Oh hey guys!

I’m gonna make this real quick, because apparently the world is ending. Anyway. I really want to get back to incorporating videos in to this blog, as I tried before, but the magic question of the day is…. what would you want to see? I don’t want to go through a bunch of effort on videos that I think are cool, but all of you readers find boring. Whiteboardy stuff? Regular old vlogging? Help me out. Help me, help you (or just amuse you).

Thaaaanks!

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This article is a guest post by UK money writer Les Mitchell, who regularly writes about finance topics across the web.

It’s quite the blow when you’re laid off from your job, especially when you’ve spent so many years investing in retirement. Generally speaking, if you’ve been enrolled in a 401 (k) plan, the company’s contribution plan, or any other type of profit sharing, you may be entitled to a lump sum amount when you leave the company for whatever reason.

Taking the lump sum distribution will probably mean losing money to penalties and other early withdrawal fees, but you can always reinvest that money in another company account when you find your next job. If you have what’s known as a defined benefit plan, this is a fixed plan that can only begin at retirement age. Withdrawing money before retirement age is difficult, if not impossible. With this type of plan, depending on your age, you may feel forced into early retirement. If you’re given an advance notice of the layoff, check with your employer regarding early retirement, 401 (k) payouts and any other options to better prepare you for the job loss.

Most people decide to maintain their 401 (k) by rolling it over into an IRA (individual retirement account) or having it transferred to a new job. In a bad economic climate, you may consider leaving the funds where they are, with your old employer. Start looking for other types of investments as soon as possible. You can avoid early withdrawal penalties and taxes by depositing the funds into a qualified retirement account. With this option, however, you will have to wait until tax season to recover the lost amounts. This is why it’s more convenient to roll the funds directly over into a new qualified retirement plan or IRA.

Work on reducing your personal expenses to ensure that your retirement funds will go a long way. If you have credit card debt, reduce it by doubling up on payments if possible. If funds are too tight, consider a balance transfer. You can compare credit cards for balance transfers at moneysupermarket or other comparison sites to shop for the right percentage rate.

For those with a mortgage, pay it down as quickly as possible. If you are still young, were laid off and cashed out your 401 (k) before moving on to another company, consider using that money to pay off your home loan. You can always rebuild your retirement account and owning your home free and clear is an investment in itself. But remember, It’s always a safer bet to keep funds in your IRA or 401 (k) without withdrawing early. Apply for work elsewhere and move on, but allow that money to grow.

No matter what, keep an eye out for new opportunities. Take some time off work if you can afford it and reassess your goals. Consider a career change or self-employment. Invest in commodities to boost your retirement account. Your company may even provide money for tuition on top of severance pay, so take advantage of it whenever available. Many people who are laid off have been able to complete college degrees or study for another trade by taking advantage of opportunities that have come up after a layoff.

Stay positive and don’t think that losing your job is the end of the world.

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Look at this fool, all wide-eyed and whatnot...

August – it is good! As I explained in my last net worth update, I’m now budgeting for more realistic amounts of spending, and you know what? It ain’t even close, son. I am actually far below what I’ve normally been spending in the first half of the month, and I don’t expect anything to change with that in the next two weeks.

I am now 9 full days smoke-free. I think a good goal for “officially quit” would be 30 days. While I did manage to fight through a super mega hard-core craving the other night, I’m still too chicken to take any breaks at work, or to throw all of my ashtrays away (which really should have been the first thing I did, I know).

On top of that, I took my first bike ride in a while last night, stayed right on pace, and ended up feeling fantastic afterwards, instead of being ready to die. It didn’t wear me out, my legs were a lot less wobbly afterwards, and I was wanting for more. And no gasping for breath. The real trial for that last one will be when I run my next mile, which will either be Thursday or Friday. Even so, I could really get used to this whole “feeling healthy” business.

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Two or three weeks ago, I ran out of tobacco. Super sad was I. However, I saw the terrible opportunity in the situation. I’d always told myself before that I couldn’t possibly quit smoking while I’ve still got a half pound of tobacco on hand. It’s just wasteful, right? Right.

The plan, it is in motion! However, I hadn’t planned on this at all. I was purely just annoyed at the health effects, and decided I had had enough. I was going cold turkey, and that’s that. Simple.

Remember when I said I didn’t have a plan? Not so simple any more, now is it? Sure, there were 5 hour long stints where I was successful. But pretty soon I was bumming off of coworkers. Pretty soon I was just buying my own damn packs. Pretty soon I wasn’t exactly quitting any more.

No. Now I was just spending three times more money than usual.

Part of the problem was hanging out with other people while they smoked, part of it was nailing down the timing on that last cigarette. It couldn’t be right before bed, because that would be just like any other day, and it couldn’t be early in the day, or while I was at work, or, or, or…

I’m not entirely sure where the “trying to quit” ends and the “did quit” begins. My last cigarette was about 2am on the seventh. I figure 6 days is close enough to “did quit.”

Is it going to last? Probably not. I took a grand total of one break at work all week. I was absolutely shit tired at the end of the week. I’m having problems replacing the habit in many situations. Right now, writing, is one of those situations, and I’ve a half a mind to just walk down to the gas station and grab a pack.

Realistically, I give it a few more days. If I make it past a week, then the next large social gathering of persons of which I am one. See you at FINCON!

(ever the optimist, I know)

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