Ep 145: 4 Common Layoff Mistakes to Avoid

In this episode, we’re peeling back the layers of the recent layoff phenomenon, a storm that’s been brewing and hit hardest in 2023. Our take is that it’s not just about job loss; it’s a cultural shift within organizations that leaves a lasting imprint. This episode is here to help you navigate this storm, armed with insights and strategies that improve your chances of success.

We’ve identified four common mistakes that people often stumble into post-layoff: assuming it won’t happen again, the temptation to keep it a secret, neglecting hard skills and certifications, and leaving a 401(k) with a former employer. These are not just mistakes; they’re missed opportunities for growth and resilience. If anything this episode is a reminder of the importance of staying the course even when faced with adversity. It’s about weathering the storm, not avoiding it. So join us, we’ve got a lot to talk about. 

Links: 

• Episode 53: Upskilling to earn more money 
• LinkedIn Future of Skills tool 

Takeaways

• Layoffs have become more common, and it is important to be prepared and proactive in navigating the challenges.
• Assuming layoffs won't happen again can leave you unprepared and vulnerable. It is important to be aware of the signs and be proactive in protecting yourself.
• Keeping a layoff a secret can hinder your ability to find new opportunities and receive support from your network. It is important to be open and transparent about your situation.
• Neglecting hard skills and certifications can limit your job prospects. It is important to continuously develop and update your skills to stay competitive in the job market.
• Leaving your 401(k) with your former employer can result in missed opportunities for growth and potential fees. It is important to consider your options and make informed decisions about your retirement savings. 
• Roll over your 401k account into a different retirement account to minimize fees and contribute to your retirement.
• Leaving your 401k with an old employer can lead to losing track of your investments, limited access, and changes in investment allocation.
• Update beneficiary designations to avoid complications 
• Understand the difference between direct and indirect rollovers and the importance of investing the funds in your new account.
• Use the time to consider opening a different investment account and continue investing even after a layoff

Connect with Julien and Kiersten on our website, Instagram, Twitter, and YouTube.

Join our email list to get updates from us, opportunities for discounts, freebies and a quick rundown on the relevant financial and career news impacting your life.

Get our book Cashing Out: Win the Wealth Game by Walking Away, named 2023 best overall book about investing by Business Insider and one of the best personal finance books by Forbes

If you would like to learn more about investing, check out our newest class, Making Money Grow