According to a 2021 Pew Research survey, 56% of unemployed people said they feel depression and anxiety following the loss of their jobs. What’s more, as Healthline points out, psychological unease settles in more the longer one is jobless 2014 Gallup poll.
“Getting laid off can bring out some of the strongest emotions we’ve ever felt,” Lateefah Parramore, a certified accountant and owner of LRW Group, a Miami-based accounting, advisory, and business management firm specializing in the entertainment and sport industry. Although Parramore says she mainly focuses on high-net worth individuals, she says that lay offs can cause emotional disrepair across the board.
“That emotional, spiritual component, and how people feel about money manifests into a variety of things,” Parramore tells ESSENCE. “And so one of our approaches is to help people look beyond the dollar or the financial aspect of it. But look at your wealth from an emotional, spiritual connection.”
Parramore says she takes a holistic approach to financial management for her clients and starts with conducting an their three month budget, something she advises everyone to do regardless of their net worth.
“I implore my clients to ask themselves tough questions about what their money story so they can responsibly utilize at this tough time.”
Parramore also says that spiritual management precedes financial management.
“When navigating job loss, people hope and faith can be shaken and that’s tough because you need both to maintain momentum in the job search process,” she says. “You need to keep moving and move fast.”
Parramore also says one should pay special attention to how emotions inform spending habits.
“This sounds simple but you really have to get clear about what you can immediately cut back on some of those expenses, tighten up your discretionary fund, and potentially negotiate with vendors. When going through something traumatic like job loss, our feelings can trick us into doing things that counterintuitive to progress like overspend.”
Overall, Parramore says her firm not only focuses on the numbers, she helps clients look at the big picture moment of their lives.
“We do offer our clients white-glove service which means we try to not only offer them financial counsel, but human counsel as well. It’s important to let them know that they will get through that tough time, and here’s a plan to do just that.”
