715-How to Respond to An Emergency Loss of Income
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 31 March 2020
⏱️ 48 minutes
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| 0:00.0 | Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now, |
| 0:08.0 | while building a plan for financial freedom in 10 years or less. My name is Joshua, I am your host, and today I'm going to give you some ideas that will help you if you have just suffered a devastating loss of your income. |
| 0:20.0 | All around the world, tens of millions of people are experiencing the complete and total loss of income. |
| 0:27.0 | People are being laid off from their work. Business owners are seeing their profits and their revenues completely evaporate as |
| 0:34.0 | their businesses are shut down and tens of millions of people are being impacted. |
| 0:39.8 | There is hardly a more vulnerable position to be in than when your income goes away and |
| 0:45.3 | you have no idea when it's going to come back. And so in today's show I'm going to give you |
| 0:48.6 | some ideas, some tactics and some strategies that will help you to put your life back together again as quickly as possible. |
| 0:59.0 | Now these ideas and these tactics are not mainstream. They are |
| 1:03.0 | ordinary. They are hardcore. They are radical. But they will help you. |
| 1:10.0 | If nothing else listen to today's show and spend some time thinking about what you would do if you were in this situation |
| 1:17.6 | so that if you find your job is lost |
| 1:22.0 | Then you can move quickly. Now step one, let's assume for the case, for the |
| 1:26.5 | purposes of our show today, let's assume that you have just gotten laid off from |
| 1:30.5 | your job and in a moment I'll describe to you that you're in a |
| 1:33.6 | financially vulnerable position. Talk about that in just a moment. The first thing |
| 1:37.6 | you need to do is you need to do an honest assessment of your circumstances. |
| 1:41.1 | What many people do in a time of crisis of your circumstances. |
| 1:43.0 | What many people do in a time of crisis is freeze up, and they often lose their analytical |
| 1:48.2 | abilities. |
| 1:49.2 | They're so overcome with the emotion of the event that they forget about how to actually sit down and |
| 1:54.8 | logically calculate where they are and where they're going, what their |
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