Overcoming Job Loss Adversity Author - Formerly Unemployed Jacobs 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does the heart good to serve others – Helps give perspective to the situation – Also and excellent way to network/hunt unpublished job openings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