Recent layoffs highlight the emotional and financial challenges individuals face when losing their jobs. Experts suggest taking time to process the emotional impact, recognizing that job loss is not a personal failure. Building a 'non-financial asset list' can help restore self-worth during this difficult time. Financially, it’s important to assess your situation and adjust spending habits, avoiding reliance on credit cards. Taking proactive steps in mental health and finances can support recovery and pave the way for future employment opportunities.
"A layoff can feel so personal but it's not a reflection of your value or what you contributed. Especially in the U.S., the work we do is so tied to our identity," said Lindsay Bryan-Podvin, a financial therapist.
"Acknowledge and normalize that they're going to feel a range of emotions, whether it's anger or sadness," Bryan-Podvin said. Whether you are feeling sadness, shock, anger or even relief, taking a moment to feel those emotions can help you move forward.
"If I were doing a non-financial asset list on myself I might say I'm a pretty good partner and a fun aunt," she said. When working with her clients, Bryan-Podvin recommends that they create this list to remind them that their self-worth is part of their net worth.
"While utilizing your credit card to pay for some expenses is almost inevitable, it's best to not completely lean on credit while you're searching for a new job."
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