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The Pink Slip Slump



Whether you move in a new direction like Marisol or follow the traditional job-search route, you should identify your skill set and what you really enjoy doing; then, stress both of these in your applications and your job search. “It’s crucial to set yourself apart,” says Wardell.

The Economics of Job Loss

Aside from being a huge blow to your self-esteem, losing your job can also be a massive blow to your finances. “During one of my layoffs, I went from earning $250,000 a year to earning $10 an hour as a carpenter,” David explains. When supporting a family, this financial hit can be especially devastating.

Depending on the reason for your job loss, you may be eligible for unemployment benefits. Unemployment compensation varies by state, so do some research to find out what you’re entitled to.

Nevertheless, one of your first tasks should be adjusting your budget for the sudden drop in income so even if you can’t leave with a severance package, you won’t necessarily be in a rough financial situation. Also, investigate all income possibilities within the first 30 days, including dipping into savings or taking out a personal loan.

When Jeff Brand was a senior in high school, his dad lost his job of 25 years due to a merger. “He lost his job three months before his retirement vested,” he says. “He felt betrayed and it impacted the whole family.” When the Dallas, TX, resident was faced with his own job loss as a result of a merger, he made the decision to leave before being laid off. “I didn’t panic,” he says. “Aside from our mortgage, we were debt-free and didn’t have high car payments. We could have gone several months without a paycheck and been fine.” By getting a handle on his finances early, Jeff was able to take his time to find another job. He soon found a position as a fund manager for an investment bank.

Job Loss, Your Gain

Eventually, a job loss can result in a new and better chapter in your life. Until you reach that golden horizon, keeping the proper outlook is key. While you search, “Say to yourself, ‘If I don’t get the offer, there’s another, better opportunity waiting to be discovered by me,’ ” recommends Joseph.

Posted: 12/21/07
doberman1958

Thanks for this article....being 50 and unemployed for the first time in my life, I am so scared of not ever being considered for a posting, but here's hoping that the comment from the lady who was laid off at 60 about experience when you are in your early 50's will still make me an attractive option for my future employer.

waynej01

good advice i lost my job of 31 years im 51 i feel obsolete ilfeel my world is falling apart icant find a job i fear im going to lose all i have ifeel nothing im doing is doing any good i pray every day GOD give me a job nothing happens its hard to keep trying sometimes i dont feel im doing any thing right when it comes to finding a job this is affecting my whole life l cant see the light at the end of the tunnel

brinkleys

Even when you know it's no fault of your own (company bankruptcy) and you have excellent references it can still devastate your self-esteem. Especially when others are finding jobs and you are still unemployed and running out of money. That has been my biggest struggle, trying not to let my self-esteem plummet and become depressed when nothing is materializing.

KMCEEP

A little helpful, but what about the "average" joe, that is a janitor? He certaintly doesn't have the finances to start a publishing business or to even think of doing such. What about the little guy?

  • By KMCEEP
  • on 4/20/08 7:38 AM EST
jobjuggler

Very good advice! Lynn Joseph and Patti Wilson are pros. Here's a great employability tool for hs on up. It's online and self-paced: Link.