The bells rings at the end of the class, before the start of the Sunday service, when the lovebirds invite us to witness their union and when there is an emergency. It also rings when the employer says a job is no more, the position is redundant, and the employee has to move on?
Am not sure whether it is Russia in Ukraine, COVID 19 now resurfaces in China again, the fuel run, the general elections on the way or just donor fatigue, a good number of employees continue to be retrenched. The bell is ringing for them. Have you ever wondered what occupies the mind when this bell rings? Let us just consider four facets.
The psychology of Change
The bell causes emotional and psychological disruptions to be coped with. The transition curve allows anybody to deal with the loss by going through shock, denial and then the emotional turmoil of fear, anger, guilt, and grief. Thereafter comes acceptance and thus letting go so that you can consider new ideas, options, and pathways as you search for the meaning of the change in readiness to be integrated with the new reality. The journey is always heavy with questions. Why did they pick on me? Am I not good at all? How do I communicate to the significant others? How do I deal with the change of status? Will I reclaim my position is society? How do I deal with this stress? Will I be able to reframe? The questions are many and professional help may be necessary for safe transition.
Do I get into business?
This is a good option for those who already have a side hustle and those with an entrepreneurial mind. Business is not for all. That is why people ask- what business can I start? How can I be sure I will succeed in business? How do the market dynamics treat beginners in business? Where do I locate my business? How will others get to know about it? What are the legal requirements for me to start a business? How do I register a company? How will I hire staff and how much do I pay them? How do I raise the money required? What happens if I run low on cash? The questions are numerous, and a business planning consultant can come in handy.
Do I look for another Job?
Your skills, knowledge, experience and networks make you still marketable. Is looking for a job an option for you? Are you sure of the current market trends? The various employment options available? How will you rebrand yourself? How to write a winning CV or resume? How to prepare for an interview? How to conduct yourself during the interview? Do you know that employers use your social media activities to judge your character? Who do you provide for a referee? Do you ask for you pre-retrenchment salary or readjust? Do you agree a HR expert will be needed?
What about the money matters?
While the pay is stopping, the bills will still come. How will you reduce your expenses? How will you deal with all the current commitments? Any plan on the loans? Do you pay all, some, or none? What about your current investments? Do you continue with them – Sacco, Chama, investment club, insurance, pension, shares, unit trust etc. or do you stop or scale down some? Which one? How will you provide for medical care? What about children’s education? Where will you invest your terminal dues – another wife, shares, government securities, land, bank account, cows, bit coins or where? The questions are not easy without the help of a financial coach.
Pre-arm yourself for you do not know when the bell will ring. Up your financial knowledge by engage in structured financial literacy programs.
That is why I welcome you to equip yourself by enrolling in the Wealth Creation Masterclass ®.
Wahome Ngari
Financial Coach