Despite all the promises your new employer makes, it is safe to say that no job is guaranteed. If you've learned anything from this experience, it is that getting through a career transition is hard work, whether it is imposed on you or self-initiated. The better prepared you are, the easier it will be to overcome unexpected obstacles that can suddenly arise and prevent you from taking action and achieving your goals. Here are several things you should do once you settle into your next job.
- In addition to depleting your emergency reserves, you may have significantly eroded some or all of your financial resources: your retirement savings or your children's college education funds. You may even have incurred significant debt during your transition. Reduce any non-mortgage consumer debt you incurred. Consider paying off high-interest rate credit cards first. Pay back any outstanding retirement plan loans and home equity lines of credit.
- Once you've addressed your debt concerns, accumulate your emergency reserve fund. This is generally three to six months' worth of basic living expenses; However, since income varies from one person to another, you should evaluate your personal situation to determine the appropriate amount. The fund should be saved in a cash account, such as a money market fund.
- Avoid the urge to revert to your old spending habits.
- Identify and prioritize your financial short- and long-term goals and develop a realistic financial plan.
- Contact those people who offered their support or help. Let them know you are working again. Thank them for their effort and concern. These people were part of your social support system; they acted as your safety net. Don't forget that you may need to call on them again, or they may need to call on you.
- One of the best ways to stay on top of current changes, or identify hiring trends in the workplace, is to keep aware of new job opportunities. Look at the job ads every now and then to see what occupations are being recruited. Just because you've got a steady paycheck doesn't mean your job is a sure thing.
- Never forget, the workplace is constantly changing. Polishing your existing skills and acquiring new skills will help you position yourself as a valuable workplace resource. Make sure your employer is aware of all of your accomplishments.
- Your job search may have left you and your family emotionally drained. Continue to treat yourself well mentally and physically.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
|Not NCUA Insuredor Any Other Government Agency||No Credit Union Guarantee||Not Credit Union Deposits||May Lose Value|
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.