Money 302: Big Decisions – Unemployment

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Money 301: Big Decisions – College

Go into survival mode

  • Pay minimum debt payments
  • Spend nothing on luxuries or your social life
  • If you get severance pay or government unemployment, don’t kick back and live off it, squirrel it away until the next job comes in
    • The appeals process is sometimes extremely tedious, so research before expecting it to be straightforward
  • Treat every dollar as investing for the job search
  • Don’t make any major life decisions, unless it is a guaranteed employment opportunity
    • Beware of “job” scams, since they often target the poor and unemployed

Look for another job ASAP

  • It may be tempting to pursue hobbies or a small business, but this can be a dangerous and unfruitful road
    • Hobbies take a lot of time, and small businesses take both a lot of time and money
  • Plug into networks and connect with others, since 85% of available jobs are never listed
  • If you are in any way spiritual, you may be tempted to pursue full-time ministry
    • This sounds attractive while unemployed, but will add a failure to your current career trajectory
    • If you cannot succeed in a physical endeavor, your reputation has been tarnished against your success in leading others in a spiritual one

Look outside of your field of expertise

  • There are many reasons you may lose a job, and they all should open you to pursuing a different industry
    • Company cutbacks means that maybe the industry itself is taking a downward turn
    • Job skills can become obsolete, and your layoff may represent technology’s change on society
    • If you were fired, your reputation may be damaged enough to sabotage any network inside the community that your industry is made of
  • Be ready and open to the idea of moving to another region or even another country for work
Next: Money 303: Big Decisions – Cars