Welcome to the latest series on JosephSangl.com – I Lost My Job – Now What?
In a time of increasing unemployment and job loss, I thought it might be helpful to write this series. It is my hope that it is a help to those who have experienced a job loss.
Part Four - Resolve to never give an employer such power again!
If you have been laid off and are panicking about what to do, let me ask you a question.
If you had $20,000 in the bank, would you be as panicked as you are right now?
I suspect the answer would be, "Not nearly so much as I am right now.", or "Not at all."
When you build a HUGE emergency fund of at least six month's worth of expenses, you build a hedge of protection around you. It protects you from being horribly impacted by your employers decision to cease your employment.
Do not get me wrong. A pile of money does not address all of life's issues nor is it a worthwhile item to place one's trust in, but it is excellent stewardship to hold financial reserves. It just makes sense!
So … If you have not experienced a job loss, resolve today to get rid of some expenses so that you can build up an awesome emergency fund. If you have lost your job, resolve to never get into this predicament ever again!
You CAN do this! Saving up a ton of money and denying yourself of some wants might not be fun in the short term, but it is SO WORTH IT!
So that is it for the "I Lost My Job – Now What?" series. Is there anything that should be added to it?