Empower Yourself with Layoff Strategies and Financial Insights

Share via

In today’s rapidly changing job market, navigating the challenges of a layoff can feel daunting, yet it also presents an opportunity for growth and transformation. In our latest podcast episode, Stacey Hyde, a seasoned expert in financial planning and career transitions, shares invaluable insights into mastering layoffs and securing financial stability. Whether you’re facing a layoff or preparing for potential changes, this episode offers practical advice to empower your career journey.

When confronted with a layoff, the initial step is to remain calm and gather all necessary information. Understanding your severance package is crucial, as it often includes extended health coverage and pension options. Knowing the specifics of these benefits can provide a sense of security and aid in making informed decisions about your financial future. Stacey emphasizes the importance of resisting the urge to withdraw from your 401k, as this could lead to significant tax implications and penalties, reducing your long-term financial health.

Healthcare coverage is another critical area to address. Stacey highlights alternative plans such as open enrollment through Healthcare.gov and private options, ensuring you and your loved ones remain protected during transitional phases. By exploring these options proactively, you can achieve a seamless transition without compromising your health coverage.

Beyond financial planning, Stacey delves into leveraging outplacement services and cutting-edge AI tools like ChatGPT to enhance your job search. By transforming your resume into a job-winning document with AI assistance, you can increase your chances of securing new opportunities. Additionally, becoming proficient in essential tools like Microsoft Outlook and the Google Suite is crucial, as modern employers often assess these skills. Free online resources can help you build these competencies, positioning you as a competitive candidate in today’s job market.

Establishing a robust financial safety net is vital to navigating career transitions with confidence. Stacey discusses the importance of budgeting wisely, minimizing monthly expenses, and expanding your professional network. By reducing unnecessary spending and connecting with others in your field, you can create a stable foundation to pursue new opportunities. Networking with friends, coworkers, and community members can open doors to unexpected career paths and help you achieve your goals.

Throughout the episode, Stacey underscores the potential for career growth and fulfillment that can arise from a layoff. While the experience may be challenging, it can also serve as a catalyst for positive change. Whether you’re considering a career pivot or pursuing a long-held dream, a layoff can provide the impetus to explore new possibilities and find greater satisfaction in your professional life.

In summary, this podcast episode with Stacey Hyde offers a wealth of knowledge and strategies to help you thrive amid career transitions. By focusing on financial planning, skill-building, and leveraging modern tools, you can navigate the challenges of a layoff with resilience and readiness for future opportunities. Equip yourself with the skills and confidence to transform your career journey, and embrace the potential for growth and success. Tune in to gain actionable advice and empower your financial and career future.

Listen to the Episode!

'Better Financial Health in 15 Minutes (or less!)' Podcast

Subscribe to Updates from Envision

We will:
Our approach is to discover a client’s goals, determine the personal financial plan that is needed, and aid the client in reaching those goals. Our success is measured by how well our clients achieve their goals.
Hank has had a distinguished career in the financial services industry, including more than 40 years in the financial planning and securities fields. From 1985 to 2013, Hank provided fee-only financial planning services through his firm, Lifetime Planning, Inc. Hank merged his practice with Stacey’s in 2014. In addition, Hank is a member of both the local and the national chapters of the Financial Planning Association (FPA).
Hank received his bachelor’s degree in business administration from the University of Mississippi, where he also lettered in football. He received his initial securities training at Merrill Lynch. He was a financial planning consultant for the Memphis office of Ernst & Young and financial planner at Morgan Keegan & Company, Inc. from 1982 through 1984. In April 1984, Hank completed his CERTIFIED FINANCIAL PLANNER™ professional requirements with the College for Financial Planning in Denver, Colorado.
In addition to his financial planning practice, Hank has enjoyed serving on the boards of Presbyterian Day School, Second Presbyterian Church, University of Mississippi, and the Christian Community Foundation. Hank served as the chief financial officer of the Christian Community Foundation from its inception in October 1998 until October 2000. Hank enjoys reading, hunting, and attending baseball and college football games.
Clay serves Envision Financial Planning’s clients as the investment officer and portfolio manager. His duties include overseeing the firm’s investment process and money management strategies with a strong focus on “goals-based” investment planning.
As a firm, we believe in concentrating on things we can control such as:
Clay is a native Memphian and a graduate of the University of Mississippi. He began his career working for a regional broker/dealer specializing in fixed-income securities, and prior to joining Envision, Clay was an investment research analyst and portfolio manager for a private wealth management firm in Memphis. Clay currently holds his FINRA Series 66 securities registration and obtained his CERTIFIED FINANCIAL PLANNER™ designation in 2021.
In his free time, Clay enjoys playing golf, exercising, reading, and cooking with friends and family. He and his wife, Margot, have two boys named Callan and Wiley.