David L. Blaydes - I Just Lost My Job. Now What?: A Guide to Financial Survival After Losing Your Job

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Securities offered through Securities America, Inc., member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. RPI and Securities America are separate entities. The Investment Fiduciary standard of care applies to advisory services only.

Published by Greenleaf Book Group Press

Austin, Texas

www.gbgpress.com

Copyright 2017 David L. Blaydes

All rights reserved.

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Cataloging-in-Publication data is available.

Print ISBN: 978-1-62634-278-1

eBook ISBN: 978-1-62634-279-8

Part of the Tree Neutral program, which offsets the number of trees consumed in the production and printing of this book by taking proactive steps, such as planting trees in direct proportion to the number of trees used: www.treeneutral.com

Printed in the United States of America on acid-free paper

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First Edition

Susan, Ive been married to you for over thirty years
and love you more today than ever.

Bridgette, Lauren, Megan, and JD, Ive accumulated
several designations, MS, CFP, RFC, AIF,
but the one that means the most to me is DAD.

Just as I have dedicated my life to you,
I wish to dedicate this book to each of you.

While I have provided the means,
you have provided the meaning.

CONTENTS

CHAPTER 1
STEERING CLEAR OF BUMPS IN THE ROAD:

CHAPTER 2
KEEPING A FULL TANK:

CHAPTER 3
GETTING A FINANCIAL TUNE-UP:

CHAPTER 4
EXTENDING THE WARRANTY ON YOUR 401(K):

CHAPTER 5
SETTING YOUR FINANCIAL GPS:

CHAPTER 6
KEEPING RIGHT:

CHAPTER 7
TAKING THE WHEEL:

CHAPTER 8
REACHING THE END OF THE ROAD:

CHAPTER 9
GETTING A GOOD MECHANIC:

APPENDIX
PERSONAL BLUEPRINTING

PREFACE

FRIDAY, MARCH 16, 1979, was the date I got fired. I say fired even though I know that is not a politically correct term today, but in 1979, you didnt get downsized, you got fired. I had started my financial planning career right out of college and was hired by a major financial planning firm in Chicago after six months of rigorous interviewing and testing. For me, the brokerage firm route didnt fit. I didnt want to learn how to sell an investment; I wanted to learn the technical aspects of financial planning, even though I realized it would require years of training. I also wanted to recommend and do only what was in my clients best interest, not what was in the best interest of a brokerage firm. However, I knew I needed to learn the business before I could consider making a change. I had school loans to pay off, so I considered the job a learning resource for my future and an opportunity to pay off some school debt.

Once hired, I was that guy who got in at 7:00 a.m., had breakfast, lunch, and dinner at my desk, and caught the 11:00 p.m. train home every night, even though everyone else, including management, worked 8:00 to 5:00. The train commute to and from the office provided another hour of study time each way. I happily helped the other brokers and found it reinforced my own learning.

The owners loved my work ethic, and, when they observed me helping others, they put me into a management-training program, which was normally reserved for people who had over three years of tenure. I looked forward to Saturdays, because I was the only one in the office, which meant ten to twelve hours of uninterrupted study and work time. I came to work one day with a temperature of 104 degrees and had to be driven home. I had burning desire, was hungry for knowledge, and was full of energy. (Thirty years later, that hasnt changed.) I broke all the training records, completed the first six-month training module in three months, and was on the fast track. And then I got the call on March 16, 1979, at 3:15 p.m. My father had just been in an accident, and his arm had been severed. Because the accident occurred many miles from a hospital, it was uncertain if he would be alive when I got home. The doctors told me my dad was headed to surgery to complete an amputation and they would try to save him, but I needed to get there as fast as I could. He had lost a lot of blood. I ran to Phil, my manager, quickly told him the story, and said I had to go home. I was in Chicago, and my parents were a hundred miles away, so it wasnt like I had requested an extensive leave to fly somewhere. My manager didnt say he was sorry for my bad news, good luck, or even I hope your dad makes it.

Instead, he said, Its less than two hours from quitting time. Wait till 5:00 to leave.

I responded, He could be dead by then, and I left.

Dad lost his arm but survived. The following Monday, I returned to work. I was called into my managers office. I was expecting him to ask how my dad was doing. Instead, he fired me for leaving work early. There was no acknowledgment that for months I had worked ninety-six hours per week when everyone else worked forty. But right away, I knew I did not get fired for those few minutes. I got fired because my managers boss had been giving him a hard time, because one of his guys worked twice as hard as he did. When the company put me in the management pool so early, I became a threat to his position, and I bruised his ego when I left work before he said I could. Yet, fired is fired. Ill never forget his words; never forget that feeling of anger after working so hard. I felt rejection and feared that I wouldnt be able to make my car or apartment payments. I remember the feeling of cleaning out my desk, the walk out of the office, the train home. I kept trying to figure out what I was going to say to my family and friends.

Over thirty years later, Im blessed to be able to say that only the death of my and my wifes parents were worse days. I share this story only to make this point: If you are reading this book because you have been terminated, I get it. I understand every feeling, fear, and emotion. Ive been there.

After I was fired, I decided to go into business for myself so that an insecure manager could never hurt me again. It was one of the best decisions of my life and one that I have never, not once, regretted. Looking back, I can see that getting fired was the best thing that could have happened to me at the time. Not only did it give me the motivation to open my own business, but it also provided me with the fear of failure combined with a burning desire to succeed in a business where I could help others, and these feelings fueled success beyond my expectations. Ive had the pleasure of being asked to make multiple TV and radio appearances, receiving awards from our leading industry newspaper,