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At STA Wealth, we are starting to hear from clients and prospects in the oil and gas business that they are experiencing more layoffs. Not as bad as it was in 2015-16 when we had a large spike of layoffs in Houston. Back then, those layoffs sparked us at STA Wealth to offer some advice and support for those in need and it was the time I was asked to create the “Houston Layoff Survival Guide”. The timing and thought to launch the guide started in 2015 when I was approached by several journalists who asked to write pieces on tips related to the Houston Layoffs. Two of these articles are located on our website:
• “When Retirement Comes Early” – Wealthmangement.com
• “Being Paid to Quit? Tread Carefully on Buyout Offers” – USA Today
With that as a starting point, we derived “8 Tips for Survival During a Job Loss”. These tips cover both financial and non-financial information. Bottom line, it is our belief that to “survive” or even to better prepare/plan for a possible layoff, you need to be able to answer the following 8 questions:
1. Is it possible to avoid a layoff?
2. What do you need in your “Layoff Survival Kit”?
3. Are there better ways to “manage” your layoff?
4. What are the first things you need to do (non-financial)?
5. What are the best tips to financially survive a job loss?
6. If you are getting a severance package, what should you be considering?
7. What should you do with your 401(k), Pension Plans, Deferred Comp, etc.?
8. Is your next job to work for yourself (consulting)?
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by STA Wealth Management, LLC), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from STA Wealth Management, LLC. Please remember to contact STA Wealth Management, LLC, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. STA Wealth Management, LLC is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of the STA Wealth Management, LLC’s current written disclosure statement discussing our advisory services and fees continues to remain available upon request.
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