Today, I'm sharing a really embarrassing life challenge that I faced a number of years ago. Until today, I have only shared this experience with my wife! The time has come to share my hard times and challenge with the dividend investing community. I'm talking about that time I got laid off from my job!
At the time, getting laid off was one of the single worst experiences of my entire life. It was stressful, from a financial and also ego perspective. In retrospect, my layoff experience greatly informed my personal finance and stock market strategy. I'm a better dividend investor for it, and I'm thrilled to share my top lessons learned with everyone today.
In particular, I cover the following key takeaways from my layoff experience, from a dividend growth investing perspective:
1) It's so critical to have multiple streams of income. It's precisely because layoffs occur, that I love investing for dividends and passive income. It's my buffer! Dividends help me always sleep well at night.
2) While working hard is important, it does not always equal job security. For that reason, it's again so important to have multiple streams of income (both active and passive).
3) It's all about having the faith! While painful, my experience getting laid off happened for a reason. And, that's precisely why I'm sharing it with everyone today.
4) When times are good, don't overspend. It's critical to save and create passive income streams since life has its ups and downs.
5) Always have a "Plan B". Out of my planning (and also luck), I was able to secure a new job immediately. I actually had zero downtime. In the stock market and in one's career, it's important to always have a "Plan B".
6) Don't burn bridges. Investing and one's career are intertwined. One will not have money to invest without actively earning money. For that reason, it's critical to look after one's network. You never know when your next job may come from someone in your professional network.
7) Find your greater purpose. One's job absolutely cannot be their greater purpose. I would argue that this is the case even if one founds their own company. By contrast, investing, faith, family, giving back, and passions can all help define one's values and greater purpose.
8) It can happen to anyone! If you got laid off (or are going through one right now), don't feel bad. You are in great company.
At the end of the day, dividend growth investing is incredibly intertwined with one's career. The more successful one's career, the quicker one can build their passive income stock portfolio. It's always a good idea to look after one's career. That said, things happen! A layoff is not the end of the world. With my tips and personal experience, I hope to help others who may experience this unfortunate (and often painful) obstacle.
Want to connect on Instagram? You can find me here:
Want to learn from my greatest mistakes? Here's a fun video that highlights my greatest financial mistakes, including buying a BMW M3 Convertible when I didn't have the money (going against lesson #4 above):
Disclaimer: I'm not a licensed investment advisor, and today's video is just for entertainment and fun. This video is NOT investment advice. Also, I'm not a tax advisor and today's video is NOT tax advice. Please talk to your licensed investment advisor before making any financial decisions.
All content on my YouTube channel is (c) Copyright IJL Productions LLC.