This is the hardest part. Many people view their work as an extension of their identity. They cannot separate their own intrinsic value and self esteem from that which they do; the painter gauges his success on the reception of his community, the opera star on the ovations shown by the audience during curtain call, the business manager on the profits he turns into his boss, and the factory worker on the quality of the product he produces. When someone suddenly comes to you and says, “Thanks, but we just don’t need you anymore,” it can be devastating on not just a financial level, but an emotional level as well.
The important thing is to view this as an opportunity. Did you want it to happen? Probably not. But you now have an opportunity to adjust your life and arrange it how you want; a fresh start. As long as you avoid the mistakes we’ve discussed – cashing out of your 401k, living with the same expense structure, staying out of the workforce while you look for the “perfect” job instead of taking something that generates cash in the meantime – you should be able to land on your feet. In the meantime, you may want to check out some of our other articles on retirement …
