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You don’t work at Twitter anymore. In fact, about half of the microblogging site’s staff has departed, most of them gone within weeks of regime change under new CEO Elon Musk in late 2022.
Depending on how much Twitter stock compensation you received, you may be the recipient of “sudden wealth.” Like lottery winners, pro athletes, business sellers, and M&A beneficiaries, some laid-off tech workers suddenly find themselves with more liquid cash on hand than they’re used to having. While that’s definitely good on balance, it can complicate things when you’re worried about bills and looking for work in a tightening labor market. Sudden wealth can also drive out caution, even if caution is your customary stance on finances. You may become an impulse buyer or make promises that may not be in your long-term interest. Though this seems like a dream scenario to many, sudden wealth comes with its own set of challenges that can feel like a burden rather than a gift, forcing you to ask what’s my plan?
Our Five-Step Framework
At Cerity Partners, experience has taught us that a financial plan can provide a framework for managing diverse situations, whether you’re strategizing how to make it through a temporary rough patch or facing a life-changing windfall. Here are the steps we recommend to balance competing priorities and make informed decisions now and going forward.
Luckily, you don’t have to shoulder all this responsibility by yourself. There are experts available to help you at every turn — it could be time to find advisors able to guide you through the five steps above, and help you assemble a team of professionals that is up to the task.
By taking proactive steps to plan for new opportunities and navigate the shifting landscape of the tech industry, you can position yourself for success and emerge stronger from this experience. So, what’s your plan? The experts at Cerity Partners are here to help you consider your options and take the necessary steps to achieve your goals. Don’t let uncertainty hold you back – take action today and start building a brighter future for yourself.
Myles is a Partner based in the San Francisco office. He provides investment and financial planning advice to help clients achieve their short- and...Read more
Cerity Partners is not contracted with, endorsed by or affiliated with Twitter, Inc.
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