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Experts Give Advice on Uses for Severance Pay.
Byline: Kelly Regan
Mar. 19--You're laid off with severance money. Now what?
If your first instinct is to throw a party, think again.
"Don't take your lump sum of money and buy a brand new car," said Jan Hensley, vice president of Career Search in Charleston. "Then you're sitting there looking at your brand new car, and you still don't have a job."
Jan Presley, laid off from Rite Aid two years ago, agrees. She used her $6,000 in severance pay to reopen a store in Randolph County. The money disappeared fast.
Your best bet may be to talk to a professional about how to spend your money and plan your future.
Counselors from …
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