By Patrick Hanlon on February 3, 2025

5 Things to Consider When Changing Jobs

Losing your job is never easy. It can add pressures to you and your family, who already might be feeling the pinch. The headlines can be scary, but there are actionable steps you can take to make the change manageable. It may feel difficult at first, but being laid off can also be an opportunity to take a step back, reassess your goals, and find a new path that is even better suited to your skills
and interests. It helps to approach this change in your life with a plan. Here are five important things that you should be considering:

  1. What’s Next: Will you take time off or find a new job right away? Start a business or consult? You may have several options, so outlining your next 3-6 months is important.
  2. Health Care: Companies may offer health coverage as part of their severance, but each employer is different. You will want to know if and how long you will have coverage for, as that can play a role in your next move determining what’s
    next.
  3. Cash Flow: Do you have an emergency cash reserve set up? You may need to consider setting a new budget during your job search. It’s critical to review your cash flow to ensure that you do not incur unnecessary debt.
  4. 401K: There are advantages and disadvantages to rolling your current 401k into an IRA versus the 401k of your next employer. Consider speaking with a CERTIFIED FINANCIAL PLANNER ™ to review the appropriate option for you.
  5. Network: Reach out to your professional network and let them know you are looking for new opportunities. Look for industry events, conferences, and even online webinars to connect with others. Being laid off can be a difficult and stressful experience. With a little bit of perseverance and determination, you will find your way to your next opportunity. If Bickling Financial Services can help during this process, please do not hesitate to
    reach out to us.
    Author: Patrick Hanlon, CFP® February 2025


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