Financial Survival After a Job Loss

    Published: 06-16-2009
    Views: 16,426
    How to get through the tough times between jobs without ruining your financial security.

    Mark Johannessen: Hi! My name is Mark Johannessen. I am a financial planner and a member of the Financial Planning Association, also known as FPA. Today, I would like to share with you some steps you can take to financially survive a job loss, whether you are unemployed now or expect to be.

    First, I'll discuss putting a plan in place. Early key moves and decisions can make the difference between surviving financially until you are successfully employed again and making financial mistakes that could jeopardize your financial wellbeing for years to come.

    Next, I'll discuss the basics of the severance package. This package typically extends salary and perhaps benefits for a certain dollar amount or period of time. Then, I'll talk about insurance and retirement plans. Finally, I'll discuss creating and spending plan, a basic aspect of sound financial planning as knowing what your income and expenses are and balancing the two.

    Before we get started, let me tell you a little bit about the Financial Planning Association. The Financial Planning Association connects those who need, support, and deliver financial planning. We provide a variety of educational resources tools and services to help you discover the value of financial planning and to help you achieve your goals and dreams. Our destiny is to help create a world where everyone thrives and prospers. So let's get started on financially surviving a job loss.