Overcoming Job Loss Adversity

Author - Formerly UnemployedJacobs ESTS Group Employee

Advice

• Take a day or two to grieve, cry, scream, sleep ….• Then pull yourself out and get going• Pray• Exercise – get out of the house at least once a day

for several hours• Volunteer – – It does the heart good to serve others– Helps give perspective to the situation– Also and excellent way to network/hunt unpublished job

openings

Action

• Make a Plan • Update Resume• Make a list of network contacts – Personal calls followed by resume

• Practice Interviewing • Use all available assistance to job search

Expenses

• List all critical expenditures first – Keep the lights on– House– Electricity– Food– Communication needed to search for job (phone,

internet – can use library if needed)

Cut all “Extra” Spending Immediately

• Lawn Service• House Cleaning• Dog Grooming• Eating Out• Cable• Cell Phones• Extracurricular Activities• Raise/Lower Thermostat

Expenses

• Defer as many other expenses as possible: many credit card companies, etc. will allow a one month grace period for hardship – still accrues interest but payment is waived

• No new expenses– No Clothes (other than for interview)– Office Supplies (other than for resume)– Crafts, Tools, Yard Supplies, etc.

Other Income

• Understand unemployment compensation rules and requirements – there are many

• Use retirement $$ ONLY if it is the last option– You will pay penalties on the withdrawal– Check the current law – Able to take a one-time 10K IRA withdrawal each

without or with reduced penalty– Can only do this once in a lifetime, so use it well

COBRA

• Determine if you need COBRA • Continuous coverage for a pre-existing

medical condition• If not critical and your health can handle a

lapse in coverage.. – If you have a medical problem / emergency on the

last day of eligibility to make application (60days) – You can back pay the 60 days of COBRA to cover

the medical costs

Resources

• Be creative at holidays – – pot luck– handmade gifts or cards– plan future celebration for when employed

• Have a garage sale• Sell extra items on e-Bay • Post services on Craig’s List

Impact to Children

• Enjoy extra time with children if applicable – LOTS of free things to do with the family

• Help from others to keep kids in activities– as little direct impact to children as possible

• Ask for hardship scholarships for kid’s fieldtrips, camps, etc.

• Many tutors will work with you• Be open to accepting help – Many of us are accustom to being the “helper” – It is difficult to allow yourself to be “helped”

Additional Education

• If job search prolongs – Go back to school – You now qualify for “needs based” assistance – Yes, this is a loan, but added MBA or technical

degree may increase chances– Wise use of time– Additional opportunity to network

Remember

• Be patient• This is a season in life and things will turn

around• It stinks now but you will grow from the

experience