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5 Resources to Help Weather the Storm When Losing Your Job

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A friend of mine recently lost his job (his company shut down, no severance and no benefits) and, while he was “fine” financially while he was working, he is in financial distress now that he is out of work. While unemployment benefits covers a part of the salary gap, there is still a gaping hole for most people. Short of filing for bankruptcy, which is more difficult in recent years and certainly an embarrassing and drastic step, there are some things that you can do to ease some of the financial pain. Looking for a new job is stressful and time consuming enough, you want to minimize the time spent on financial difficulties so that you have time to look for a job (which will also help your financial situation. Today’s post is focused both on, easing the financial pain and first steps in job search when losing your job and planning ahead (in case you lose your job).

Preparing for

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: While some of these tips won’t help if you lose your job suddenly, many times people are aware that their job is at risk and some of these tips will help you prepare for the worst.

  • Financial planning for possible job loss – Coming up with a financial plan before you lose your job will make you that much more prepared for job loss. If you’ve planned correctly, saved and invested, even if you lose your job suddenly you can use some tools (such as track you spending and research government assistance).
  • Know Your Investment: While investing your savings will help you yield better returns, it is essential that you know every detail about any potential investment that you are thinking about making. Do not be afraid to ask questions when you are meeting with the equity firm representative. There is a good chance that you will not understand some of the language in the investment agreement. Ask the representative to explain it to you in simple terms. Do not sign anything until you are completely sure that you understand it. You might want to have your lawyer take a look at an equity firm contract before you sign it. Brian Sheth at Vista Equity Partners is known for his ability to communicate effectively with potential clients.
  • What to Do If You Lose Your Job – If you are lucky, you will get a severance package and be eligible for medical coverage under COBRA. This article is posted on www.schwabmoneywise.com and provides 7 action points for immediate action. The article covers a variety of topics, all are important if they apply to you (such as 401k, creating a budget, looking at other forms of assistance, etc.). The article also has embedded links for additional information. Also take a look at the “Changing Jobs” link on the left hand side of the page.

You’ve lost your job, what you need to do: 

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can put you in a “deer caught in the headlights” situation where you are so overwhelmed you not only don’t know what to do first, you actually don’t do anything. The posts below will help you make a plan, and then it is a matter of executing on that plan. Remember, having an action plan will make you feel a little less stressed and, once you start ticking off some of the completed items you will become even more motivated and focused.

  • I lost my job, now what? – This one is from CareerAlley and is my short list of 7 things to do once you’ve lost your job. This is the short list, but includes the important items to think about, starting with coming to terms with your loss (and yes, it is very similar to losing a loved one). While you need to do all of the items on this list, the most important item is making a plan.
  • 10 Things To Do After You Lose Your Job – Once you’ve lost your job, you need to get mobilized. This article, from Forbes.com, provides their list of 10 things to do after losing your job. Very different than the list from the paragraph above, these tips are mostly focused on making sure you are in the right frame of mind to “get back on the horse”.

Filling in the gaps – While having all of the right tools (please see Job Search Marketing Toolkit) is a given in terms of being prepared, there are some other things to consider. Over a prolonged job search, maximizing your inflow of cash is as important as looking for a job. And, while you will have more time to look for a job if you are unemployed (as opposed to looking for a job while you are still employed), this is hardly a first choice strategy. So, in an effort to fill in the gaps and stay current, you should consider working as a consultant or contractor until you find your full time job.

  • It is essential that you know every detail about any potential investment that you are thinking about making. Do not be afraid to ask questions when you are meeting with the equity firm representative. There is a good chance that you will not understand some of the language in the investment agreement. Ask the representative to explain it to you in simple terms. Do not sign anything until you are completely sure that you understand it. You might want to have your lawyer take a look at an equity firm contract before you sign it. Brian Sheth at Vista Equity Partners is known for his ability to communicate effectively with potential clients.

We are always eager to hear from our readers. Please feel free to contact us if you have any questions or suggestions regarding CareerAlley content.

Good luck in your search,
Joey

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