A 2021 Pew Research survey found that 56% of unemployed individuals reported experiencing depression and anxiety after losing their jobs. Moreover, as Healthline notes, psychological distress tends to increase the longer someone remains unemployed, according to a 2014 Gallup poll.
“Losing a job can trigger some of the most intense emotions we’ve ever felt,” says Lateefah Parramore, a certified accountant and owner of LRW Group, an accounting, advisory, and business management firm in Miami specializing in the entertainment and sports industries. While Parramore mainly works with high-net-worth clients, she acknowledges that job loss can cause emotional turmoil for anyone.
“The emotional and spiritual aspects of how people feel about money can manifest in many ways,” Parramore tells Essence. “One of our approaches is to help people view their wealth beyond just the financial perspective, considering the emotional and spiritual connections.”
Parramore emphasizes a holistic approach to financial management, beginning with a three-month budget review, a practice she recommends for everyone, regardless of their financial status.
“I encourage my clients to ask themselves challenging questions about their financial narratives so they can manage their resources more effectively during difficult times.”
She also believes that spiritual well-being should be addressed before financial management.
“When facing job loss, people’s hope and faith can waver, making it difficult to stay motivated in the job search,” she says. “It’s crucial to keep moving forward and act quickly.”
Parramore advises being mindful of how emotions affect spending behaviors.
“It might seem simple, but it’s essential to identify areas where you can immediately cut expenses, tighten your discretionary spending, and negotiate with vendors. Experiencing something traumatic like job loss can lead to emotional decisions that hinder progress, such as overspending.”
Overall, Parramore’s firm focuses not just on financial figures but on the broader context of their clients’ lives.
“We offer our clients a white-glove service, which means providing both financial and emotional support. It’s vital to reassure them that they can overcome tough times and present them with a plan to do so.”
