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Learn 7 items to do in advance of losing your job and income.
Before we get started, I wanted to let you know about another awesome podcast called Profit Boss Radio. Profit Boss Radio, hosted by MBA and Certified Financial Planner Hilary Hendershott, highlights inspiring women who have created success in their financial and professional life. Each week you can tune in and hear how women have paved the road to sustained success with both beliefs and actions. Check out www.profitbossradio.com.
It’s listener question Friday. Sara writes:
Dear Linda,
My husband just found out his job will be ending. The company is closing the plant where he works in 6 months. He wants to work every weekend until the plant closes and I’m worried it will affect his health. We have some extra cars and motorcycles to sell, should we do that now? He’s 2 years from retirement. What should he do to make the best use of this time?
Thank you, Linda!
Sara
I had a chance to talk more with Sara and here are the conclusions I came to:
1. Anytime you know income is going to be ending, it makes sense to take care of all banking needs immediately because once you have no income, you won’t be eligible for credit.
a. Re-fi mortgage if necessary
b. Get a home equity line of credit, even if you don’t plan to use it because you might want it later.
c. Pay off credit cards, auto loans, boat loans, etc. Everything but mortgage.
2. Talk to your husband about a mindset shift. Instead of focusing on the time he has left, why not focus on what he plans to do after the plant closes?
a. Will he get another job? Is there a business he can do?
b. Start preparing for the business now. Get a business license. Start marketing today!
c. Invest in tools, etc. today so the expenses can be maximized this year.
3. Should you consider retiring early and moving to a less expensive location, downsizing, etc.?
4. Reduce monthly expenses and free up capital by selling additional cars, motorcycles, etc.
5. Consider taking your 401(k) out of the market to protect it from downside.
6. Update resume, LinkedIn information, etc. if you’re looking for another job.
7. Consider taking more education, getting certification, etc. to upgrade your qualifications.
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