Money 302: Big Decisions – Unemployment

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Money 301: Big Decisions – College

If you lose your job, go into survival mode

Pay minimum debt payments

Spend nothing on luxuries or on maintaining your social life

Don’t make any major life decisions unless it guarantees employment

  • Beware of “job” scams, since they often target the poor and unemployed

If you receive severance pay or government unemployment, don’t kick back and live off it

  • Squirrel your money away until the next job comes in
  • The unemployment appeals process is sometimes extremely tedious, so research before expecting it

Treat every dollar you own as an investment toward the job search

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
  • If you want to start a business and have adequate funding for it, read later in this guide

85% of open jobs are never listed, so plug into networks and connect with others

  • There’s much more information on job-seeking later

You may see the unemployment as an act of God and become tempted to pursue full-time ministry

  • Physical success is connected loosely to spiritual success
  • You’ll destroy your reputation if you haven’t been successful in your current career path and become a professional minister

Look outside your field of expertise

You could lose a job for many reasons, and any of them should open you to working in a different industry

  • Company cutbacks might show the industry itself is slowing down
  • If you were laid off, your skills might become obsolete with technology’s development
  • You might damage your reputation enough from getting fired to where the industry community will excommunicate you

Look at whether you can increase any side work until you find a more stable employment arrangement

  • Alternately, look at how much work you’d need to replace your lost job

Consider moving to another region or country for work

Many times an obsolete or low-demand industry in one part of the country or world is very high-demand elsewhere

Unless you have a marketable skill as you travel, only move when you have enough money to afford the trip

  • If you need, downsize everything you own to make a more affordable move
Next: Money 303: Big Decisions – Cars