Living Off Savings

Have you ever been laid off or your spouse loss their job? It’s often not their or your fault, but the business cycle changed or the economy in recession. Worked for one company with only one customer. When the US Navy did not need two suppliers, we were out of business. We feel bad because we did not see it coming.

Working in several industries have been through this cycle and expect to experience it again. My joke with younger workers is there are two types of aerospace employees, those who have been laid off (point to me) and those who will (point to them). Entrepreneurs may have their income go to zero with no warning.

What do you do when you have lost your job? Panic? Get Mad? Usually am in shock, and crawl in bed for a week. Had a co-worker who brought his clubs and played a round of golf every time happened to him.

There are some things you should do when jobs and income disappear:

1. Breathe. Some deep breaths will help you relax and start to think.
2. Exercise and take long walks. Humans think better when we move.
3. Start making a list of all your successes. Not in our nature to compliment ourselves, but these case studies are going to help us get to work.
4. Cut Spending Now! You need internet (unless you have a kind neighbor), and you don’t need premium cable or Netflix subscriptions. Take in a roommate or rent a room. You want to stretch unemployment and savings as far as you can.
5. What do you have you can sell? I sold a house because I could not afford the mortgage. Got an extra car? Collectables? If you have to move can you get rid of it now?
6. Take a taxi job to help you get to your next job. Work temporary, bartend, wait tables, serve coffee, clean houses, consult, drive for Uber, or do telemarketing. No this job does not belong on your resume, but doing anything will help your confidence and recovery. It extends your unemployment benefits, you with people, make a little spending money, and recover your balance.
7. Research your industry and any related industries. Who is hiring and why? What are the future trends? What new technologies are coming? Reading the last 6 months of industry magazines & newsletters will have you ahead of the hiring managers and create small talk topics to talk about in the interview.
8. Set a maximum amount of time to apply for jobs. After 6 hours would start to lose my mind.

The goal of these ideas are to lower your stress, get a little fitter, and keep your ability to network and interview. Unemployment destroys your social support and routine. Be the relaxed, confident job applicant with a tan who is ready to get back to work at the interview. You will get back to work sooner.