On this episode of The Casey Lewis Podcast we talk about investment advisors and what to do if you lose your job.
The joke of the week and bonus episodes will return next week.
Questions From The Internet:
Emily – How can I know if an investing/financial management company is good? Is there a method for picking one over the other when the strategies they use are the same? I’m ready to invest but don’t know how to choose someone to help me.
For a great explanation on how investment advisors get paid, check out my friend Jeff Rose podcast at Good Financial Cents.
- Ask people who are older than you, that you trust, for their recommendations.
- Google. Not to find someone, but to find out if someone is terrible. The internet does a terrific job of letting you know when someone is great, but it does an excellent job at telling you when someone is horrible.
- Interview them. Here are some starter questions:
- How Do You Get Paid?
- commission based
- fee only
- fee based
- What type of licenses do you have?
- If they only have an insurance license and can’t sell mutual funds, bonds, or stocks then they should not be your retirement advisor.
- What recommendations would you make for me?
- They need to listen to your goals and dreams.
- They need to explain things in a way you understand them.
- How Do You Get Paid?
5 Things To Do If You Lose Your Job:
1. Assess Your Financial Situation –
- How long can you go without an income? Weeks? Months? It’s important to briefly face your financial reality as soon as possible. It helps you make better decisions as you make the transition.
2. Set a Maximum Length of Time to Mourn the Loss of Your Job –
- 7 days per year of employment.
- This is the maximum, if you mourn faster than this awesome.
- Doesn’t mean you need a new job by the end, it’s just a deadline for the length of time you’re going to mourn.
- It’s normal to mourn. This was a big part of your life.
3. Get Out of The House –
- Find social interaction. The gym is a great place to go.
- Get out of the house and be around people for at least 3 hours a day.
4. Volunteer –
- Serving others who are less fortunate than you is a great way to make you thankful for the things you do have and gives you opportunities to engage with other people.
5. Dream –
- Throw away the responsibilities of being an adult for a minute and dream about what you would love to do if money didn’t matter. Think about companies you’d like to work for. Think about the skills you bring to the table.
- Check out Jon Acuff’s new book Do Over. It’s has some great information about navigating through a career bump, like losing your job.