Lost your job in Kelowna - Now what??

It has happened to all of us. We get called to the bosses office thinking we are going to get complimented on the great job we've done ... only to get a pink slip.

What should you do now?

First see an employment counselor, then see your financial advisor. Here is some things to discuss ...

Update your budget and cash flow. Keep a close eye on how you spend during this time. At times like these it is easy to spend to make yourself feel better, and then later not have enough make ends meet.

Plan if you need to remove money from your emergency funds. Once you have updated your budget and income needs look and see if you need to supplement your income. Rather than taking a large lump sum ... plan for a bi-weekly payment just like a paycheck.

Review your Pension and Medical Benefits. Find out what your options are with your pension and benefits. Does it make sense to transfer your assets, and what benefits may you loose if you do? Get good advice from your financial advisor and an accountant if necessary.

Being laid off is hard enough, and now is the time to get proactive. It might save you money and piece of mind.

Financial Blog of Mike Hassard | Life Insurance Debt Investing Mutual Funds |

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