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does the heart good to serve others– Helps give perspective to the situation– Also and excellent way to network/hunt unpublished job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