The Resilient Dollar

When my husband Paul was suddenly laid off in June 2024, the first thing we felt was shock. The second? Determination.

We couldn’t afford to sit in grief or let fear paralyze us. Instead, we chose to act together.

We knew this could either break us—or push us into our next big opportunity. So we made a plan. A real, actionable plan that helped us take control during an uncertain time, protect our financial future, and move forward with purpose.

If you’re in the same boat, here are the 7 things we did immediately—and how they helped us stay afloat.

Paul got his last paycheck in June 2024. Thankfully, it included two months of severance and all his unused vacation time. But we didn’t just assume everything was correct—we double-checked every line. Employers are usually accurate, but mistakes happen. Even a missed day could be grounds for legal action, and in Massachusetts, that means the company may have to pay your legal fees if they’re in the wrong.

Always check your final paycheck and vacation payout. Don’t just trust—verify.

Whatever you do—don’t cash out your 401(k). The 10% early withdrawal penalty alone is painful, and the tax complications are worse.

Instead, we rolled Paul’s 401(k) into his Charles Schwab IRA account. It’s quick and straightforward. That way, we could keep it growing without juggling multiple retirement accounts.

If you’re considering opening an account with them, I highly recommend Charles Schwab for their excellent service. They offer valuable resources. You can even get a bonus for signing up through my personal referral link: [Ivy’s Charles Schwab Referral Link Here].

Most employers send 401(k) rollover instructions within two weeks, but if you don’t receive it—follow up with HR.

Massachusetts requires health insurance—and skipping it can result in a tax penalty. So within days of his layoff, we added Paul to my employer-sponsored plan.

We were lucky we acted fast. Two months later, Paul had a freak accident involving a brown paper bag (long story!). Without insurance, it would’ve been a financial disaster. Check out this blog here to know what happened to his eye!

Here are other health insurance options we considered:

• COBRA: Continue your old plan for up to 18 months, but you’ll pay the full premium plus admin fees.
  
• MA Mini-COBRA: For small employers (under 20 employees), covers up to 12 months.
  
• Massachusetts Health Connector: Losing a job is a “qualifying event,” giving you 60 days to enroll in a new plan.
  
• MassHealth (Medicaid): If your income drops significantly, you might qualify for free or low-cost coverage.
  

After years of working non-stop, Paul finally gave himself permission to pause. He took two full weeks to reflect, reset, and process the whirlwind of emotions: sadness, anger, fear, even relief.

Losing a job is a loss. You’re allowed to grieve it.

This break wasn’t wasted time—it was necessary. It helped him gather the energy to start again, stronger.

We waited a few weeks to file for unemployment since Paul had received severance. But here’s the key tip: file as soon as possible. Unemployment benefits can take 3–4 weeks to kick in, and you don’t want to wait until the last minute to get that process started.

I’ll go into more detail about navigating Massachusetts unemployment benefits in another post soon.

Paul had actually started applying for jobs even before the layoff—he sensed something was coming. After it happened, he kicked things into high gear:

• Customized his resume for each application
  
• Turned on “Open to Work” on LinkedIn
  
• Scheduled job-search hours every day
  
• Focused on networking and skill-building
  

Still, even with that discipline, he hasn’t landed a new role yet. Job searching is a marathon, not a sprint.

Treat your job search like a job. Structure your day. Set goals. Stay consistent.

Paul joined several pricing and product communities on LinkedIn, contributed valuable insights, and let people know he’s looking. We’ve seen firsthand how opportunities often come from unexpected places.

Never stop telling your story. You never know who knows someone.

Losing a job is one of the hardest things a family can go through—but it’s also a chance to reassess, refocus, and rebuild.

We’re still in the middle of this journey. But with each step, we feel a little stronger. If you’re navigating the same storm, I hope this gave you a lifeline—and maybe a little hope.

You’ve got this. And you’re not alone.

Navigating unemployment is a journey. What actions proved most crucial for you or your partner during that time? I’d love to hear your insights in the comments.