“Your role is no longer needed.” Or, “We are going to part ways.” Either way, these phrases are very unsettling to hear. A sudden change in your employment status is nerve-racking for anyone – especially for those who are well-established in their career. So, what do you do when you find yourself on an unexpected job search? We recently discussed the topic on an episode of “Navigating Life Transitions,” JNBA’s financially focused podcast. Host Kim Insley and JNBA Advisors Elise Huston and Nick Scheibel discuss actionable steps for this transitional period.
Evaluate your current financial situation
One of the first and most important steps is to reach out to your financial advisor to alert them of this unexpected change so you can prepare accordingly. Together, you can create a budget for the next three to six months to help ensure financial stability. This can be done by assessing any cash reserves or emergency funds you may have on hand and reviewing your expenses and any severance received or alternative income, such as unemployment benefits.
Consider financial adjustments
It may be necessary to make adjustments to your current lifestyle while you figure out your next move. This could include larger considerations, like the need to sell assets or borrow money through a mechanism such as a home equity loan. Or, it could be “tightening the belt” on smaller expenses that add up, such as subscriptions, memberships, or services that aren’t essential.
Review your long-term financial goals
For those more established in their career, this change may impact your journey to retirement. It’s a good time to revisit retirement projections and adjust expectations if necessary. Depending on your situation, you may find that you can consider part-time work instead of a full-time position. Again, working with your financial advisor can help confirm alignment with your long-term goals.
Reflect on your career goals
Sometimes these challenges are opportunities in disguise. Take a minute to reassess your career trajectory and alignment with long-term goals and values. Consider work-life balance, job satisfaction, and personal development opportunities. You might find that a change is exactly what you needed. Explore new career opportunities, and evaluate your marketable skills and experience in relation to new interests or passions.
Leverage support systems
You are not alone in this. Utilize professional advisors and personal networks for support and guidance. Engage with your community and network to brainstorm and learn about new opportunities. Often, connecting with others leads to new ideas and opportunities.
Once you are in a more stable position, re-evaluate your ability to prepare for life’s many changes and challenges – both planned and unexpected. Building financial resiliency can bring a lot of peace of mind in many aspects of your life. If you have any questions, please reach out to your JNBA Advisory Team.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
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