Good Money - What You Need to Know if You've Been Laid Off

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Your guide to profitable and socially responsible investing
By Judith L. Seid, CFP ®

It's
your worst nightmare. You come into work thinking it's just like any other
day and you leave with your stomach in knots. Fears of how you will take care
of yourself and your family's spin your head around. Here are some tips
to help calm your anxiety and start you on the path to recovery from such a
blow.

Don't panic--You will always be able to handle adversity
better if you resist the temptation to freak out. Give yourself some time,
take a deep breath, and allow your emotions to settle down. Most likely you
have never been out of work for a long period of time and you will be more
successful in your job search with the right attitude.

File for unemployment - The easiest way to file is to do
this online through the California Employment Development Department's Web
site. It is important to realize that checks take awhile to begin coming so
do this immediately.

Get health care coverage - Too many people blindly sign up
for COBRA, which allows you temporary health coverage at group rates. The problem
is that COBRA is normally more expensive because it is a guarantee issue (no
underwriting) and your employer is no longer footing a large portion of the
bill. Unless you have a pre-existing condition, it's best to shop around for
rates and consider declining COBRA.

Get control of your spending and know how long your money will last
-
Trim any unnecessary expenses. Immediately begin tracking
all expenses so you know how long you can last without a job, offering a sense
of control and reducing your stress. To reduce expenses, try downgrading
your cable and cell phone packages, curb eating out and kick your Starbucks
habit.

Rollover your 401k - Visit your financial advisor to transfer
your 401k into a Rollover IRA. This allows you more flexibility with your investment
options and if you are over 59 years old, you can withdrawal from this account
without IRS penalties.

Start networking and update your resume--Begin to get the
word out that you are now available. Become a networking guru; attend professional
events, talk to friends and colleagues, and follow up with everyone you talk
to. Have a great attitude and work on your LinkedIn profile and other online
networking avenues.

Consider signing up with a "temp" agency--Oftentimes
full time jobs come out of temporary hiring situations. In the interim, you
are able to create income while still pursuing a permanent job. You may bet
additional exposure to industry contacts through your temp job.

Be Good to Yourself - Allow yourself some time off. In order
for you to be successful in your new job search, you will need to feel good.
This means doing the little things that make you happy everyday. Take a bath,
exercise, watch a movie, walk the dog, cook your favorite meal, spend time
with family and friends…and go take on the day!

Judith L. Seid, President and founder of Blue Summit
Financial Group, Inc, is a Certified Financial Planner who has actively
used Socially Responsible Investing (SRI) for her clients since 1992. She
firmly believes that "We can influence corporations to change their policies
by avoiding investments in irresponsible companies and by seeking investments
in companies with positive practices and products." Socially responsible
investing (SRI) exists for investors looking to use the power of financial
investment to create sustainable social change. For more information
on Sustainable Investing, contact Judith at Blue Summit Financial Group
in La Mesa, (619) 698-4330;
www.BLUESUMMITINVEST.com Securities
offered through Pacific West Securities, Inc. (Pacific West) Member FINRA/SIPC. Advisory
services provided through Pacific West Financial Consultants, Inc., a Registered
Investment Advisor. Blue
Summit Financial Group, Inc. and Pacific West are not affiliated


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