From Layoffs to Liftoff: How I Turned Job Loss into Business Opportunity
How budgets and savings brought clarity and peace
Let’s face it: it’s not 2021, and the American economy isn’t booming anymore; it’s 2023, and the economy is bombing! Inflation is at a 40-year high, consumer debt has hit a mind-boggling $17 trillion, and employment layoffs are more common than morning coffee. Mortgage demand? It’s practically hibernating since it has fallen to its lowest level since 1996.
If you’re one of the unlucky folks who’ve been metaphorically bombed by these economic woes, don’t trip - you’re not alone.
This is Business
Tuesday at 6:56 a.m., I woke up to a text message from my company’s Associate Director of Marketing. The end of her text was pretty straightforward: “Not sure if you got any news, but I have been laid off today.”
Calmly, I slid out of bed to start my day, tip-toeing not to wake my wife, who’d been hit by the job loss bomb two weeks earlier. By 7:30 a.m., I was in my office reading an email explaining why my position as the engineering director was also part of the company-wide layoff. As my wife walked in to greet me, I calmly explained the situation to her. We both left my office, put on our hiking gear, drove 30 minutes to the Simi Valley mountains, and enjoyed the rest of our morning.
I wasn’t upset about the layoff at all. At heart, I’m a businessman, and when I spoke to the founders that afternoon, I explained to them that I understood - it’s just business.
There’s Power in Being Prepared
Now, it might seem like I wasn’t upset because I’m some financial guru with a heart of gold. But let me clarify - that’s not the whole story. As a partial owner of the startup and helping to build it from the ground up, there are plenty of reasons for me to feel slighted. However, what keeps me at ease is the financial wisdom I’ve been sharing in these newsletters. It’s prepared my family for unexpected events just like this.
You see, in a typical situation like this, most folks are forced to replace their incomes immediately. The weight of that burden can feel crushingly overwhelming. I know because ten years ago, I was in that position. I was broke as a joke, and the experience taught me valuable lessons about budgeting, saving, investing, and ownership.
Today, I’m grateful to say that my wife and I can relax, enjoying a year or more away from the daily grind of the office because we’re financially prepared.
You see, this isn’t a story about how we lost our jobs. It’s about the power available to everyone who follows the principles taught in these newsletters. Trust me when I say this — there’s power in being prepared!
How To Get Prepared
In the past couple of months, we’ve talked about budgeting and supercharging your savings. Those two things are the foundation of financial independence, and they’re largely responsible for the peace my wife and I have today.
So, here’s your to-do list for this month:
Create a budget - If you missed it, read “6 Easy Steps to Build Your Budget.” Steps to create your budget are outlined at the end of the article. Take them seriously.
Save money - Missed “Overcome Paycheck-to-Paycheck Living With 5 Money Moves?” There are steps to lower your expenses and boost your savings waiting for you at the end of the article. Dive in, don’t wait.
What’s Next
In our following newsletter, I’ll tell you how I turned this layoff into an opportunity. I pitched a business idea to the founders just three hours after reading that unexpected email, and it set the wheels in motion for launching my own business.
Remember, opportunities are in every situation; you just have to be prepared to notice them. Until next time, keep going, and trust the process!
-Earn Out Loud