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which way - Reader Advice: Pia 401K or Debt?

Reader Advice: Pia 401K or Debt?

Free Money Finance has a fabulous help a reader section where he posts questions that his readers has asked him and allows his reading audience to weight in. When Pia left a detailed comment on a post and wanted some advice on what to do with her financial situation, I thought, why not open it up to everyone since lots of people have money problems? Pia agreed, and below is her story. Be nice and civil everyone. Remember, this is a real person with a real problem in real life.
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It’s Your Fault That You’re Still Unemployed

There, I said it. It’s what everyone else is thinking but are too afraid to actually say to you.  You’re my friend, and I love  you, but really, it’s your own fault that you’re still unemployed.

That’s what I’ve wanted to say to my friend that has been out of work for over  2 years.  She was laid off from her job at a top 5 investment bank after working there for 8 years.  Prior to being laid off she has been unhappy, – no, no, she was miserable – with her job and had actually been contemplating quitting to start a new career.  Recognizing the signs that they were probably about to start laying people off (I had been part of a layoff wave at the same company years before), I told her to stick it out until they were laying people off and if she was not part of the layoffs, asked to be packaged out.  That way she would receive a decent package (usually months worth of salary) and some other job finding assistance.  My advice was that until then she should brush off and update her resume, line up prospective people to be her references, figure out what she wanted to do, and generally get her ducks in a row. […]