>> FUNDING FOR NJ BUSINESS BEAT BY -- >>> THIS WEEK ON NJ BUSINESS BEAT, FROM SURVIVING THE PANDEMIC, TO SURVIVING A STORM.

THE RECOVERY EFFORTS UNDERWAY FOR NEW JERSEY BUSINESSES DAYS AFTER I DARIPPED THROUGH THE STATE.

PLUS, RECORD UNEMPLOYMENT PAYMENTS HAVE EXHAUSTED NEW JERSEY'S FUNDS DURING THE PANDEMIC.

AND WE PUT THE GREAT RESIGNATION IN FOCUS.

WHY SO MANY EMPLOYEES ARE LEAVING WORKPLACES, WHAT YOU SHOULD DO TO PREPARE FOR A CAREER MOVE IF YOU WANT TO RESIGN.

NEXT ON NJ BUSINESS BEAT.

THIS IS "NJ BUSINESS BEAT."

THANK YOU FOR JOINING US ON NJ BUSINESS BEAT.

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MANY NEW JERSEY BUSINESSES ARE GETTING BACK ON THEIR FEET AFTER COVID, ALONG COMES HURRICANE IDA.

THE REMNANTS OF THAT STORM RAVAGED THE STATE.

BRINGING HEAVY FLOODING AND DAMAGE TO MAIN STREET SHOPS AND BUSINESSES.

SEVERAL COUNTIES DECLARED DISASTER AREAS, ALLOWING BUSINESS OWNERS TO GET FEDERAL ASOOIFT CYSTANCE TO REBUILD.

BUSINESSES CAN APPLY FOR LOW INTEREST LOANS AND NEXT FRIDAY, A NEW GRANT PROGRAM TO HELP TO COVER SOME COSTS.

EVEN WITH THAT HELP, THIS HAS BEEN A TREMENDOUS BLOW.

BUSINESS OWNERS AND VOLUNTEERS, TOLD US WHAT THEY ARE UP >> WHEN THINGS STARTED BETTER, HERE IS WHEN WE ARE FACING.

IT HASN'T BEEN EASY.

>> AS YOU CAN SEE, UP FOUR FEET.

THERE MUST HAVE BEEN 12 PEOPLE SHOVELING MUD, DEBRIS, GLASS, IT WAS 95% KIDS FROM HIGH SCHOOLS.

>> TRYING TO WORK WITH THE INSURANCE COMPANY.

REBUILDING COST, COST OF PUTTING EVERYTHING TOGETHER.

>> EVERYBODY CAN FOCUS ON YOU ARE HAPPY, HEALTHY, BOUNCE BACK FROM T PART OF ME IS FRUSTRATED.

RIGHT NOW, I AM OVERWHELMED FROM SUPPORT FROM PEOPLE WANTING TO SEE US OPEN AS SOON AS POSSIBLE.

>> BUSINESSES HAVE TO DEAL WITH A TAX INCREASE.

THE WAY THINGS STAND NOW, BUSINESSES WILL SOON FACE HIGHER UNEMPLOYMENT INSURANCE TAXES HELPED TO PAY OUT CLAIMS, THAT FUND WAS DISMATED PAYING OUT BILLIONS TO UNEMPLOYMENT CLAIMS.

THEY ARE ASKING GOVERNOR MURPHY TO USE COVID RELIEF FURNGSDS RATHER THAN PUT THAT BURDEN ON BUSINESSES.

THE VICE PRESIDENT OF GOVERNMENT AFFAIRS AT THE NJBIA.

>> WE HAVE BILLIONS FROM THE FEDERAL GOVERNMENT THROUGH THE CARES ACTED, THAT WAS LAST YEAR, THROUGH THE AMERICAN RESCUE PLAN, AND THAT MONEY WAS INTENDED TO DO THINGS JUST LIKE REPLENNISH THE UI FUND, THE MAJORITY DEMOCRAT AND REPUBLICAN, HAVE PUT SOME PORTION OF THEIR FEDERAL RELIEF FUND INTO REPLENNISHING THE FUND.

