Friday, July 8, 2016

10 Steps To Financial Recovery After Job Loss

Losing your job can be brutal. Here are 10 steps to get you back on track:

1.Cut Your Expenses
If you’ve lost your job, the best form of damage control is to cut your expenses as much as possible. Can you get rid of cable? Can you take on a roommate? Do you have the opportunity to live somewhere rent-free? It sucks, but when “When the going gets tough, the tough get going”-Joseph P. Kennedy.

2. Apply for Jobs
This one sounds obvious, but it had to be said. Don’t be afraid to think outside the box when looking for new work or ask for help. There are a lot of people that would be willing to help you if they knew you needed it. Do you have a sister that’s the resume queen? Or, is your cousin a master networker? Your family and friends are a great resource.

3. Find Side Income
With the onset of the internet this has become easier than ever. There are a lot of side gigs that can be done until you find something more substantial. A lot of people drive with Uber or Lyft. You can also walk your neighbor’s dogs, babysit, mow lawns.

4. Take Care of Yourself
The job hunt can take quite a toll on you physically and mentally. Make sure you still get 8 hours of sleep, eat healthy food, and exercise regularly so that you have the energy to give it your best.

5. Intern or Volunteer
Interning or Volunteering is a great idea while you’re unemployed. It will get you out of your funk at least temporarily. You get to meet new people, add to your network, learn new skills, and it can lead to a job. I volunteered with a political party for a week and they decided to hire me.

6. Take Any Job
Don’t scoff at jobs that get sent your way. It’s much better to earn a measly income than none at all. Some jobs can lead to something better. Temp jobs can lead to full-time jobs, etc.

7. Sign Up With a Temp Agency or Recruiter
Recruiters are awesome for many reasons. They will usually help you improve your resume, for free I might add. Also, they will help place you in a position without any cost to you. So I say it’s a Win Win!

8. Learn an In-Demand Skill
Sign up for a nursing program or learn to code. There are many social programs that allow unemployed people to learn IT skills for free. Now is the time to take advantage of those.
9.Consider Outlandish or Out of the box options
If you have the flexibility, moving for better job prospects might be a good idea. If you’re adventurous, English teachers in Korea or China are always in high demand. If you want to stay closer to home,

10. Start a Business

If all else fails, then start a business. It’s the perfect time to do so because you have the time and nothing to lose. Tons of business are started with very little cash. Some examples include craft businesses, where you create something and sell it on etsy or another platform. There are tons of other examples. Pick a skill that you can do better than the majority of people and either offer to do that skill or teach others how to do it. For example, you could do bookkeeping or taxes for people, you could create websites for individuals or businesses, or you could sell artisanal ketchup. Just do a google search for business ideas if you’re stumped!

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