff Rose of Good Financial Cents on Crisis Budgeting Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur. The original post is located here: https://www.goodfinancialcents.com/how-to-prepare-for-layoff-laid-off/ Stream live TV from over 100 channels that you love, contract free. Go to fubotv.com/optimal for 15% off your first month and a free trial. Please Rate & Review the Show! Visit Me Online at OLDPodcast.com and in The O.L.D. Facebook Group Join the Ol' Family to get your Free Gifts and join our online community: OLDPodcast.com/group Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	This is Optimal Finance Daily, episode 1560, five ways to survive a layoff by Jeff Rose of GoodFinancialSense.com
0:09.0	and I'm your host and personal finance enthusiast, Diana Mariam.
0:13.2	This is the show where I serenade you with the sweet sounds of personal finance knowledge
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0:31.1	and while they're there, they can check out our five other shows on topics like personal development,
0:35.5	health and relationships. But for now, let's hear today's post and start optimizing your life.
0:45.5	Five ways to survive a layoff by Jeff Rose of GoodFinancialSense.com
0:51.5	As unemployment numbers continue to rise, many employees are stressed about whether
0:55.8	they'll have a job next week or not. Some have already lost their jobs and are scrambling
1:00.5	to find new employment. In this time, financial planning is crucial. This is a time when people
1:06.7	are desperately in need of guidance. If you think you're about to encounter a layoff,
1:11.3	you need to be focusing your attention on what can be controlled.
1:15.2	Cutting expenditures, figuring out emergency funds, evaluating how to replace lost
1:20.4	benefits and making a game plan for the job search.
1:24.5	Number one, save emergency cash. For those that are still employed but the future of their
1:30.9	job is uncertain, I would encourage them to have at least 12 months of savings in cash.
1:36.8	Unfortunately, many will not have enough. But if they're still employed and the emergency
1:42.1	funds are not there, tapping into their 401k might be a viable option. I know what you're
1:48.1	thinking. Tapping into your 401k usually goes against all that I stand for. And with this
1:53.6	dismal market, it might be a dangerous move. But if they become unemployed, that option might now
	...

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