IT IS IMPORTANT, SOMETHING WE HAVE ABOUT ASKING FOR THE LEGISLATURE AND GOVERNOR FOR, IT IS A TAX INCREASE ON JOBS, THE MORE JOBS YOU HAVE, THE HIGHER THE TAXES, WHAT IS TROUBLING ABOUT THAT, IT ISN'T A PASS ON INCOME OR PROFIT, SO A BUSINESS THAT LOST MONEY IN THE PANDEMIC, HAD TO LAY SIGNIFICANT PEOPLE OFF, HAVE TO SEE THEIR TAXES GO UP BECAUSE THEY LAID PEOPLE OFF WHEN THEY DEEMED IT WAS SAFE TO DO SO, WHEN THE GOVERNMENT MANDATED TO DO SO.

>> THEY ARE CALLING ON THE GOVERNOR TO USE THAT FEDERAL MONEY TO AVERT A BUSINESS TAX HIKE.

ONE INDUSTRY THAT NEW JERSEY WANTS TO EXPAND IS THE CLEAN ENERGY INDUSTRY.

GOVERNOR MURPHY, WITH U.S. SECRETARY OF LABOR MARTY MULLSH, BROKE GROUND IN SALEM COUNTY.

LEADERS SAY THE PORT WILL HAVE 1,500 NEW JOBS, WHEN MANY ARE SEFRPG FOR A NEW JOB OR INDUSTRY ALL TOGETHER.

>> CLEAN ENERGY MEANS GOOD JOBS IN AN INCLUSIVE ATMOSPHERE.

WOMEN, PEOPLE OF COLOR, AND VETERANS, ARE IMPORTANT, TO CREATE PATH WAYS INTO THE BUILDING TRADE IS IMPORTANT.

>> DESPITE ALL THE STRUGGLES FOR THE BUSINESS COMMUNITY, THOSE WILL BE RECOGNIZED IN SMALL BUSINESS WEEK, KICKING OFF SEPTEMBER 13th.

COVID WAS A MAJOR DISRUPTIVE FOR SURE.

THE PANDEMIC PROMPTED SOME NEW JERSEYIANS TO FIND THEIR ENTREPRENEURIAL SPIRIT.

OTHER BUSINESSES WERE STARTED.

>> ACTUALLY, A REGULAR, NONKOFID LENDING WILL SET A RECORD.

WE WILL HIT OVER A BILLION.

THE GOOD SIDE.

THE BAD SIDE, THERE ARE BUSINESSES AT A ARE STRUGGLING.

HIT RADIO BLOCKS.

SOME THINGS THAT WILL BE COVERED IN SMALL BUSINESS WEEK R THINGS YOU CAN DO TO READY YOURSELF FOR A DISASTER.

>> ONE SDA PROGRAM, CALLED THE REVITALIZATION FUND.

THERE WAS SO MUCH DEMAND FOR GRANT, THE FUNDS WERE DEPLETED.

THE INDUSTRY IS FACING AS IT TRIES TO BOUNCE BACK.

WE CHECKED IN WITH THE PRESIDENT AND CEO OF NEW JERSEY RESTAURANT AND HOSPITALITY ASSOCIATION TO FIND OUT HOW THEY ARE FARING NOW.

WE KNOW THAT RESTAURANTS IN NEW JERSEY HAD A TOUGH COUPLE OF MONTHS, HEADING INTO NOW, THE FALL SEASON, WHAT ARE SOME OF THE THINGS RU HEARING FROM MEMBERS IN TERMS OF WHAT KIND OF SHAPE THEY ARE IN?

>> WELL, I MEAN, WE ARE STILL STRUGGLING.

NOT ONLY RESTAURANTS BUT HOTELS AND OUR AMUSEMENT VENUS WITH A HARD HIT BECAUSE OF STAFFING, NOT BECAUSE OF LACK OF DEMAND.

THE DEMAND IS OUT THERE.

THE RESTAURANTS ARE BUSY, THE FALL WILL BE THE SAME.

WE DON'T RELY ON SEASONS ACROSS THIS STATE FOR DOWNTOWNS AND MOM AND POP RESTAURANTS TO GET BUSINESS.

>> IN TERMS OF WHETHER OR NOT THE HIRING PICTURE IMPROVES NOW THAT THE ENUNEMPLOYMENT IS CHANGING, WE WILL GET A GOOD SENSE WHETHER OR NOT THEY HAVE MORE WORKERS COME BACK TO THEM.

>> YES, THERE IS A HOPE THAT THERE WILL BE MORE PEOPLE COMING BACK TO WORK AS A RESULT OF THE UNEMPLOYMENT EXTENSION NOT HAPPENING.

THERE STILL IS A SHORT STAFF ISSUE FOR SURE.

THE LABOR SHORTAGE HIT HARD.

