Congress missed the funding deadline, triggering a government shutdown Tuesday night. 1.4 million federal workers may work without pay, 900,000 could be sent home with no guaranteed back pay, and contractors get nothing. Dominique Broadway says save one month of cash now, cut spending, and make a family backup plan.
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If you work for the federal government, you have less than 36 hours to prepare. So Congress left town last Friday without a funding deal. The deadline is Tuesday at midnight. 1.4 million federal workers will be required to show up to work Wednesday morning without getting paid. Another 900,000 will be sent home. No paycheck, no guarantee of back pay this time. So this isn't like past shutdowns. The White House told agencies to prepare for permanent layoffs, not temporary furloughs, actual job cuts. And if you're a federal contractor, you're not guaranteed any back pay at all. So here's what you need to do today. First, you want to make sure that you have at least 1 month of expenses in cash that you can access immediately. Next, if you're a contractor, you're gonna need an even bigger cushion. Start cutting non-essential spending like right now. Number 3, talk to your family about backup plans because this could last weeks if not longer. Please share this with anyone who works for the federal government. I'm Dominique Broadway and I made a whole episode on this shutdown and what you can do to protect your finances. Comment below and I'll send it to you.