Turning Job Loss into Opportunity
Hey there, our superheroes, Isaac Lakhi your money maestro here! If you’ve lost your job or about to, it can have serious financial consequences, making it crucial to explore your options to make informed decisions. In this vlog, we’ll talk about dealing with it.
Before we dive in, let's remember the Social Media ritual: like, subscribe, and share our video. And if you think our video is shit, feel free to dislike it and share your feedback in the comments so we can tailor our content to your needs.
Now, job loss can strike for various reasons, including resigning, retrenchment, or getting fired. With the recent wave of the Great Resignation, many left their jobs due to factors like extended working hours, limited leave opportunities, and toxic work environments.
As more companies insist on returning to the office, it's possible that some people might quit their jobs. In fact, more than half of developers prefer working from home, with some even willing to quit if forced back into the office.
Given these circumstances, many workers might find themselves jobless. Here’s what you can expect if you lose your job and how to navigate this challenging situation.
Firstly, losing a steady income hits hard. Without regular paychecks, covering essentials like rent or bond repayments, monthly bills, and daily expenses becomes tough.
Secondly, the emotional toll is significant. The stress and anxiety from losing income can severely affect your mental health, especially as savings dwindle and financial stability weakens.
But let’s shift gears from doom and gloom to proactive planning. When you leave a job, you have several financial options:
You can leave your retirement savings within your existing provident or pension fund OR transfer it to your new company’s fund OR transfer your bucks into a preservation fund that allows for one withdrawal before you retire. All these options preserves your retirement bucks and means that you’ll pay the tax man fuckall OR, you can withdraw the funds, but the taxman will probably screw you with the tax. This should be a last resort as it impacts your retirement savings. If you need help with all this, please Join the Lakhify Private Community, where they assist ordinary individuals like you and me to live extraordinary lives. These experts are like financial titans, offering help with debt management, budgeting, money, insurance, investments, finance, economics, entrepreneurship, and building a winning mindset. To join, visit app.lakhify.net.
Now, here’s a few Financial Tips if you gave your boss the finger, been Fired or Retrenched
ONE: Assess Your Current Financial Status: Review your savings, debts, and expenses. This helps you understand how long your savings will last and where you might need to cut costs.
TWO: Create a Budget Aligned with Your Situation: Prioritise essential expenses like rent, utilities, and food. Cut out unnecessary spending.
THREE: Seek Alternative Income: While searching for a new job, explore other income streams such as freelance work or part-time jobs, depending on your skills.
What do you think? If you think of more, please add them to the chat below.
Remember, every setback is a setup for a remarkable comeback. With Lakhify’s help, a positive outlook, and unwavering belief in your ability to overcome challenges, this can be a golden opportunity for personal growth and a brighter financial future. This might just be the perfect moment to pursue something you've always wanted to do but never had the balls to go after. Seize this chance and turn your dreams into reality!
If you're enjoying our mind-blowing blogs & vlogs, we think that you'll be a good fit for our Lakhify Private Community, where we help our members with everything money, from dealing with debt and living with debt to investment, insurance and much more. Click on the link below for more information to join us movement and make the 2020s thee best decade of your life!