IT DOES CONTINUE.

WITH PEOPLE GOING BACK TO SCHOOL, PEOPLE WILL BE MORE AVAILABLE TO LEAVE HOME.

WE HOPE TO SEE A SHIFT IN THAT ONCE AGAIN, WE DON'T SEE THE DEMAND WILL BE LIGHTER.

BUSINESS IS USUALLY GOOD IN THE FALL.

OUTDOOR DINING WITH BE WONDERFUL TO ENJOY, PEOPLE ARE USED TO THAT NOW.

>> RESTAURANT UPON OWNERS LIKE OTHER BUSINESS OWNERS FACE AN INCREASE IN TAXES TO PAY BACK OR SUPPLEMENT THAT UNEMPLOYMENT TRUST FUND.

>> THE ADDED TAX WILL HIT HARD.

IF YOU ARE HITTING PEOPLE, RU HITTING BUSINESSES THAT WERE LOST THEIR STAFF PARTLY BECAUSE OF THE UNEMPLOYMENT, THE ADDED MONEY THAT WAS PUT OUT.

WE KNOW THAT THAT IS A FACT.

EITHER OTHER FACTORS CONTRIBUTED TO THAT THE EXTRA UNEMPLOYMENT KEPT PEOPLE FROM GOING BACK TO WORK IN MANY CASES.

>> IF SOME OF THAT AMERICAN RESCUE PLAN MONEY IS NOT USED DO YOU THINK THAT THE MURPHY ADMINISTRATION SHOULD CONSIDER ADDITIONAL ROUNDS OF AID FOR BUSINESSES IN THE STATE?

>> WE HAVE BEEN PROPOSING IDEAS FOR THAT WE HAD A ROUND OF FORCE OF A LOT OF PEOPLE WHO ARE WITHIN OUR MEMBERSHIP AND OUR INDUSTRYING SECTORS WHO ARE FIGHTING TO GET AS MUCH HELP FROM THE STATE ON REPLENNISHING THAT RIGHT NOW.

FOR SURE.

>> THANK YOU SO MUCH FOR SHARING SOME OF THE DIFFICULT TIMES THAT YOUR INDUSTRY IS GOING THROUGH.

THANK YOU.

>> THANK YOU FOR THE EXPOSURE, WE APPRECIATE IT.

>> RESTAURANTS MAY BE STRUGGLING TO FIND WORKERS, OVERALL, THE FEDERAL GOVERNMENT'S LATEST REPORT ON THE JOB MARKETS SHOW, FAR FEWER WORKERS WERE HIRED IN AUGUST THAN EXPECTED.

MORE TROUBLING, THE RECESSION HIT NEW JERSEY HARDER THAN OTHER STATES, ACCORDING TO NEW JERSEY POLICY PERSPECTIVE, 276,000 FEWER JOBS THAN BEFORE THE PANDEMIC BEGAN.

HERE IS ANOTHER STAT FOR YOU.

ACCORDING TO Q-TRAINABLE TRUST, THAT IS DOWN FROM THE PRIOR YEAR, WHEN CLOSE TO 83% OF THE STATE'S RESIDENTS HAD JOBS.

THAT WAS ONE OF THE BIGGEST DECLININGS COMPARED TO OTHER STATES.

THEY SAY IT COULD BE BECAUSE NEW JERSEY HAS LONGER TERM BUSINESS RESTRICTIONS COMPARED TO OTHER STATES, THERE COULD BE SOMETHING ELSZ GOING ON.

WE ARE SEEING A RECORD NUMBER OF PEOPLE QUITTING THEIR JOBS.

U.S. LABOR DEPARTMENT REPORT JOLT SURVEY, CLOSE TO 4 MILLION QUIT THEIR JOBS IN JULY.

CONTINUING A TREND LASTING FOR MONTHS.

IT IS BEING CALLED THE GREAT RESIGNATION.

WE ARE PUTTING IT IN FOCUS THIS WEEK.

TO GET INSIGHT, WE SPOKE TO JOHN CHALLENGER, PRESIDENT OF THE GLOBAL OUT PLACEMENT FIRM, CHALLENGER GRAY AND CHRISTMAS.

>> WHAT ARE YOU SEEING IN TERMS OF THE LABOR MARKET DISRUPTION, PEOPLE ARE FEELG MORE COMFORTABLE JUST QUITTING THEIR JOBS?

