Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Suze School: Financial Solutions if You’ve Lost Your Job
Feb 23, 2025
Learn how to build financial resilience when faced with job loss. The discussion emphasizes the importance of having an emergency savings fund and proactive financial planning. Discover strategies for managing expenses, assessing assets, and making thoughtful withdrawal decisions. Tips on handling credit card debt during tough times are also shared, alongside the importance of keeping a long-term investment perspective. Equip yourself with the knowledge to navigate uncertain financial waters confidently.
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Cut Expenses Drastically
- Cut all non-essential expenses like dining out, cruises, vacations, and shopping.
- Focus on must-pay expenses like mortgage, car payments, and food.
Inventory Your Finances
- Take inventory of all your financial resources: investment accounts, cash, retirement accounts (Roth and traditional), 529 plans, and HSA savings accounts.
- Know where your money is located.
Assess Your Shortfall
- Calculate your income shortfall by comparing your must-pay expenses with your remaining income (spouse's salary, rentals, etc.).
- Determine how much additional money you need monthly.