ASK THE EXPERTS
Ryan B. Wibberley
President and Founder of CIC Wealth Management in Rockville
|
TOOLBOX
   Resize
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
Who's Blogging  |
What should I do if I fear I may lose my job?
A job loss can less painful if you're prepared and have your finances in order.
Contact your state unemployment office to find out how much unemployment insurance you would be entitled to receive if you were laid off at your current salary. Work out a basic living expense budget, and compare this with the anticipated benefit.
Create an emergency fund in highly liquid savings; retirement and long-term investment accounts are not appropriate.
If you carry multiple credit card balances, consider paying off some of the cards or consolidating the debt onto one card with a low interest rate. This will reduce your minimum monthly payments.
If you own a home and have more than 20 percent equity in it, consider establishing a home-equity line of credit. If necessary, this will give you access to additional cash should your unemployment last longer than expected.