>> CERTAINLY HAS BEEN SOME INDICATION PEOPLE HAVE BEEN TAKING JOBS, THEN, LEAVING THEM.

TO RECOLLECT UNEMPLOYMENT.

THE BIGSER ISSUE IS MORE, THE QUIT RATES ARE HIGH.

RECORD HIGHS, MORE PEOPLE ARE COMING OUT OF COVID RE-THINKING WHAT IT IS THEY WANT OUT OF THEIR JOB.

AND HOPING TO BE -- LEAVING THEIR JOB, AND TRYING TO FIND SOMETHING THAT FITS THEIR NEEDS.

>> YOU HAVE BEEN STUDYING THE LABOR MARKET FOR A LONG TIME.

HAVE YOU EVER SEEN THE NUMBERS LIKE WE ARE SEEING IN THE JOLT SURVEY?

>> NO, WE HAVE NOT SEEN THESE KINDS OF NUMBERS, THEY SUGGEST THAT IT IS VERY UNUSUAL TIME.

THERE ISN'T MUCH RESDENT FOR IT.

WE HAVE HIGH UNEMPLOYMENT.

HIGHER THAN IT WAS WHEN COVID FIRST STARTED.

WE HAVE A TIGHT LABOR MARKET, EMPLOYERS ARE HAVING A HARD TIME HIRING PEOPLE AND HOLDING ON TO THEM.

>> PROFESSIONALS, A COUPLE OF WEEKS AGO, WHAT ARE SOME OF THE CHALLENGES THAT YOU ARE HEARING RIGHT NOW, AND HOW ARE THEY HAVING TO RE-THINK THEIR APPROACH TO MANAGING THEIR OWN WORK FORCES?

>> COMPANIES ARE STRUGGLE WITH HOW TO DEAL WITH COVID AND WHAT THEIR WORKERS ARE LOOKING FOR IN THIS NEW ERA THAT WE ARE IN.

IT IS LIKE WE HAVEN'T YET ACCEPTED THAT COVID MAY BE HERE TO STAY.

AND THEN, HYBRID WORK, MUCH MORE WORK FROM HOME MAY BE HERE TO STAY.

WE ARE NOT GOING TO GO BACK TO SOME PERIOD OF TIME WHEN WE CAN LAY DOWN THE LAW AND SAY, EVERYBODY NOW IS BACK IN PLACE MUST COME TO THE OFFICE.

IT DOES SEEM THAT REALIZATION IS DAWNING ON EMPLOYERS THAT IS NO LONGER POSSIBLE.

HR PEOPLE ARE CAUGHT IN THE MIDDLE.

>> WHAT KIND OF COMMENTS DO THEY SAY ABOUT BEING CAUGHT IN THE MIDDLE?

I THINK THE ONE THING THAT STRIKES ME THROUGH THE WHOLE THING FOR COMPANIES, THERE IS ABSOLUTELY NO HOLD BACK WHATSOEVER HERE?

>> THEY ARE SAYING THAT YOU KNOW, THEY ARE FINDING IT DIFFICULT TO HOLD ON TO THEIR PEOPLE, TO PUT TOGETHER PACKAGE THAT IS INCLUDE BENEFITS THAT PEOPLE WANT.

WHICH MIGHT BE TUITION REIMBURSEMENT, IT MAY BE FLEXIBLE SCHEDULING, IT MAY BE HIGHER WAGES, BECAUSE OTHER COUNTRY ARE COMING AFTER THEM AND OFFERING THEM JOBS.

SO, FROM AN HR STANDPOINT, IT IS A DIFFICULT TIME.

UNPRECEDENTED, REALLY.

>> ARE WE ALSO SEEING COMPANIES RELUCTANT TO LAY OFF WORKERS, OR FIRE WORKERS OUTRIGHT, OR IS THAT NOT IMPACTED HERE?

>> WE HAVE HAD LIMITED LAY OFFS THIS SUMMER.

COMPANIES, THEY ARE UNDER SUCH PRESSURE TO KEEP THEIR WORK FORCE LEVELS UP TO WHAT THEY NEED, THAT THEY ARE JUST NOT GOING THROUGH MANY LAY-OFF, THAT HAS BEEN WAY DOWN.

>> JUST AS AN OBSERVER OF THE LABOR MARKET FOR SO LONG, ANY SENSE OF HOW TELL END UP.

MILLIONS OF JOBS THAT CAN'T BE FILLED?

