Everyone Needs a Moment
- Brian Walsh
- Nov 11, 2024
- 4 min read
Every Monday, you wake up, shake the dust off, and head to work, expecting to put in the normal 8 hours throughout the week and collect your paycheck for the hours you have worked. Once you complete high school or college, this just seems to continue. It makes me think of one of my favorite songs by Dave Matthews Band, Ant's Marching.
"He wakes up in the morning
Does his teeth bite to eat and he's rolling
Never changes a thing
The week ends the week begins"
How many of us go week to week in the same order, nothing changing, and expecting a paycheck in the future? If you study statistics at all most Americans, about 65% live paycheck to paycheck, another 44% of people cannot handle a $1,000 emergency, meaning they have minimal savings to fall back on. Add to that the current state of layoffs in our country and you have a recipe for disaster. Many, never expect to get that dreaded call, but unfortunately, it happens to at least 40% of workers during their careers.
Truth is we are never told this could possibly happen, when we start our careers, our focus is on doing a good job, keeping strong performance, and delivering expectations. We've been told if you do a good job, you should not have to worry about that, but after 25 years of experience, I can tell you this is not always the case. I have talked to several individuals who have been impacted this year and most of the time it is a total surprise. Adding to the statistics above, in many cases it puts people in financial hardship.
We have all had our wake-up calls at some point. For me, it happened during COVID, when I finally realized I was just a cog in the wheel, that was expendable. That is when I committed to free our life of debt, keep our cash flow at a point that I could be covered for 6-months should anything happen, and take control of my life, not be dependent on my employer. Why? Because I can lay my head on my pillow at night and know that if I get that call in the morning I can go home, get things in order, and start hunting for my next opportunity, while not worrying about whether I can pay the bills when they come in.
We need to be prepared, no matter how good of a performer we are, no matter the current state of our company, and no matter what we expect. If we plan we can live at peace when that call comes.
Have you had a moment? If not, what would it take to wake you up? Why haven't you had a moment? I encourage you if you have not, to think through what you would do and how you plan accordingly.
If you are in a situation now where you have faced your moment, or maybe you are fighting through it right now, what can you do?
If you are in the moment right now, take some time. It is reported that being impacted by a job loss is the equivalent of mourning a loved one. The feelings are very similar and you need to acknowledge these feelings. Like anything, going through the emotions will help you move on.
Once you have those under control, get things in order for your benefits and future budget over the next few months. If you have debt, it might be a good time to contact your creditors to let them know your situation, especially if you may miss some bills. They may not forgive a missed payment, but they may give you a little leniency. You will not know that if you do not ask.
Now, once you are back on your feet again, here are some things to keep things in order and prepare you should this arise again. Or maybe, you are not suffering through it right now, but still have not thought about what you would do to get things in order.
1) Know your budget! What are things you would cut out if you need to? What might a barebones budget look like for you in this situation? Now take that and multiply it by 6, that is your 6-month emergency fund. This is your savings target that will keep you afloat should a job loss happen.
2) What debts do you owe? If you have high-interest debt like credit cards, get rid of them. These will sink you when you are at your lowest. If you pay it off month to month, how do you do that? Is it just a feeling? Or, do you really know where your money is going? In other words, have you already set money aside in your account to pay it off when the bill comes in, or are you paying a month ahead or behind your card? Using a credit card is common today, but there is a right way and a wrong way to do this. I've done both sides of this, so I know how you can get yourself in trouble here.
3) Keep your resume up and ready. Always, always, stay sharp here. Keep your resume updated and be ready to interview at any time. I heard a podcast not too long ago, where the interviewee bid on a new job at least once a year to keep her interview skills sharp. Now, you do not have to go to that extreme, but you should have all your stuff ready when the time comes for you.
Job loss is terrible, but you never know what the future holds. It's better to be prepared than to be caught off guard. As Ben Franklin said, "If you are failing to prepare, then you are preparing to fail."
Regardless of where you are in this journey I'm here for you. Even if you just need someone to talk through your situation and help you deal with the emotions. I feel for all my friends and colleagues that have been impacted in recent days and years. My desire is to help where I can and help through the vast array of challenges.
News Report: Shows it is better than last year, but there are still many looming and all insights show that companies are not aggressively hiring in many cases.
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