Major Layoffs Are Coming: What To Do BEFORE You Get Laid Off (#199)

Episode Summary:

In this episode of "Financial Advisors Say the Darndest Things," host A.B. Ridgway delves into the topic of job loss, particularly in the context of potential layoffs due to economic downturns or advancements in technology. He offers practical advice and strategies for listeners to prepare themselves financially in case they face job loss, emphasizing the importance of building emergency funds, managing debt, and exploring alternative sources of credit. Through biblical wisdom and financial expertise, Ridgway guides listeners on how to navigate the uncertainties of employment and financial stability.

Key Takeaways:

1. Building Emergency Funds: Ridgway underscores the significance of having six to nine months' worth of living expenses set aside in an emergency fund. He advises listeners to prioritize increasing their reserves to cushion the impact of potential job loss, emphasizing the need to cut unnecessary expenses and allocate extra funds to their emergency savings.
2. Managing Debt During Job Loss: Addressing the challenge of debt repayment amid unemployment, Ridgway suggests reaching out to creditors to inquire about hardship programs. He explains how such programs can help temporarily alleviate financial burdens by lowering interest rates or freezing credit card balances, providing much-needed relief to individuals facing job loss.
3. Exploring Alternative Sources of Credit: Ridgway highlights the importance of establishing alternate lines of credit with lower interest rates, such as home equity loans or lines of credit. He advises listeners to proactively consider these options to mitigate financial stress during periods of unemployment, emphasizing the need to maintain good payment history and creditworthiness.
4. Preparation and Planning: Emphasizing the biblical principle of diligent preparation, Ridgway encourages listeners to take proactive steps to secure their financial well-being. From building emergency funds to exploring debt management strategies, he emphasizes the importance of planning ahead and seeking professional guidance when needed.
5. Seeking Professional Financial Advice: Ridgway concludes by offering listeners a resource guide covering various financial considerations in the event of job loss. He encourages individuals to seek professional financial advice and underscores the importance of incorporating biblical principles into financial planning for long-term stability and prosperity.

Quotes:

1. "Now is not the time to relax. It is the time to prepare for the unexpected."
2. "I perceive that there is nothing better for them than to be joyful and to do good as long as they live."
3. "Financial advice should have God in it."

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