>> I THINK THAT WITH UNEMPLOYMENT, SUPPLEMENTAL UNEMPLOYMENT AFTER LABOR DAY COMING OFF, THAT MAY FREE UP THE MARKET SOME.

WITH AT THE MID LEVELS, WHERE PEOPLE ARE SAYING, IT DOESN'T MAKE SENSE TO COME BACK TO WORK, THE DIFFERENTIAL BETWEEN WHAT I MAKE AND WHAT I CAN MAKE IN UNEMPLOYMENT.

THAT WILL REVERBERATE.

I THINK WE ARE ENTERING INTO A NEW PERIOD OF COVID.

MAYBE THE SECOND PHASE THAT HAS TO DO WITH THE REALIZATION THAT WE ARE NOT GOING TO GET TO SOME HERD IMMUNITY WHERY WE CAN SAY IT WILL GO BACK TO THE WAY IT ONCE WAS.

THAT KIND OF ACCEPTANCE OF MAYBE WE WILL HAVE ONE COVID TRAIN OR ANOTHER, THAT THE WORKPLACE WILL HAVE TO DEAL WITH.

>> GOOD TO SEE YOU AGAIN.

THANK YOU FOR YOUR TIME.

>> THANK YOU FOR HAVING ME.

>> IF BUSINESS LEADERS WANT TO HIRE AND KEEP THE BEST WORKERS, THEY NEED TO RECOGNIZE THE SHIFT IN WORKPLACE CULTURE.

SIMPLY PUT, EMPLOYEES FEEL DIFFERENTLY NOW ABOUT WORK.

WE SPOKE ABOUT THAT WITH MANAGEMENT PROFESSOROR THE AUTHOR OF THE PEOPLE "THE WHOLE PERSON WORKPLACE".

>> WE HAVE SEEN ALL SORTS OF HEADLINES LIKE, PEOPLE DON'T WANT TO GO BACK TO WORK WITH IF THEY HAVE TO WORK FIVE DAYS A WEEK.

WE HAVE SEEN PEOPLE SAY, THEY ARE LOOKING FOR A NEW JOB, BECAUSE THEY DON'T WANT TO GO BACK TO WORK.

WHAT IS BEHIND THE WORKPLACE DISCONTENT THAT HAS COME OUT DURING COVID?

>> FIRST OFF, A COUPLE OF THINGS, THE DELTA VARIANT REINTRODUCED ANXIETY OF GOING BACK TO WORK, FOR EMPLOYEES AND EMPLOYERS.

DISCONTENT.

A LOT OF EMPLOYEES AND HAVE BEEN THINKING A LOT ABOUT THE LAST 18 MONTHS, THEY HAVE BEEN THINKING HAS MY EMPLOYER TRIED TO MAKE TAKEN OUR OPINIONS INTO ACCOUNT, WHEN PUTTING THEIR PLAN FOR RETURN TO WORK?

ARE THEY ALLOWED A LEVEL OF FLEXIBILITY GOING FORWARD?

IF THEY ARE ASKING, AND THE QUESTION ANSWERS ARE NO, NOT REALLY, THEY ARE LOOKING FOR NEW JOBS, IT IS NOT JUST ABOUT MORE MONEY.

AND NEWS REPORTS, ABOUT EMPLOYEES WANTING TO GET PAID MORE.

A LOT OF IT COMES TO EMPLOYEES CONSIDERING WHETHER OR NOT THEY RECOGNIZE THEM AS WHOLE PEOPLE AND STEPPED UP FOR THEM DURING THE PANDEMIC.

>> DO YOU THINK IT IS A TEMPORARY PERIOD OF TIME WE ARE LIVING IN?

IS THERE A PERMANENT SHIFT IN THE LABOR MASHET THAT WILL IMPACT THE WAY COMPANIES AND EMPLOYEES WORK TOGETHER?

>> I THINK SOME LEVEL OF A PERMANENT SHIFT.

I THINK THAT THE DELTA VARIANT AND ANXIETY IS SOMETHING THAT HIT HARD THIS FALL.

MAYBE MOVING FROM 2020, IT WOULD BE A SHAME IF WE HAD TO SUFFER THROUGH EVERYTHING THAT WE SUFFERED THROUGH, AND NOT LEARNED ANY LESSONS ABOUT WHAT WE COULD DO DIFFERENTLY IN THE WORKPLACE.

