The recent wave of layoffs in the tech industry has been unsettling for many professionals in the San Francisco Bay Area. If you've been impacted, you might be feeling a mix of emotions—uncertainty, frustration, or even relief. While this transition can be challenging, taking a strategic approach to your finances can help you regain stability and position yourself for future opportunities. Here are key steps to consider as you navigate this period:
The first step is to get a clear picture of where you stand financially:
Losing employer-sponsored health coverage can be a major concern. Consider your options:
If you have stock options or RSUs, it's crucial to understand their terms:
Adjusting your spending can help stretch your financial resources:
Many tech companies offer career transition assistance—take advantage of it:
Leaving a job often means deciding what to do with your 401(k):
A job loss is not just a financial event—it’s a personal and emotional one. Take time to process and seek support from family, friends, or professional counselors. Remember, this transition is temporary, and many professionals emerge from layoffs with new, even better opportunities.
Final Thoughts.
Being laid off can feel overwhelming, but with a proactive financial strategy, you can navigate this period with confidence. If you need personalized financial guidance, working with a financial planner can help you make informed decisions and build a secure path forward. The Bay Area tech industry is resilient, and so are you—your next opportunity is out there, and with careful planning, you'll be ready to seize it.
About
Collabria Capital, Inc. is a San Francisco-Bay Area fee-only fiduciary financial planner& investment manager providing wealth management services to clients locally and virtually throughout the US.Paul Saad, Co-Founder at Collabria Capital, Inc, is a CERTIFIEDFINANCIAL PLANNER™ (CFP®) focusing on comprehensive financial planning, personalized investment management, and equity/variable compensation.The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation.
Included:
• 3 different types of options
• How to know when to sell
• Terms to know
• How to reduce risk