I got a text the other day that stopped me in my tracks: "Mass layoffs just happened today at work. I'm safe, but it's brutal out here."
That one hit different. We’re living in some pretty wild times, where job security feels more like a pipe dream than a guarantee. If you’ve ever wondered if now’s the right time to get serious about your financial future, let me tell you—it’s right now.
If layoffs happened to you tomorrow, do you have a plan?
Step 1: Know Your Financial Picture
First things first: get real about your finances. How much money do you have in savings? What’s your monthly budget? How long could you cover expenses without a paycheck? Knowing your “runway” and 'burn rate" can give you peace of mind and help you make smarter decisions.
Pro tip: if you don’t already have an emergency fund, start building one ASAP. Aim for 3–6 months of living expenses—enough to buy you time to figure out your next move.
Step 2: Find Your Side Hustle
Let’s talk about keeping cash flowing. Side hustles are no longer optional; they’re part of the survival kit. Whether it’s driving for Uber, cleaning houses, freelancing, or selling your handmade creations online, a little extra income can go a long way.
Here’s the silver lining: side hustles often turn into opportunities you never expected. Maybe your part-time gig brings in more money than your full-time job. Maybe you discover a passion for something you never had time to explore.
Step 3: Build Multiple Streams of Income
Did you know most millionaires have seven streams of income? Yep, seven. That includes their main job, investments, real estate, royalties, side businesses, and more. The goal isn’t just survival; it’s building financial security that doesn’t depend on a single paycheck.
Here’s where to start:
Invest Wisely: Even small amounts add up over time. Think about stocks, bonds, or a retirement account.
Monetize Your Skills: Are you great at graphic design, writing, or tutoring? Turn your skills into extra income.
Explore Passive Income: Real estate, dividend-paying stocks, or digital products (like an ebook or online course) can earn you money with minimal ongoing effort.
Step 4: Give Yourself Time to Process
Losing a job isn’t just a financial hit—it’s emotional, too. It’s okay to grieve and process what’s happened. Just don’t let it stop you from taking action. The quicker you can get a plan in place, the quicker you’ll feel back in control.
Ready to Build Your Plan? Let’s Talk
The time to prepare isn’t after the layoff; it’s now. Know your numbers, create a plan, and start working toward multiple streams of income. A little effort today can make all the difference tomorrow.
If you’re feeling stuck or just don’t know where to start, let’s chat. Schedule a call with me, and we’ll create a personalized plan to secure your financial future. You’ve got this, and I’m here to help you every step of the way.
Schedule a call with me to start building your plan!
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