This week we are joined by Jamey Pugh, a Certified Financial Planner™ professional with Rohn Financial Strategies, Inc., who sat down with us to answer a few key financial questions to help job seekers in the metro Phoenix area.
Q: Can you tell us about your experience with job transition with you and your family and how you have found success from that situation?
A: In 2014 my husband was impacted by a corporate restructuring and was forced to choose between relocation and losing his job. We are deeply rooted in AZ with my business and decided this was an opportunity for him to find something new. One should anticipate a career transition or job change taking longer than expected.
Because we built up our savings for such an occasion, coupled with tightening the family budget, my husband was able to be selective in his choice of opportunities and ultimately found a job that paid significantly more than his previous employer. The biggest takeaways we had from this experience were the importance of networking (i.e. CareerConnectors) and having a “rainy day fund” that allows you to job search from a position of strength rather than weakness.
Q: How are you involved with Job Seekers in the Phoenix community?
A: I am passionate about helping people in career transition make it through this difficult time and stay on track for their financial goals. I began serving as the Volunteer Coordinator for the Scottsdale site of Career Connectors in 2013.
Q: What financial advice would you give a working professional to prepare for the worst case scenario-losing their job?
A: To ensure you are prepared if you are impacted by a job loss, have savings in an Emergency Fund to cover at least 6 months of expenses. Make it a habit to pay your credit card balance in full each month. Create a budget that differentiates essential from discretionary expenses. Knowing which expenses are flexible will allow you to quickly identify items to eliminate during difficult times.
Q: If a job seeker is already in transition, do you have any quick tips on how to financially plan accordingly? Saving and budgeting?
A: For job seekers in transition, my recommendations are to:
- Apply for unemployment right away
- Identify ways to earn part time income. Be creative! (Garage sales, eBay, pet sitting)
- Update your budget, eliminating non-essential expenses (TV services, dining out, entertainment, etc.)
- Develop a Plan B budget to use if you are out of work longer than 3 months which reduces fixed expenses to the bare minimum.
Q: Are there any big financial “no-no’s” when a professional is in job transition?
A: The biggest financial mistakes professionals make in job transition are:
- Running up credit card debt. Pay with cash.
- Dropping health insurance. This puts you in a position of unlimited liability. The largest reason for bankruptcy is health care expenses.
- Withdrawing money from your 401(k) or IRA without understanding the penalties.
Q: What kind of job opportunities are you seeing in the financial industry and do you have any recommendations for people wanting to get into the financial sector?
A: There are a number of large financial services companies in the Phoenix area. Attend a Career Connectors event to learn about the company culture, open positions and speak with the Talent Acquisition Managers.
Jamie Pugh graduated with a bachelor’s degree from the University of Arizona and holds FINRA Series 7 and 66 licenses, in addition to life, health, and disability insurance licenses. Jamey is passionate about helping families achieve their financial goals. In her free time, Jamey enjoys volunteering with Career Connectors, Girl Scouts of America, and serving on the Scottsdale Community College Business Department Advisory Committee.
Disclaimer: The opinions expressed in this article are the author’s own and do not reflect the view of the Jobing.com.
Disclosure: Registered Representative. Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory Services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Rohn Financial Strategies and Cambridge are not affiliated. Rohn Financial Strategies, Inc. address is 36629 N. Wildflower Rd., Carefree, AZ 85377.