Local Financial Adviser Offers Tips to Handle a Job Layoff

Raleigh, NC, May 26, 2010 --(PR.com)-- Although many people believe the economy is close to bouncing back, unemployment remains a serious issue for Americans. According to a report issued by the U.S. Department of Labor Bureau of Labor Statistics, the national unemployment rate was 9.9 percent in April—North Carolina’s rate was an alarming 11.1 percent for March. With these rates remaining so high, many families need to make some difficult decisions regarding their economic well-being. W. Landon Watts (www.LandonWatts.com), financial adviser for Raleigh-based wealth strategists Banyan Rock & Talent, offers five financial tips to utilize when handling a job layoff.

Assess Your Income
Take time to include all streams of income, including: unemployment insurance, severance pay, spouse’s salary, rental income, investment income, Social
Security payments, pensions and child support payments.

List Your Expenses
Begin with your monthly expenses and then address the ones that you have the most discretion over. Be thorough; list even the smallest expense you may have.

Separate Essential and Nonessential Expenses
Use a highlighter to separate your list into items you consider essential and those considered nonessential. Once you have them split, go back through the nonessential items to see where you can make cuts. Be honest and critical with yourself during this process as you are trying to realistically line your expenses up with your income.

List Your Assets
These could include an emergency fund, investments, IRAs or a 401(k) program.

Identify Assets that can Help Minimize the Gap Between Income and Expenses
If you must utilize long-term assets to survive a short-term financial crisis, try to use your emergency fund first and then use investments that have already been taxed. If possible, use your 401(k) as a last resort. There can be penalties for early withdrawals.

Turning to a financial adviser for support can help families develop a recovery plan. Although the circumstances people face during a layoff can vary widely, Watts believes that by taking the time to think through the individual situation and not panicking, the negative impact can be minimized.

“The decisions that people make following a job layoff can have a significant long-term financial impact for their families,” says Watts. “Oftentimes, radical changes may not be necessary, but taking time to review and assess your financial priorities can play a key role in surviving this challenging time.”

For more information, visit www.LandonWatts.com or call (919) 816-2591.

About W. Landon Watts:
W. Landon Watts specializes in wealth strategy solutions for individuals, corporations and institutions, focusing on retirement and insurance planning in both the non-profit and for-profit sectors. Watts joined Banyan Rock & Talent in 1997. He currently holds an Investment Company and Variable Contract license, as well as a Life and Health Insurance license. Though not a CPA, Watts and Banyan Rock & Talent wealth strategists work within specific legal parameters to indicate tax-advantage opportunities that clients along with their accountants can utilize. Watts understands everyone has different goals, risk tolerances and objectives; he enjoys customizing each portfolio for his clients. Watts received a Bachelor of Science degree from Appalachian State University in 1993. He is licensed to conduct business in Florida, Indiana, North Carolina, South Carolina and Virginia. Visit www.LandonWatts.com for more information, or call (919) 782-0033.

Material discussed herewith is meant for general illustration and/or informational purposes only, please note that individual situations can vary. Therefore, the information should be relied upon when coordinated with individual professional advice.

Information discussed in this release is reproduced with permission of MFS and its Heritage Planning newsletter.

About Banyan Rock & Talent:
Based in Raleigh, Banyan Rock & Talent is a collaboration of registered reps with FSC Securities Corporation. Founded in 1986, the company holds the philosophy that strength, growth and the diversification of their client’s hard-earned money is made possible through knowledge, diligence and years of experience. Banyan Rock & Talent specializes in areas including stocks, bonds, mutual funds, variable annuities, retirement strategies, market timers, life insurance, disability insurance and applied real estate. All strategists are registered representatives offering securities through FSC Securities Corporation, a registered broker-dealer, and member of FINRA/SIPC. For further information, visit 3356 Six Forks Road Raleigh, NC 27609, or call (919) 782-0033.

Securities offered through FSC Securities Corporation, Member FINRA/SIPC. Banyan, Rock & Talent is not affiliated with FSC Securities Corporation or registered as a broker/dealer or investment advisor.

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Media Contact:
Brian Van Norman
919.232.5008
brian@articulon.com