Part One of a Survivor’s Guide to your own Personal Black Swan Moment Thoughtful investing includes your most important hard asset: YOU. I...
Thoughtful investing includes your most important hard asset: YOU. Investing in you and your “brand” is essential to increasing your value to current and future employers. Take a moment to review this check list and see how many you can mark off as active personal “investments.”
1. Find sources of income and cash.
If you have enough equity in your home, apply for a line of credit. If you already have one, see if you can increase it.
Take a good look at the offers you get from credit card companies. Some are better than others and you may need to use them as a way to borrow money. The ones that offer a low interest rate until you pay it off give you more time to pay back with a low interest rate. If you go this way, be disciplined about making your monthly payments or the interest rate may increase. Stay away from the limited low rate teaser rates. For now, just keep a file on the offers.
Contribute to your 401K so that you receive the full match. If you are contributing more than that, consider adding that money to your short term savings.
Is there a family member you can ask for a loan? This may be a tough one but it may be your best source.
2. Learn everything you can about your current employee benefits.
This includes all of your insurance: life, health and disability. Can you take them with you? What is the cost?
How does your pension work, and are you vested?
What are your options with your 401K plan?
If you have a loan on your 401K determine what happens to this if and when you leave.
If you need prescriptions filled, do it before you start COBRA.
Find out if your current employer has an Employee Assistance Program (EAP). This may allow you to see a psychologist for a set number of appointments to discuss your job situation. As long as you are an employee when you start, you may be able to complete the set of appointments even if the job ends before your sessions are complete.
3. Research the insurance part of your employee benefits.
Shop around to see what kind of health and life insurance you can afford.
Review your health history with your financial advisor and factor this in to the cost and underwriting process.
4. Stop spending and pay off as much credit as you can. Include the family in your plans.
Explain the belt tightening to your family, especially children. Have a family plan to get through this. If you have made any financial commitments, (college, wedding, etc) explain and discuss why this may need to change.
Discuss relocation.
Stock up on non-perishable household items so you can limit your trips to stores if you do lose your job.
5. Network and Get your resume ready.
Meet with anyone and everyone you know inside the company to expand your opportunities to stay with the company.
Get your 30 second elevator speech prepared and give it to anyone that will listen.
Be pro-active.
Start networking now.
Start applying for jobs now.
Understand your employer’s view of social networking sites, and limit what you share if it might impact your current employment in a negative way. Some employers view LinkedIn activity as a red flag that you are networking for a new job outside the company. Some want you to let people know you are working there so your activity may involve recruiting a new employee.
I invite you to share your best tips on these subjects. If you've lost a job, what do you wish you had done while you were still working? You just might inspire someone to take action in a new direction. If you prefer, I can be reached at edorle@ellendorle.com
Contribute to your 401K so that you receive the full match. If you are contributing more than that, consider adding that money to your short term savings.
Is there a family member you can ask for a loan? This may be a tough one but it may be your best source.
2. Learn everything you can about your current employee benefits.
This includes all of your insurance: life, health and disability. Can you take them with you? What is the cost?
How does your pension work, and are you vested?
What are your options with your 401K plan?
If you have a loan on your 401K determine what happens to this if and when you leave.
If you need prescriptions filled, do it before you start COBRA.
Find out if your current employer has an Employee Assistance Program (EAP). This may allow you to see a psychologist for a set number of appointments to discuss your job situation. As long as you are an employee when you start, you may be able to complete the set of appointments even if the job ends before your sessions are complete.
3. Research the insurance part of your employee benefits.
Shop around to see what kind of health and life insurance you can afford.
Review your health history with your financial advisor and factor this in to the cost and underwriting process.
4. Stop spending and pay off as much credit as you can. Include the family in your plans.
Explain the belt tightening to your family, especially children. Have a family plan to get through this. If you have made any financial commitments, (college, wedding, etc) explain and discuss why this may need to change.
Discuss relocation.
Stock up on non-perishable household items so you can limit your trips to stores if you do lose your job.
5. Network and Get your resume ready.
Meet with anyone and everyone you know inside the company to expand your opportunities to stay with the company.
Get your 30 second elevator speech prepared and give it to anyone that will listen.
Be pro-active.
Start networking now.
Start applying for jobs now.
Understand your employer’s view of social networking sites, and limit what you share if it might impact your current employment in a negative way. Some employers view LinkedIn activity as a red flag that you are networking for a new job outside the company. Some want you to let people know you are working there so your activity may involve recruiting a new employee.
I invite you to share your best tips on these subjects. If you've lost a job, what do you wish you had done while you were still working? You just might inspire someone to take action in a new direction. If you prefer, I can be reached at edorle@ellendorle.com
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