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Chapter 1: What should I do first after losing my job?
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Please remember that all of the information in this podcast episode is limited to general information only. That means the information is not specific to you, your needs, goals, or objectives. So you should seek the advice of a licensed and trusted financial professional before acting on the information.
And before you acquire or apply for a financial product, please read the PDS or product disclosure statement, which should be available on the issuer's website. Lastly, please keep in mind that past performance is not indicative of future performance.
In this episode of the Australian Finance Podcast, Kate and I talk about what to do if you've lost your job, if you've been made redundant, or if you've just been let go, some of the strategies and things you'll need to put in place to make sure you can get back on the working horse as quickly as you can.
We've got some great show notes for this episode, so if you do find yourself in this situation, rest assured there are some good resources and they're free that can help you navigate through this uncertain time. We hope you enjoy this episode of the Australian Finance Podcast. Kate, welcome to this episode of the Australian Finance Podcast.
It's good to be back, Owen, on this more dreary morning in Melbourne, but yeah, good to be recording another episode.
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Chapter 2: How can I understand my rights regarding redundancy?
Will you need to call on them as a reference? How valuable are they as a reference? All these different things that you might want to take into consideration before you say anything, before you pursue certain angles, you know, you've got to, it's a case by case thing. Um, but you really want to make sure that you're employable, um, Do you need a reference?
You know, oftentimes it doesn't have to be your direct superior. It could be someone, a colleague. It could be, you know, someone you work with quite a few years ago. It could be a few different things, but most likely a new employer will want to hear from your most recent employer, particularly if it was for more than a couple of years. Kate, because I know this has happened to you recently.
You know, we talked about you going away and we always talk about emergency funds. We actually got a really nice email, didn't we, about someone who had been made redundant or let go and they have that cash balance behind them because they'd listened to the podcast, they'd saved up that money. And I guess that was just awesome.
But one thing that you've done recently, I know you've gone back and done a bit of study, but you've just taken a break, right?
yeah yeah so i was i was quite i mean it was it was very disappointing not to go on the big trip but um i was lucky that i had that emergency fund plus the trip fund so that really gave me quite a bit of a runway um so i had more cash than i would have normally had just in my emergency fund alone.
And I guess at the moment people are starting to think, well, three to six months of bare minimum expenses is starting to look like not enough in your emergency fund, which is something I would have never thought about before. But now I'm starting to... personally think that maybe I want a bit of a runway moving into future years in my emergency fund.
So yeah, it's also, that's something worth thinking about. What is the emergency fund that allows you to sleep at night the best? Because I think people are starting to see that the break or the time out of work is a bit longer than maybe they expected. And this circumstance, yeah, this scenario is so unprecedented. I guess that's a favourite word at the moment. It is.
It's just, yeah, it's actually sort of made me think that maybe three to six months that I, most of the... online sites will tell you is the most appropriate amount for your emergency fund, maybe that's not enough anymore.
Yeah, it's one of those things, right, where you go from earning an income, you think things are fine, and they are, and then you don't have that income, that cash flow to your bank account every week, month, fortnight, whatever it is. And things, you have that negative wealth effect in full force, right? You go from... Thinking things are actually really good to tomorrow.
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