Laid Off? How to Get Back on Track

by Stacy Francis, CFP®, CDFA

I think most of us know someone who has lost his or her job recently. To me, this recession became a reality when a client called mid-afternoon (and mid-latte) yesterday to let me know her company had let her go. Now, being a long term Savvy Ladies devotee and subject to my continuous reminders, she has enough money stashed away to survive six months without income. But of course, she was still devastated. What did I think she should do?

“The most important thing to keep in mind,” I told her, “is that when you are unemployed, the job hunt becomes your job.” So stick to your pre-lay off routine, the only difference being that rather than hopping into your car (or the subway) in the morning, you sink down in front of your computer and get to work on those applications. If you keep at it, you will have a new job long before your emergency funding (or unemployment) runs out.

Of course, browsing job sites is not the only thing you should be doing. If you’ve been doing your networking duty, you should have a number of contacts you can get in touch with, just to let them know that if they hear of an opening, you are interested. Former colleagues, relatives, friends and college buddies can all come in handy when it comes to getting you back on your feet.

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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.