Losing a job can be one of the most emotionally traumatic experiences you will ever have. Whether it is due to corporate downsizing, a personality conflict with a superior or a "change of direction" for the employer, losing your day-to-day routine, and source of income, is psychologically devastating and financially scary.
But, in many cases it can also end up being a financial windfall. You may walk away with a good-sized severance package. And, if you find a new job quickly, that severance can help you pay off debt, sock some more savings away for retirement, or even help you buy that sports car you've always wanted.
Before you make any decisions about the money you receive when you lose your job, it is crucial that you seek professional advice - both legal and financial. Good advice can help you turn what you see as a major life challenge into an excellent opportunity. Do not sign any documentation without speaking to a lawyer and financial advisor. Be sure to talk to your advisors about these issues:
And, even if you really don't want to believe it - it's true - when one door closes, another one opens.
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