8/20/24

Dealing With Job Loss

First, let's address the mental process. Losing a job can shake your sense of identity and purpose. This moment of transition can be an opportunity to reevaluate your career goals and aspirations, guiding you towards a path that aligns with your values and brings fulfillment.

Next, assess your financial situation objectively by evaluating your savings, expenses, and any other income sources. Determine how long your funds will last without a steady paycheck and identify areas where you can cut expenses if needed.

Evaluate your retirement accounts as a potential last resort if it comes to that. There may be options for hardship distributions from retirement accounts, it's essential to work closely with a financial and tax professional to ensure it's done correctly with minimal impact to your long-term goals.

Additionally, do whatever you can to generate income, whether it’s freelance or consulting work, government assistance, or even delivering pizzas.  Any income is better than no income, especially if you have other mouths to feed.

Lastly, don't forget to seek support for your mental well-being. Leverage your network, grab lunch with friends and professional acquaintances. Not only will this benefit your general mental health but according to a study from the Bureau of Labor 70% of jobs are landed through personal networking, so stay connected.

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