365 days of deals and tips completed.

Saturday, June 6, 2009

Day 103

Here is a great question with tips on what to do when you are laid off......thanks Tina
QUESTION: Listener asks Dave to list things they should do when they are laid off. Dave doesn’t have a list, but is happy to give recommendations.
ANSWER: I’d say the first thing you do when you are laid off is you take your severance and put it in a pile and call that your emergency fund. Don’t pay any extra on any debts and stop adding to retirement and college accounts. Do a detailed budget of your household and cut your lifestyle to nothing, so your emergency money will last as long as possible. A lot of people don’t cut their lifestyle because they are already hurting, and don’t want the pain of a cut budget to go with the pain of losing their job.
As far as insurance goes, be on the hunt for life insurance if you had your insurance at the company. For health insurance, get a high deductible health savings account with a low premium.
For a 401k, roll them out directly into an IRA with a direct transfer rollover. If you have them send you a 401k check, they will withhold 20% on you. You only have 60 days to put in 100% of the money, but you only have 80%. Don’t cash out a 401k except to avoid bankruptcy.
Also, don’t be afraid to take part-time gigs to keep money coming in while you are looking for the permanent career change that this represents

Today June 6th, 2009

9 am - noon

Todays Project is a Hardware Sorter

The Home Depot's Kids Workshops offer useful projects including the creation of toolboxes, fire trucks and mail organizers, as well as more educational projects, such as a window birdhouse, bughouse or Declaration of Independence frame kit.The workshops teach children do-it-yourself skills and tool safety, while at the same time helping to instill a sense of accomplishment. Additionally, this fun time allows for quality one-on-one time between adults and children.In addition to the newly constructed project kit, each child receives a kid-sized orange apron, similar to The Home Depot associates' aprons, and an achievement pin.

Bryan is going to take the kids for the first time this morning :)

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