I underestimated the importance of a cash reserve - until I lost my job.
You're probably saying to yourself, "Sounds good for you, Robert, but I didn't prepare. What do I do now?"
I found myself scrambling after getting let go, terrified to my core.
Boy, the red-hot fear drove me to make decisions I regretted later, like taking a job I knew was not right or working for someone I did not like.
My big lesson? Acquire and keep a cash reserve.
I needed protection, and a cash reserve provided that protection. My family needed to know that the home was stable and the bills were paid.
You're probably saying to yourself, "Sounds good for you, Robert, but I didn't prepare. What do I do now?"
Here are actions you can take now:
1. **Know Your Expenses** If you do not know your monthly spending, find out. Review your accounts and add it all up. The number is your monthly nut.
2. **Trim Now** Review your spending and look for cutback opportunities. This can be hard when you have become accustomed to a good paycheck, but it has to be done.
3. **Ask For Help** If you are low on cash, find people to help you. Ask family, friends, and others who are willing. Show them your financial plan and ask. Now is not the time to hide. It's humbling and embarrassing. So what. Now is not the time to protect your ego. If you have to move back home, then OK. It's not forever. Be grateful and humble. Be sure to pay it back!
4. **Forget Your Credit Rating** If you are tight on money, only pay bills required for daily living and let the others go until you land the next gig. You'd be surprised how many people work to protect their credit rating at the expense of daily living. Crazy. We do not have a debtor's prison. Pay what you must and delay the others. Catch up when you land the job.
5. **Stay Out of Negative Self-Talk** I know it is difficult not to be mad, sad, angry, pissed off, and self-loathing. But you can't stay there long. It does not help. When you feel yourself slide, find a friend and talk it out. Get help. Dig in and find another gear.
Losing a job without a cash backup is crazy hard. I felt stupid and powerless.
However, we can't stay there. We have to make the next right move.
These were mine. I hope the list helps.
You got this. I know you do.
I love you all.
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