Put Your Finances at Ease if You Find Yourself in a Job Transition
So you’ve decided to start a new job, a new career or were told your position is being eliminated. What’s the VERY first thought that runs through your mind? It might a big *gulp*, and then it might be ‘will I be OK financially?’ First of all, let me tell you—the answer is YES. It’s happened to more people than you probably realize, and they all figure it out just fine.
You’re going to be fine as well, because you’re going to take a look at your budget and see what you’re up against. Wait, do you HAVE a budget? Well, that’s step 1. It helps you lay it all out there. What’s coming in, what’s going out, where can you scale back, or where do you need to shift some things around? Try there first before you freak out about maybe having to dip into your savings. Chances are that you can adjust some of your budget around and find hidden opportunities.
Great, you’ve got your budget all set. Now, take a second to take a look back at where you just were. What did you leave behind (besides that stapler that was busted anyway)? Maybe you left a 401k, a group life insurance policy, or a health savings account. We need to take all those and decide what we’re going to do with them in the future. Should you roll your 401k? Possibly, if the cost/expenses of leaving it outweigh the expenses of moving it into another plan. Do you need to update your life insurance to an individual policy to either protect your loved ones? Most likely. There are many options that can satisfy that need for protection.
It’s a lot to think about. Never mind all the other thoughts running through your head about how you’re going to face this next chapter of your life. It’s scary—believe me, I speak from experience that that *gulp* from the pit of your stomach is the first thing that happens. Once you start breathing again, take a step back and say to yourself that it’s all going to be OK.
Any questions around managing your finances? Pangaro Wealth Management can help.