Financial planning for a job loss
When you lose your job, the first question that comes to mind is, “How will I survive financially?”
I haven’t seen much good advice for dealing with the financial side of career change, but I like this article:
http://www.fpanet.org/public/tools/jobloss.cfm#steps
Some points I especially like:
- Cobra may not be your best option for health insurance.
- Make at least some effort to negotiate your severance.
- Consider asking for cash instead of outplacement services. Then you can choose your own resource.
Not surprisingly, this article is posted on the website of the Financial Planning Association. When my own clients undergo a career change or crisis, I always recommend sitting down with a licensed, qualified financial planner.
But don’t choose just anybody. Do your homework. Get references. Don’t hire that nice guy (or gal) you just met at the networking meeting.
