Mutual support in times of job loss

Layoffs are hitting my Washington, DC metro community hard right now, especially among government employees and contractors. Fellow attorneys in many levels of government are resigning rather than carry out unconstitutional or unethical orders. Nonprofits all around the country are also cutting staff as funding dries up, while tech companies are using AI as a pretext for slashing payroll expenses.

I’ve been on the receiving end of layoffs a few times before, most recently in November 2023. It’s terrifying and demoralizing. But it is also an opportunity to reset habits and priorities, leave toxic work environments in the past, and explore new horizons.

In such unsettled times, it can be immensely helpful to talk through your options with someone you trust. I was fortunate that my last layoff came with severance pay and professional transitions coaching, which helped me establish enough security to launch my own financial planning practice. Most of the people facing job disruption now aren’t being offered such support from their employer. We need to find ways to support each other.

I have a great deal of both personal and professional experience navigating the financial considerations around job transitions, including into self-employment and small business ownership. Some common questions I can help people answer include:

• How do I choose a health insurance plan on my own?
• What other employee benefits do I need to replace or bridge, and how do I do that?
• Should I take money out of my retirement savings to pay the bills? What are the alternatives?
• What happens to the pension I thought I was going to get at retirement age?
• Can I afford to retire early now? If not, could part-time work or a shift to a lower-paid passion project cover my needs?
• If I start freelancing or self-employment, do I need to incorporate a business entity?
• How can I lower my tax bills to stretch the money I earn from self-employment farther?
• Should I sell my home to cash in on its equity and reduce my expenses?
• If more fortunate family members help me out, are there any tax consequences when they give or lend me money or pay some of my bills?
• How do I protect my credit score, since a poor score can hurt my job prospects as well as access to loans I might need?
• I have a job offer but the benefits or pay aren’t as good as my last one. Is it still worth taking, or would I benefit from holding out for more?

I wish I were in a position to provide this kind of advice without charge, but I still don’t have enough full-pay clients to cover my personal expenses while devoting significant time to pro bono work. Instead, I can offer folks who would benefit from this kind of advice a deeply discounted rate so we can help each other.

Until further notice, I am offering to provide personalized financial planning advice at HALF my usual hourly rate to anyone under the age of 65 who is not currently employed, or who is self-employed/freelancing/gig-working and earning less than $100,000 per year. That is, I will charge $175 per hour to help you answer whatever financial questions you’re grappling with, avoid unnecessary tax bills and credit dings, or model out the long-term implications of options you’re considering to help you make decisions.

If you or someone you care about are interested in taking me up on this offer, please schedule an initial consultation through my special Calendly page for a Tough Times Initial Consultation.