EMPLOYERS, ALLOW FOR FLEXIBILITY, CARE ABOUT THE CONCERNS AND ANXIETIES, COMPANIES THAT EARNED A REP TAKING OF NOT DOING THESE THINGS WILL PERMANENTLY STRUGGLE.

SKEPTICAL, E, LECTIVE EMPLOYEES, SOME THINGS HAVE CHANGED.

WE RECOGNIZE WORK DIFFERENTLY THAN WE USED TO.

WE DON'T NEED TO BE IN THE OFFICE EVERY DAY.

>> THE NEW WORKPLACE MODEL IS HYBRID FRONT AND CENTER.

>> 80% OF EMPLOYEES WANT TO GO BACK TO THE WORKPLACE IN SOME CAPACITY.

I THINK THERE IS NOT A HUGE DESIRE, SOME PEOPLE WANT TO WORK FROM HOME FOREVER.

SOME WANT TO GET RIGHT BACK TO THE WORKPLACE, AND SOME EMPLOYERS WANT THAT TOO.

MOST OFEROUS LANDING IN THE MIDDLE.

YOU KNOW, WE ARE HUMAN BEINGS, WE LIKE TO BE WITH THE PEOPLE WE WORK WITH.

WE HAVE FRIENDS AND WORK.

WE ENJOY THAT COLLABORATION TIME TOGETHER.

WE ENJOY NOT HAVING HORRIBLE COMMUTES FIVE DAYS A WEEK.

>> IN TERMS OF PRODUCTIVITY.

I HAVE SEEN STUDIES, SOME CASES, PRODUCT IMPROVED.

OTHER STUDIES THAT IT REMAINING SLACK, WHERE DO YOU COME IN ON THAT?

>> IT DEPENDS ON THE TYPE OF WORK.

THE EMPLOYEE, THE INDUSTRY, ET CETERA.

SOME EMPLOYERS, AND KICK STARTERS, THE ENTIRE FEDERAL GOVERNMENT IN ICELAND WENT TO A FOUR-DAY WEEK MODEL.

NOT FOUR 10-HOUR DAY, JUST FOUR REGULAR DAY, THEY FOUND THAT THE PRODUCTIVITY WAS JUST AS HIGH AS FIVE DAY SAYS, EMPLOYEES WERE HAPPIER.

>> THANK YOU SO MUCH FOR SHARING YOUR INSIGHTS WITH ME.

I APPRECIATE IT.

>> THANK YOU.

>> OKAY, SO, LET'S SAY RU ONE OF THOSE WHO IS READY TO CALL IT QUITS, WALK AWAY FROM YOUR DAY JOB AND PURSUE SOMETHING ELSE.

BEFORE YOU RIGHT THAT RESIGNATION, THERE ARE SOME STEPS YOU SHOULD TAKE FO MAKE SURE YOU ARE FINANCIALLY PREPARED.

WE TALKED TO SHERIS MUHAMMAD FROM THE FINANCIAL GROUP ABOUT THAT WHAT IS THE FIRST STEP SOMEONE SHOULD TAKE WITH THEIR FINANCES, IF THEY ARE THINKING OF DOING SOMETHING DRAMATIC LIKE LEAVING THEIR JOB?

>> WHEN MAKING SUCH MOVES, TAKE TIME.

THINK ABOUT WHAT THAT TRANSITION LOOKS LIKE.

THERE IS OFTEN TIMES A KNEE-JERK REACTION TO QUIT WITHOUT REALLY HAVING A PLAN IN PLACE.

I TL PEOPLE TO TAKE A LOOK AT THEIR FINANCES, ONE OF THE THING THAT IS COVID DID WAS ALLOW PEOPLE TO TIGHTEN THEIR BELT, SO TO SPEAK, AND WHEN STRIPPED OF SOME OF THE THINGS THAT THEY DID, GOING ON VACATION, GOING ON TRIPS, AND GOING OUT AND SPENDING INDISCRIMINATELY, THEY WERE ABLE TO ITEMIZE, CONSERVE, AND THEY REALIZE HOW MUCH -- WHAT IT COST TOBS GOING OUT EVERY WEEKEND, OVER THE SPAN OF A YEAR.

