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Bouncing Back: Recovering From Job Loss

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With the weakening economy, there is a very good chance that you might lose your job. This can be discouraging, but it is not the end of the world. You still have your skills, and you likely have some resources. Think of this as just a minor financial setback. You can recover from it and here is what you can do.

Look At Your Resources

When you get your pink slip, one of the first things you should do is to take stock of all your current resources. This includes the funds in your bank, what assets you have, and more. There are three important items to check. First, if you lost your job through no fault of your own, which is likely in this economy, you should be filing for unemployment benefits. It may seem too early, but processing it can take time. Every bit helps when you have no job.

Next, you need to check your insurance. Most of the time, your insurance is linked to your job. If you have an independent plan, then you’re good. But if you are dependent on your company’s insurance, then you have to look for alternatives. It can be very risky to stay without health insurance right now.

Finally, there are your retirement funds. If your company had a pension plan, then there are a few options available on how to cash out. You can either get the amount invested as a lump sum, as an annual payment, or a mix of the two. Lump sums can be useful since it can add to your funds while you are looking for work.

With all of that squared away, it is time to look at your budget. Sometimes you are lucky, and you find a new job in just a week. But some people wait months for new jobs. That is what you should plan for. Look at your expenses and your current savings. You can then work out a budget that will ensure that you don’t have to worry about necessities.

Check Your Mental Health

woman looking outside

Losing a job can be a major blow to your mental health. Many people find fulfillment in their work, and suddenly losing it can be bad for their identity. You need to sit down and take care of your mental health as much as your physical health. You will be experiencing a lot of emotions after your firing, and you need to let them out. Keeping them inside is very bad for you. Even if you get a new job quickly, the loss of the old one can leave its mark on your psyche. It would be best if you try to look after your mental health and emotional balance so you’ll be ready to get back to work soon.

Do A Cleanse

Before you start working again, it is a good idea to do a purge of yourself. This is both professionally and mentally. For professional changes, you should look at your resume and online presence. This is the perfect time to clean them both up. Improve your resume so that employers will have a better impression of you. Additionally, cleaning up your online past is even more important nowadays.

Besides your professional life, it is time you cleaned up your personal life. Get a haircut, change your habits, and more. Starting a new job can be a new chapter in your life.

Start Looking At Your Options

Your main concern now is to start earning money again. The usual way is to start looking for a new job. With a fresh resume and a check of online job sites, you should be able to find an opening or two. But that is not your only option. If you have the funds and skills, you can potentially start your own business. It can be similar to your old job, with you going freelance or a completely new field entirely. For example, you might try to start a lawn care business if you have the skills and resources. There are dozens of other business ideas out there for an enterprising person. Consider the advantages of being your boss over being another employee. You can even try it out part-time while you’re on your job hunt to supplement your income.

Losing a job can be devastating. But you can bounce back from it. It will not be easy with the current economy, but there is always a good chance to recover. Whether it is to get a new job or to start your own business, the key thing is to move forward. Look toward the future so that you can start your rise back up again.

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