Conquer Unemployment - A New Beginning!
It is crazy to think about how quickly your world can get turned upside down. One minute you are living a stress-free life with job security, money in the bank and a happy family. Then boom out of nowhere you lose your job!
This wasn't a part of the plan.
At this point in your career you were supposed to be moving upwards, not downwards. What are you going to do now? Well it is important to realize that staying calm is key. You might need a recommendation or help from your colleagues at some point. So, be careful not to burn any bridges.
You are going to have to adapt to your changing situation from adjusting your finances, staying positive, being diligent and proactive with your time in so many ways. One point of view that can be beneficial is to fix anything that can be fixed. Rearrange your whole world if that is what it takes to get back on track. Productivity can be a huge game changer on whether or not you will be successful.
The way you handle a big letdown like losing your job is a great testament to your character as a person. A few steps to take immediately would be to find out if you still can receive any health benefits. This can be a huge weight lifted off your shoulders. Also, if you had a retirement account with your old company you want to look into whether you need to switch that over to a new account. Furthermore, applying for unemployment is a big deal for getting the ball rolling so that you can focus less on your consistent income and more on planning your next steps.
While there is nothing ideal about being laid off, you can take steps to rise from the position you are in. Now, you do not want to wallow in self-pity, but it can be hard to move forward without addressing your reality. At first it might be hard, but being positive is crucial to getting the ball rolling in the right direction. Some steps to take would be to invest in your own growth. Figure out what you want your next steps to be, start practicing interview techniques, or perhaps you clean up your image by cleaning out your social media or anything that could affect you getting a job. Take this time to update your LinkedIn profile and your resume.
Sometimes we can get set in our ways with our finances which can cause some unwanted stress when it comes time to reassessing our finances. You might have become used to a certain lifestyle and you do not want to have to go backwards, it might even be an image thing. When you lose a job what will you tell your friends? How do you explain that you cannot go out tonight because you have set yourself on a strict budget? It is not easy or fun. But you should be willing to do whatever it takes to be successful. Normally this will only be temporary. So, a few ways to fix the budget would be eating out less. That is probably one of the most talked about subjects when it comes to fixing a budget.
You will have to start shopping smarter and eating at home more. It might not be as glorious or easy as ordering takeout. But, at the end of the day you'll have one less thing to stress about. Also, another way to adjust your finances would be to look into what payments and bills you can postpone until you have got a better handle on your situation. One thing to keep in mind is that unemployment benefit is not free. You will still be taxed on that money so once you are able to, you will want to start setting aside some money for tax season.
A different financial situation that can sometimes be required is to borrow money. This should not be your immediate thought process though. Evaluate your situation personally before making that decision. A good way to assess your financial steps would be to meet with a financial advisor and explain your situation to them in order that they might give you some sound guidance. This is what they went to school for and are paid to do on a daily basis. They know what they are talking about. And if they do advise you to borrow, only borrow as needed and be very careful about how you do it. One of the things to make sure is that the monthly payments are reasonable so that you won't be giving up your livelihood to pay it back. You will need to look into your credit score. There is no way around that. Without a good credit score you will have a higher interest rate and then you might end up digging a bigger hole. So, when borrowing money be cautious about the interest rates. A different route to take might be to take out an HELOC. This is different from a home equity loan though. It is going to be a revolving line of credit, which will need to be paid off at the payoff due date or if the property gets sold. It is very similar to a credit card. And last but not least is your retirement account. This is your last resort. You almost never want to touch this until you reach an acceptable date of retirement. There are a lot of penalties and fines for withdrawing from it early which can hurt you in the long run. So, if possible, find another way.
While you are busy thinking about all the above, there is still the matter of actually getting a new job. So, it can be helpful to be consistently pursuing any job opportunities. Depending on your situation, you might not have the luxury of being picky. You want to do whatever is best for your financial and just your future in general. If you need to wait tables, work a late-night job or whatever it is until you find a permanent solution, you should consider it. If you have family, they will be so proud of you for taking these steps to do whatever it takes to keep your family afloat and putting their needs above your pride. One step to take that can give you a good impression would be writing a cover letter after your interview. Just thanking them for the opportunity can go a long way in making you look like a good honest future employee. You'll rarely get in trouble for taking initiative and going the extra mile. So why not? Your future is on the line.
As stated before, productivity is your best friend in times of crisis. Everything might not go exactly as planned. But, just from a logical point of view taking the necessary precautions to get your life back on track will go a long way. It can relieve some stress, give you peace of mind knowing you did everything you possibly could have. The saying "hard work pays off" almost always eventually comes to pass. There might not be any guarantees in life. But, staying on top of your priorities and how you handle adversity goes a long way. We all face trials in life that test our character. How will we handle uncomfortable situations? Will we roll over and give in? Or will you take on the challenge head on, and do everything possible to be successful?