"I Lost My Job"

Planners Title (planner's focus):
Replacement of temporary income.

Personal Title (client focus):
I lost my job. What do I do?

Case background:
My client called me early on a Friday morning to tell me had arrived at work only to be told his job was terminated.  He was distraught and unsure of what to do. I suggested he come into the office immediately so that we could develop a financial strategy.

What happened in the meeting:
When the client arrived, he was still nervous and upset about the loss of his job.  He was unsure as to how he will be also to pay his monthly bills. I placed a Bernie Book and a shock page on the table and we began to enter the numbers into the Berney book.  The numbers seemed to flow very easily from my client as he recognized each of his expenses for the month.  Within about 10 minutes, we completed the Berney book and had a firm handle on how much money he would need each month to cover his living expenses.

How did it turn out?:
The client felt great relief the exact number that he would have to supply over the upcoming months.  We discussed ways for him to search for a new job in his field.

Notes to myself on the meeting:
Fine tune an income program for the client from available assets so that he can pay his bills over the next few months while he conducts a new job source.

Unexpected Revenue:
I mentioned to the client that he has certain retirement assets that he could also tap into if necessary.  The client asked us if he could rollover his 401(k) plan from his old job.  We discussed the various options and made a decision that we will most likely roll this over to a self directed IRA.