Money Guy Show Expecting a Layoff? Do This.
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Feb 26, 2025 Facing a potential layoff? The hosts share proactive strategies to maintain financial stability and emphasize the importance of an emergency fund. They also dive into real estate investment decisions, discussing the risks involved and smart tax strategies for couples. Communication in marriage about finances is highlighted, alongside maximizing Roth options for better savings. Listeners are encouraged to prioritize meaningful experiences over just wealth, ensuring a balanced approach to finances and life.
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Layoff Preparation
- Prepare for layoffs by building a 3-6 month emergency fund.
- Consider various scenarios, from minor hiccups to major life changes, to create a comprehensive plan.
Proactive Job Search
- Explore alternative job options and network with people in those fields.
- Don't wait until you're laid off to start looking; build relationships in advance.
Managing Your TSP
- Don't cash out your TSP; consider leaving it, rolling it into an IRA, or moving it to a new employer's plan.
- Evaluate the costs and investment options of each choice to make the best decision.