{"id":350,"date":"2019-01-15T09:04:10","date_gmt":"2019-01-15T01:04:10","guid":{"rendered":"http:\/\/dushyantnomics.com\/?p=350"},"modified":"2022-12-23T09:15:44","modified_gmt":"2022-12-23T01:15:44","slug":"fire-yourself-check-your-financial-fitness","status":"publish","type":"post","link":"https:\/\/dushyantnomics.com\/fire-yourself-check-your-financial-fitness\/","title":{"rendered":"Fire Yourself to Check Your Financial Fitness"},"content":{"rendered":"
Fired? Who Me?<\/p>\n
I am so good at my job it can never happen to me. Can it?<\/p>\n
An unexpected job loss is the harsh reality of the corporate world today. The sooner you realise this fact, the easier it will be for you to deal with that day if it arrives.<\/p>\n
It is easy to become complacent on this count. Given that minds our wired to think optimistically, we somehow believe that a job loss is something that only happens to other people.<\/p>\n
The more successful you are in your current position or organisation, the more likely you are to fall into this complacency trap.<\/p>\n
Firing yourself (figuratively not literally) can be immensely helpful in bracing yourself for something like this happening in the future.<\/p>\n
While the emotional impact of losing your job may still hit you when it happens, being financially fit will greatly help you in dealing with it.<\/p>\n
So how exactly do your fire yourself? Here is how to go about it.<\/p>\n
Imagine this scenario – Your boss calls you for a meeting this Friday afternoon. When you enter the room, a representative from Human Resources is already there.<\/p>\n
You are informed that due to a corporate re-organisation you are being let go. Friday will be your last day with the company. They wish you success in your future endeavors but you are basically on your own now.<\/p>\n
As you head back home this Friday, call up your spouse and prepare to discuss this personal finance emergency that has just hit you.<\/p>\n
An emergency fund is a crucial component of the financial plan for corporate professionals<\/a>. This emergency fund is meant to support you if an unexpected career development like a job loss takes place.<\/p>\n An unexpected loss of employment constitutes a real life emergency for most corporate professionals. More so if you don\u2019t have any other sources of income to support yourself and your family.<\/p>\n So just like the regular fire drills at your office building, think of this as the fire drill for your personal finances.<\/p>\n Waiting for your boss to fire you without preparing for it in advance is like rushing out the building when an actual fire strikes.<\/p>\n How easy will it to be escape unharmed from smoke filled corridors with people panicking around you? How will you know where to run towards unless you know where the emergency exits are?<\/p>\n Firing yourself may be just the wake-up call you need to test you if you have your emergency fund in place.<\/p>\n <\/p>\n <\/p>\n If you already have your emergency fund, that is great – All you need to do is to activate your emergency financial plan if a career disruption does strike.<\/p>\n However, if you can\u2019t see how you will meet your financial obligations for the next 6 months you need to take action<\/strong><\/span> – NOW.<\/span><\/strong><\/p>\n You need to come up with a plan to get this fund in place as soon as possible.<\/p>\n All your other financial priorities (or desires) should wait till you have this emergency fund in place.<\/strong><\/p><\/blockquote>\n Losing your job can be one of the most distressing times in the life of a corporate professional. It drives a significant uptick in the level of mental stress that you experience and can impact your financial wellbeing<\/a>.<\/p>\nA Job Loss Can Mess Up Your Thinking Process<\/strong><\/span><\/h3>\n