REPLAY 193-Make a Backup Plan In Case You Get Laid Off In The Coming Recession: Simple Action Steps For You To Consider

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.2 • 1.9K Ratings

🗓️ 10 September 2019

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

Yesterday, we talked about ways to avoid losing your job in the coming recession. But obviously there are factors beyond your control which might result in your being laid off, even though you've done everything "right."

So, you need a backup plan.

Don't wait and wonder what you'll do. Make a simple plan now for what you'll do.

Think about some different scenarios and play some mental games with yourself. That way, you'll be able to better respond to events instead of being shell-shocked by them.

Today's show covers:

The importance of planning to avoid emotional stress when you get laid off.
The direct impact of losing your income and how to plan for it.
The impact that losing your group benefits can have on your financial life.
Why you should consider establishing lines of credit before you need them.
How you can stockpile both money and the simple necessities of life.
The simple things you can do that will make it much easier to get your next job.
The importance of proactively building and maintaining a network.
How thinking like a consultant will help you now and help you later.

Enjoy!

Joshua

Transcript

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0:00.0	Yesterday I shared with you the fact that recession is coming in the future and one of the most
0:07.1	important things you can do is to plan not to lose your job.
0:14.7	But obviously, even though you might plan not to lose your job and do all those things
0:19.4	yesterday, there are going to be certain things that are outside of your control.
0:25.0	So today I want to talk to you about how to make a plan of what you will do if you lose your job. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets. This is episode
0:54.6	193. Part two of our three-part series here on What to Do If You Lose Your Job.
1:01.4	Today I'm going to help you think it through and there are a bunch of
1:04.9	reasons for this. Most importantly by having thought it through you'll probably react a little
1:09.7	bit better and respond a little bit better if it happens to you. But more importantly, there's some stuff you've got to be doing now
1:15.0	so that you're better off if you lose your job.
1:18.0	Whether or not you actually implement some of the things that I talked to you about
1:27.0	in today's show that's up to you and I hope you do but I know that many of you
1:30.5	won't simply because that's the fact that many of us listen to
1:34.4	ideas that are good and we don't actually implement them even if you don't do
1:37.6	anything with the content of today's show I think you're still going to be better
1:41.7	off and that's why I'm going ahead and doing it for you.
1:44.6	My hope is that you'll do something with it.
1:46.5	Now you won't be able to do everything, obviously.
1:49.1	You will probably just grab a few things and start implementing just a few things and hopefully that will help you to fare a little bit better
1:58.4	See a lot of this type of planning is defensive risk management planning.
2:03.6	It's insurance planning.
2:05.6	But it's not about buying an insurance policy.
	...

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