Joshua J Sheats, MSFS, CFP, CLU, ChFC, CASL, CAP, RHU, REBC is a financial planner who teaches people how to live a rich life now while building a plan for financial freedom in 10 years or less. He mixes creative approaches to lifestyle design, deep-dive financial planning techniques, and hard-core business strategy to equip you with the knowledge and inspiration you need to build financial independence.
http://radicalpersonalfinance.com
REPLAY 193-Make a Backup Plan In Case You Get Laid Off In The Coming Recession: Simple Action Steps For You To Consider
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
- The Queen of Versailles
- Living On Our Food Storage: One Family's Experience Of Living Without Income For A Year