Strengthening your financial mindset

- I remember like it was yesterday, The first time I met with employees of a major telecom company. We were having lunch and they were concerned. There were rumblings of layoffs coming and they were challenged in deciding whether or not they should volunteer for the severance package AKA volunteer to be laid off. Some were wondering whether they would be able to find another job quickly, others wondered if they were going to have medical insurance, and others, how long they would be able to cover their rent and household expenses, or if they could just hold tight, hoping enough people volunteer that their position would be spared. You may be feeling anxiety just listening to this story. Many people feel emotional about money and that is completely normal. After 20 plus years in this industry, I'll share that regardless of how much money you have, how much you learn, where you are in life, financial anxiety is sort of a universal truth. You may feel like you're alone in feeling this way, this insecurity. I'm here to tell you that we've all been there. I need you to embrace that you're not alone and we can build from these feelings and help you feel more financially in control. Some of the steps you can take to strengthen your financial mindset are: first, empower and educate yourself with some of these financial terms and principles. That's why you're here. And I'm so happy to have you here. Find a money buddy, someone or a team that you can talk to. You're naturally going to have questions as we go through this. If you have someone to bounce ideas, ask questions from, talk over when you just need a friend, your journey will be a lot easier. You're going to need a money hug now and then. If you don't have a buddy, seek out a professional. This can easily be done via Zoom or conference calls. Geography is less of an issue nowadays. Along with mapping things out, you'll want to become very organized. Learn a map and pace yourself in your financial journey. It's like when you make a shopping list for the supermarket or a packing list for your next vacation. Map out financial decisions. This isn't a time to put things in a pile and hope that things turn out okay. We're going to need to set up a system that helps you keep track of your important financial dates, such as when your severance paperwork needs to be turned in, when to file for unemployment if you're going to do this, when to establish medical insurance and so much more. You might also be feeling concerned about how your family will cope with this news. Household finances is a team effort and you'll need your team to step up and be there for you. So start this conversation by sharing the layoff news. Don't keep this a secret. The sooner you share it, the more quickly you can get planning your next steps. You could plan a family meeting to sit down without outside distractions to discuss a budget. Things might feel uncertain right now, but once you have a plan set for your financial future, you can gain confidence. Even though you don't always have control over the external forces at play, you can plan for how you will react to them.