In the VSECU Blog you'll find financial and lifestyle resources to help empower possibilities for your personal success.
Fact: Unemployment is at an all-time high Have you lost or left your job recently? If so, you may be wondering how to take control of the money in your 401(k) or other employee retirement account. First, recognize that the crisis of losing your job may also be an opportunity. You can move your retirement funds to a different account and potentially have more options to plan for your future than you did under your previous employer’s plan. With fewer and fewer people staying at one job for the long term, most people experience at least three to four employers during their career, so you are not alone.
Rule Number 1: Don’t panic and breathe deeply COVID-19 has caused a lot of people to feel panic and fear about their financial situation and future. This panic and fear can lead to “poverty consciousness,” which is a set of beliefs that cause us to fear that we won’t have enough to survive. This mindset of fear doesn’t lead to good decisions. “So, how can I get past this?” you ask. Thoughtful reflection on the past and maintaining a sense of perspective for the larger picture will lead us through this episode.