Losing a job is supposed to be stressful. For most people, it triggers immediate questions: How long will I be out of work? What happens to my income? Do I need to start cutting back right away?
But what if it didn’t have to be that way?
Recently, one of my clients had a very different experience. When she was laid off, she didn’t panic. She didn’t scramble. In fact, she was remarkably calm. That’s because this wasn’t a surprise scenario; it was one she had already planned for in our conversations together.
Are you actively planning for the “what-if”s in your life? If not, take this story to heart. It could change the way you think about nearly any life risk that could impact you financially—and put you in a much better position to weather the storm should it come to fruition.
Are you prepared for the possibility of future financial storms in your life? Reach out to us at Curio and let’s create a plan together.
The Catastrophic Event That Wasn’t
I found out about Kelly’s layoff via phone call. Without any trace of panic or fear in her voice, she explained what had happened and we talked for a bit. When we hung up, I fully expected her to book a meeting in the next week or so to talk over next steps.
Surprisingly, she didn’t book a meeting for three months.
It wasn’t until Kelly finally came in that I understood why: As a precaution, we’d outlined “next steps” for this possible scenario in our previous meetings, and she was already putting them into play on her own. Even better, she was level-headed and in control, concentrating on reinventing herself and even finding a little joy in the unexpected time off. What a beautiful sign!
This was a big change from our first meeting years earlier. At that time, Kelly had a feeling that she wasn’t fully optimizing her money, and wanted assurances that she would have enough for retirement, travel goals, and family time. She didn’t have an emergency plan in place, and had experienced long, difficult periods of scarcity in the past as a result of layoffs. In her field, the possibility of layoffs was never off the table—and she wanted to avoid the financial stress if and when it happened again.
Knowing this was a future possibility, we did some pre-planning. Over several meetings, we talked through what it would look like if she did lose her job. What was a realistic budget? How far could her dollars stretch and what could she cut out if she needed to? We also made sure she had sufficient savings so that, in the event of a layoff, she had time to regroup and figure out what to do next. And to strengthen her career prospects, she also began doing some extra networking.
When she finally did come in for a meeting, what struck me was her confidence.
She drove the meeting, explaining her thought process with regard to her career and priorities—she wanted to pivot to contract work and spend time visiting family abroad. She also outlined the money moves she’d made in the past three months and prepared a list of tactical questions related to taxes, benefits, and more.
As an adviser, this was a wonderful opportunity to do what I (and all of us at Curio!) do best: listen to her plan, understand her goals, and ask how I could help. Rather than dive into updating the financial plan, we first spent time talking about how she wanted to design her life going forward and why. And how important was this new picture—what was she willing to do to make it happen? Discussions like these gave her just as much clarity as reviewing the numbers. Eventually, we did turn to the facts and figures, covering everything from how she might think about an emergency fund in this new situation to benefits options.
This ended up being one of the most meaningful meetings I’ve had in a long time. Not because of the circumstances but because of what it revealed. Over months (or years!) of conversations, you’re doing the work, making the plans, but you don’t always see what’s taking root. Then something hard happens and suddenly you do.
When Kelly was laid off, she didn’t spiral—she was calm, grounded, and clear on what to do next. That didn’t happen by accident. Together, we had already done the work that allowed her to understand what she could and couldn’t control, and this showed in how she carried herself. And in this particular situation, her level-headedness was even more valuable. Instead of being weighed down by financial stress, she was able to focus on showing up well in interviews. In fact, she already had multiple job offers to consider!
We record our meetings so I took a moment to go back and listen to what Kelly shared at the end of our conversation…
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“I’m really glad that I didn’t have to worry about my portfolio while I was trying to achieve all these other things that are just easier for me to be an expert at than finances are…I always thought if I lost my job I’d be like, well, I can’t have a financial planner! But now I see that hopefully I will always have a financial planner. It makes all of this easier.” —Kelly |
Here’s what really stayed with me: The sense of peace she had in those first few months.
This is the value of the advisor-client relationship. It’s not just about what we do when things go wrong, but about helping someone feel prepared enough that they can move through a difficult moment without fear taking over. If we can take that financial weight off someone’s shoulders so they can focus on moving forward—whether it’s finding a new job or navigating any major life change—that’s everything.
The Takeaway: Build The Relationship Before You Need It Most
The best time to start working with an advisor is not necessarily as the sky is falling. Ideally, seek one out when things are stable and build a relationship in advance. Get to know that person and, in turn, give them time to understand what makes you tick. Then when something comes out of left field, you trust the partnership and can truly rely on their guidance and support. The last thing you want is to have to start from a place of “tell me about yourself” when everything’s falling apart.
And if you’re not working with an advisor and you’re managing your money yourself, let this story be a reminder to always consider risk. Look at your life and identify some of the risks present. If you’re a renter, your rent could double at the end of your current lease. Homeowners could run into unexpected expenses anytime that could deplete their emergency fund. Or, like Kelly, you might work in a field or at a company where your future is uncertain. Whatever the risk is in your life that impacts you from a financial perspective, take inventory of it and find ways to mitigate it.
If you’re looking for a financial advisor who can partner with you to navigate both the good times and the bad, reach out to us at Curio Wealth. We’d love to learn more about you, and how we can help you feel prepared for whatever comes next.