THEY REALIZED THAT, IF CAN THEY CONSERVE, NAY COULD SAVE A IN MAKING SUCH MOVES, THEY WERE ABLE TO TAKE A LOOK AT THEIR BUDGET, UNDERSTAND WHAT MATTERS IN TERMS OF NECESSARY COSTS, AND IF THAT TRANSITION ENTAILED A PERIOD OF NOT BEING IMMOVED OR A PERIOD WHERE THEY HAD TO TAKE A LOWER SALARY, TO FIND WORK MORE FULFILLING, THEY HAD A GAME PLAN IN PLACE.

>> IN ADDITION TO KIND OF SCHIFRPGING THE BUDGET, HOW MUCH MONEY IDEALLY SHOULD SOMEONE HAVE SAVED IN AN EMERGENCY FUND, IN CASE THEY DON'T HAVE A PAYCHECK RIGHT AWAY.

IN GENERAL, WHEN I AM TALKING TO CLIENTS, DEPENDING ON WHETHER OR NOT THEY ARE MARRIED OR SINGLE.

THAT IS GOING TO VARY.

I GUESS, THE TEXTBOOK ANSWER IS, THREE TO SIX MONTHS OF SALARY AND CONSIDERING IF YOU ARE CHILDREN INVOLVED, POSSIBLY MORE.

>> WHAT ABOUT HEALTH CARE?

IF YOU HAVE HEALTH CARE THROUGH YOUR EMPLOYER, YOU WALK AWAY FROM THAT, THAT IS SOMETHING YOU HAVE TO BUDGET FOR?

>> ABSOLUTELY.

>> DEPENDING ON THE CLIENT HEALTH SITUATION, THEIR OPTIONS FOR HEALTH CARE MIGHT RESIDE WITH WHETHER OR NOT THE COMPANY PROVIDES ON-GOING HEALTH CARE THROUGH COBRA, WITH THAT OPTION, YOU WILL PAY A SIGNIFICANTLY LARGER AMOUNT THAN YOU WOULD IF YOU WERE DEALING WITH THE STATE OR FEDERAL HEALTH CARE EXCHANGE.

>> WHAT ABOUT WITHDRAWING MONEY FROM A REQUIREMENT SAVINGS PLAN TO GET A NEW BUSINESS STARTED OR PERHAPS, TIDE YOU OVER.

THERE IS TAX IMPLIICATIONS FOR THAT.

>> IF YOU TURN AROUND AND TAKE MONEY OUT, RU UNDER 59 AND A HALF, NOT ONLY DOES THE DISTRIBUTION GET TAXED, RU SUBJECT TO A 10% PENALTY.

THERE IS ALSO THE TAXATION THAT COMES AT THE STATE LEVEL AS WELL.

>> LOT SAYS OF GOOD ADVICE HERE, I WILL GO OUT ON A LIMB AND GUESS, DO MOST PEOPLE UNDERSMAMT HOW MUCH MONEY THEY NEED TO HAVE SAVED UP?

>> ABSOLUTELY, PEOPLE DO NOT UNDERSTAND THAT HOW MUCH THEY TAKE THAT PAYCHECK FOR GRANTED.

AS MY MOM ALWAYS SAID, WHEN YOU THINK THINGS ARE NICE AND QUIET, THERE IS SOMETHING THAT COMES TO RATTLE THE CAGE, SO TO SPEAK.

FOR THE UNEXPECTED SURPRISES, YOU CAN SEE YOUR SAVINGS DWINDLE QUICKER THAN YOU EVER ANTICIPATED.

SO, I ALWAYS TL PEOPLE, PLAN AHEAD, PLAN OUT YOUR FINANCES, AND YOU KNOW, BY ALL MEANS, IF YOU CAN, HAVE A LANDING PLACE, FUDECIDE TO TAKE THE LEAP.

>> AND LISTEN TO YOUR MOM!

>> ABSOLUTELY.

>> GOOD TO SEE YOU AGAIN ON NJ BUSINESS BEAT.

>> THANK YOU FOR HAVING ME.

>> BEFORE WE GO, THIS WEEKEND, WE MARK THE 20th ANNIVERSARY OF THE 9/11 ATTACKS, IT WAS A DEVASTATING DAY FOR MANY OF US.

WHY WANT TO TAKE THIS MOMENT TO REMEMBER THOSE WHO LOST THEIR LIVES, HONOR THE FIRST RESPONDERS, AND LET THE FAMILY AND FRIENDS OF THE VICTIMS KNOW, YOU ARE IN OUR THOUGHTS.

THANK YOU FOR WATCHING.

WE ARE STEPS AWAY FROM THE PATH TRAIN AND MINUTES FROM WALL STREET.