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.