If Lakeland Mills decides not to rebuild its sawmill in the wake of last week's disaster, the ripple effect will likely be felt throughout the city.
Not only would that result in the loss of 150 permanent union jobs at the mill, but it could also mean unemployment for hundreds of others whose livelihoods depend on moving trees and lumber to and from the downtown mill.
It's estimated that for every one job at Lakeland, four other full-time jobs are created outside of the mill. That includes the loggers in the bush, the truck drivers who transport those trees to the mill, the fuel truck drivers who haul fuel into the forests, the mechanics who keep logging equipment operational, and the truckers and railway workers who move finished lumber to market.
Now, because of the fire, those jobs have been put on hold.
Financial advisor Leslie Gilchrist says it's critical for those people now facing the unemployment line to sit down with their families and plot a strategy that will help them deal with the loss of a steady income. For some, that could mean leaving the city for another job in a different industry.
"It's a terrible situation and for my clients it's a time when they financially and personally assess where they're going from this point on," said Gilchrist, owner of Gilchrist Financial Services Ltd.
"They have to look at their personal finances, their debts, their liabilities, their payments and really figure out what's essential and what's nonessential. There are things they might be saving for -- a trip or a new sled -- and maybe all of sudden that's not important.
"Make a budget and decide what's best for your family. If that means six months without cable TV, you just have to make those priorities real."
While mill workers wonder if the sawmill will be rebuilt, Gilchrist says now's the time to consider opportunities in some of the growth sectors in the province -- medical technology, transportation, mining, the oil and gas industry -- and those workers have to be open to the idea of taking college courses or high school upgrading to get those jobs.
"It's a perfect opportunity to see if there are any retraining programs available," Gilchrist said. "Maybe they do have other interests and maybe they're thinking, 'Working in the mill for the rest of my life wasn't what I should be doing.'
"The people that I see become successful in whatever they move on to are the ones who are super-positive and make the best of their situation. You have to really look at this as a crossroads."
Gilchrist said banks have some room to manoeuvre by allowing clients to miss a few mortgage payments, but she predicts there will very few allowances made to customers making car payments or paying off lines of credit.
"Banks always love to take your money if you can make your mortgage payment but they have to work with you when things aren't exactly perfect," Bray said. "On personal loans, especially on extravagant items, banks won't extend anything there.
"This is a terrible thing, but for most of the employees it isn't the end of the world. People need to continue to have their long-term goals and their dreams, whether it's retirement or buying that cottage at the lake. We all need something to work for and something to look forward to."
