Job Loss – Now What?

by Stacy Francis, CFP®, CDFA

We all know someone who lost his or her job last year. For my husband’s friend, though, it seemed to happen out of the blue – he is a news producer at a major news station. But with dwindling demand for advertising time, many stations are finding it difficult to cover the costs associated with local news. And so sixty people were advised in December that when the holidays were over, they would no longer be needed. The reason I am mentioning this is not to whine about the economy, but rather to share the story of how he coped – like a true role model for the millions of Americans in similar situations. If you are one of them, here’s what to do: 

  1. Be professional. Many people said “no way am I working during the holidays if this is how you thank me,” but not my husband’s friend. By continuing to prove himself until the end of his very last show, he scored himself a much better chance of being rehired when the economy comes back around.
  2. Lick your wounds – but don’t wallow in self-pity. Yes, losing your job is sheer misery, especially in this economy. Feel sorry for yourself for a day or two – then move on.
  3. Cut your spending – but give yourself a pat on the shoulder for the emergency fund you have set aside. In the past, you sacrificed things you wanted to save that money. Now it is paying you back by saving your life!
  4. Manifest and focus on your best-case scenario. Taken the right way, the loss of a job can be a golden opportunity to make positive changes in your life. Take some time to figure out what you want the future to bring, set goals, and get to work on fulfilling them.
  5. When you are unemployed, your job search becomes your profession. That means setting the alarm at your usual hour and spending a good eight hours browsing job sites, writing cover letters, sending out resumes, networking and attending interviews.

Stacy Francis, CFP®, CDFA

Stacy Francis is the Founder, CEO and President of Francis Financial, Inc., a Wealth Management and Financial Planning firm. With over 18 years of experience in the financial industry, she is a CERTIFIED FINANCIAL PLANNER™ (CFP®), a Certified Divorce Financial Analyst™ (CDFA™), and a Certified Estate Planning Specialist (CES™). She is the Co-Director of the Association of Divorce Financial Planners’ (ADFP) Greater New York Metro Chapter and a member of the Women Presidents’ Organization (WPO) and an honoree member of the Private Risk Management Association (PRMA). A nationally recognized financial expert, Stacy has appeared on ABC News, CNBC, CNN, PBS Nightly Business Report, The Today Show, Good Morning America, Fine Living Network, and The O’Reilly Factor. Stacy attended the New York University Center for Finance, Law and Taxation.