By Barbara King

It is hard to attend any function, whether it's a school play or a cocktail party, without running into someone who has lost their job or is worried about losing their job. Reducing financial and emotional stress will assist your family in getting through the situation.

Financial Preparation

• Assess your spending.
• Develop monthly cash flow and budget for a potential layoff situation.
• Increase emergency reserves.
• Determine where to rollover your 401(k).

Professional Preparation

Gather your data

• Ensure you have examples of your major accomplishments.
• Have the numbers behind your accomplishments for resume, such as years of growth, revenue and growth percentages.
• Understand your company and unemployment benefits.
• Arm yourself for the search.
• Start your resume now.
• Contact a resume writer or use an online service such as ResumeEdge.com.
• Take advantage of every outplacement service you are offered.
• Line up references.
• Network, network, network.
• Call former managers; let them know you are looking.
• Find your cheerleaders.

Networking 101

• Get comfortable speaking about your job situation. Being able to easily discuss your situation and briefly tell someone what you are looking for will be a key to success.
• Be as positive as possible in all social situations so contacts will want to help you.
• Utilize networking tools such as LinkedIn.com to keep track of contacts.
• Print business cards for job search (Available free at VistaPrint.com; you pay just for shipping.

New job: Financial recovery and success

• Maximize your 401(k) contribution to boost savings and reduce taxes.
• Establish/re-establish your emergency fund.
• Utilize new budget and cost-cutting skills to determine sustainable lifestyle expense.
• New savings can be invested.

Advisory Services offered through Axiom Advisors LLC. A registered Investment Advisor Securities offered through Cambridge Investment Research, Inc. a Broker/Dealer member FINRA/SIPC Axiom Advisors LLC and Cambridge Investment Research Inc. are not affiliated.

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