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Episode 3289:
During uncertain times of job instability, Jeff Rose from GoodFinancialCents.com offers practical strategies to help you navigate a layoff. His advice includes building a substantial emergency fund, avoiding unnecessary debt repayment, tightening your budget, considering alternative benefits, and exploring career transitions. By focusing on what you can control, you can better manage financial stress and prepare for future opportunities.
Read along with the original article(s) here: https://www.goodfinancialcents.com/how-to-prepare-for-layoff-laid-off/
Quotes to ponder:
"Saving emergency cash is crucial; aim for at least 12 months of savings in cash."
"Paying off debt should not be the priority, especially if you are unemployed. The priority is to keep your savings intact and have plenty of cash on hand."
"Consider social media platforms like LinkedIn to reconnect with old networks and create new ones."
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