If you believe a job loss is possible, here are five steps to take now.Many people have built significant wealth over the past decade as the stock market has risen year after year. From 2019 through 2021, it could have been tempting to add more cash to the stock market for what felt like easy gains, vs. the meager interest rate cash deposits were earning.
While you could continue paying minimum amounts on credit card balances after a job loss, it's better if you can lower or pay off that debt now. Reducing the principal amount on credit cards and lines of credit will free up more money in case of an emergency.
For those receiving a lump-sum severance payment, it can feel like a windfall. But those dollars can quickly disappear without a plan. Consider these variables: How long could it take to get another similar paying job? Do I have enough to pay my mortgage and other debts for several months? Have I set aside enough for taxes?
Determine how long you have to exercise your stock options, and what stock awards you'll forfeit. Keeping the stock options until the market rebounds can make sense, if your severance plan rules allow an extended period of time to exercise.
Puh-leeeeze
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