Personal Finance – Due to…Your Position is No Longer Needed

The “R-word”.

Twenty-seven years.

For twenty-seven years I worked for a company.

In the span of these last five months I have had two meetings with my manager(s) and HR to let me know that due to market conditions, among other thing things, my position was being eliminated.

The first conversation was a choice between an early retirement package or working in another state. The second gave no options.

This is how I joined the ranks of the recently unemployed. It may or may not differ from yours, but that is not the point. I will lay out some guidelines to point you in the right direction, especially if you are feeling overwhelmed and not sure what to do.

What next?

“What next?” is the question you may be asking yourself. The first thing you should do is understand that this situation is not a reflection on you. This is not an indication of your self-worth. Especially at this time, thousands of people are being laid off.

Take a breather, relax, or, if possible, a mini-vacation. Let your mind recuperate from the stress.

Stay the Course or Change Direction?

The next step is to decide if you want to continue doing what you have been doing. Some of you have knowledge, skills, and talents that easily transfer to other industries while others may need to adapt their skills to new areas.

If needed, don’t be afraid to train for something new. We will discuss training in more detail below.

The point is, from my perspective, the oil and gas industry will not be booming soon, so don’t wait around for it to pick back up.

How Much Do I REALLY Need to Spend?

At this point, it is a good idea to review your finances. If you have not done so already, put together a personal balance sheet. This totals all of your assets and all of your liabilities. This will help you to visualize what resources you have and what debt you owe.

Then tally up all of your expenses. Look at this long and hard to decide what is essential and what can be cut or reduced. Examples can be premium movie channels, cable TV, any type of subscription that is not essential.

See posts on spending and saving money in the Personal Finance section.

What About Income?

File for unemployment benefits if you are able. The weekly payment amount varies from state to state and also depending on other factors like recent salary. In my case, I am eligible for $247 per week in unemployment benefits.

There should also be an additional federal benefit of $600 per week on top of the state benefit due to the pandemic. Your state employment website should allow you to indicate that the pandemic was partially or wholly the cause for your being released.

Now What?

At this point, you should have a thorough understanding of where you are financially, what assets you have, what bills you owe, and a good  idea on whether or not you will continue  doing what you were doing or establish a career in a  new industry.

If you are an IT Professional, it’s easy to transfer your capabilities to a different industry because the requirements are relatively similar, no matter what industry.

If your career was more specialized, say Drilling Fluids Technical Professional, that job description won’t show up in other industries.

Start to look at training opportunities for your new career choice. Your state employment website should have a section on training to prepare you for a different job. Pretty much every major job search engine provides you with a list of free training resources. Use them. Take advantage of the opportunity to add to your skill set.

You will get through this. You have the choice to be better for this. Seize control and be the best you can be!

Remember, if you have a real estate need, whether buying or selling, give me a call or shoot me an email. It doesn’t matter if you are outside of my area, I can connect you with a Rockstar Real Estate Agent!

Clint C. Galliano, REALTOR® 985.647.4479

And, as always, let me know what you think in the comments. Ask questions, tell your story. If you like my posts, please share them with others and subscribe to this blog.

Personal – More Change – Opportunity Awaits!

The oil and gas industry is in turmoil and service companies, in particular, are reducing their footprint in an attempt to weather the double-pronged attack of oil price wars and pandemic lockdowns.

Until yesterday, I worked for one of those companies, as some of you long-time readers may know.

I received a phone call from my manager, and HR, telling me that due to the current environment, my position was being eliminated.

It is not a bad thing. I only took the position back in January because I was unsure of what I wanted to do when my regional position was eliminated. I figured that they went through a lot of effort to keep me in the company and I didn’t have an immediate alternative plan, so I worked the job in Houston.

Then the pandemic hit and everyone was on lockdown. Luckily, I was able to continue working, from home.

BUT, during this time, I realized that I did not want to go back to Houston for work. We decided that I would continue working, as long as I could do it from home, and as soon as I was told that I needed to show up in Houston, I would resign.

It seems things have worked out for the best, because instead of just resigning, I am leaving with an early retirement severance package!

Because of this, I am now free to explore other opportunities…One will be to continue to be involved in real estate, but to a larger degree. I will continue to invest, but now I am pursuing a realtor’s license.

I will also be available to consult on any innovation projects that might come my way. This will allow me to flex my mental muscle “coming up with cool shit” as a colleague is fond of saying.

I will also look for small businesses that the owners are preparing to retire with no one to take them over. I will only pursue them if they are profitable. It should be easy to make a good deal on something like that when the options are sell at a discount or shut it down.

Here’s to the future!

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