Career and Financial Advancement

Career and Financial Advancement

After 30 years of service with his current firm 56-year old Dave faced an unforeseen career adjustment following the buyout of his company. Immediately, positions were eliminated, salaries cut, morale declined and stress levels rose. Within just a few months after the buyout, Dave was laid off too.

Though Dave’s children are grown, he and his wife still had a mortgage. Also, due to recent medical issues, Davie required ongoing dialysis. By their calculations, Dave and his wife needed $20,000 to cover current and near term expenses—so they came to me for help.

With a quick review and a few minor budget adjustments, we cut their near term expenses to $10,500. By delaying his 401(k) rollover from a prior employer, we helped Dave avoid a 10% tax penalty on withdrawn funds. Additionally, by referring him to a local mortgage specialist, we got his mortgage interest rate dropped by 3.50%.

Best of all, because Dave’s work ethic and positive attitude were well-known in the community, he had two job offers within 48 hours of his layoff—and he accepted a position with more reasonable work hours and a salary increase. By alleviating some of Dave’s short-term financial stress, we helped him stay focused and make the best of an unpredictable situation.

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