You are going to feel angry, you are going to feel depressed, and you are going to feel frustrated but at the end of it all, you are going to have to deal with it.
How to Deal With Job Loss
-Accept reality - one of the first things you have to do when you are without a job is that you are going to have to accept the harsh reality that you have no job, you have no income, and you have to start looking for a job all over again. Anger, frustration, shock and acceptance are the emotions you are going to have to go through.
These will then have to be taken over by a plan of action. What are you going to do to get through this situation? This is the first question you should ask yourself.
-Understand your financial position - most people have a false sense of security where their finances are concerned. They all think that they have enough money to live on for the next year or the next few months and that this will give them sufficient time to deal with getting another job. This is not the case. Meet with your accountant and find out the true condition of your finances.
You may not have enough money to support you for the next 3 months, let alone one year. The position of your finances will help you understand and evaluate what needs to be done next. Do you need to take up a temporary job to support yourself or your family while you work at getting the ideal job? Do you need to take a loan? These questions, once answered, will help you chalk out a plan.
While understanding your finances, you also need to assess your cash flow, your debts, your savings, and your assets.
-Formulate a plan - this is the most important step in dealing with your job loss. Formulating a plan gives you a systematic and step-by-step guide on what to do and when.
The first step is to get your entire family involved. This means informing your kids, your spouse, parents and in-laws that you are now without a job. This will help them be more supportive towards you and also will help them help you save money by cutting down on expenses.
Always prioritize your debts. Knowing which bills are of utmost importance and which need to be paid first is necessary to avoid any financial problems right from the start.
Expenses and income needs to be proportioned. This helps you to know about your spending power. Avoid using your credit card as much as possible.
Inform your creditors of your situation as this will help them be more understanding towards you.
Get a credit counselor to handle your finances and to help you with your credit and creditors.
-Get the right perspective - you have lost your job and are unemployed. It is a bad thing, but you need not look at it that way. Looking at it with a positive attitude helps and gives you the right perspective to deal with the situation. To have the right perspective, you need to accept that bad things happen, that this is a temporary phase and will pass, and that the important thing is to focus on the things you have and not what you are missing.
Dealing with a job loss is not easy; it happens to most and to the best. The key to recovering is recovering with grace and dignity.
Dealing With Job Loss
Why Multiple Income Streams Are More Important Than Ever
The latest economy reports show more and more folks ending up on the unemployed rolls. The real statistics are most often worse than what is reported.
The situation might get Much worse before we see any improvement in the job numbers.
I have always been a big fan of multiple income streams (even before that became a catch-phrase), and I think they are more important now than ever.
When I was laid off my nearly 10 year job with AT&T back in 1992, I saw first hand how important multiple income streams were. At the time, I had a part time mail order biz (and had been tinkering with that since I was a kid). I looked at the lay off as a good opportunity to get more serious about my business. I also had been doing some investing (my best-ever stock play helped BIG back in those days), and had a little network marketing income.
Many of my AT&T coworkers had no other source of income, and I clearly remember a few grown men in tears when they walked us all out the door that morning!
I would MUCH rather have five sources of income that pay me $200 a week, than to have a J.O.B. that pays me a grand a week! If you still have a job, you need to take this info seriously - NOW! If you are one of the millions of folks that recently lost a job or your only income stream, you need to take steps NOW to correct that (you still have time - perhaps a severance package and/or unemployment insurance checks to get you by - but please don't wait till they run out to get going).
How do you start to create multiple income streams? Here are a few areas that are available to most people:
* Online Income - Many things fall into this category, affiliate plans, blogging income, Adsense dollars, online jobs, marketing your own products and/or services, eBay and other auctions, & more.
* Investment Income - OK, this one may be tougher than ever, and if you barely have money to live on, how do you start to invest! I am partial to index trading, and that does not require a lot of money to get started, but to be really good at it, you need other income streams too.
* Network Marketing Income - Don't turn up your nose at this one. I have companies sending me checks that I have not worked in years. While it is true that network marketers often talk about the top guy who is making $500,000 a month, but there are a TON of folks who make a few hundred a month. Not life changing in and of itself, but as part of your multiple income stream strategy, not bad either.
* Cash Back Debit & Credit Cards - You won't get rich with this alone either, but the old saying is really true "If you watch the pennies, the dollars will take care of themselves". Pay Pal offers cash back on a debit card (which in my opinion is better than a credit card - you won't have the temptation to carry over a balance, which would cause interest charges and defeat the purpose of cash back)
* Interest Savings on Loans & Credit Cards - OK, this is not technically income, but if you save money off what you are currently spending, it comes out the same in the end - more money in your pocket and budget.
* Food Bill Savings - This is like the Cash Back cards, not really income but can be very important - especially if you just lost your job or sole income (like many folks who used to live on their stock market income). Try clipping coupons or join a coupon club. Eat at home more and quickly find more money left in the budget at the end of the month.
* Turn Hobbies Into Income - Like to go to garage sales? Turn that hobby into eBay income. Like to work on small engines or have some other hobby that can be turned into an income source? Don't sell yourself short here. Maybe you love flea markets? What if you could get an extra $200 or more a week by setting up a booth one day a week? Not enough to live on for most folks, but not bad as part of your multiple income strategy. You might even consider creating a booklet, ebook, book, or other info product on your hobby. If you are good at it, you ARE and Expert (you don't have to be the best to be considered an expert - there are folks out there who will pay you for what you know).
We have had affiliates of our Index Trading course earn up to $100,000 in a year. We've had many more earn from $5,000 to $30,000 in a year. What if you had 5 affiliate plans you liked (loved would be better - you'd be more passionate about them), that averaged about $5,000 each per year. You might be able to live on that. Add some other sources like the ones mentioned above and you might live very well!
Always be looking for ways to add additional income streams. Remember, the more you have the better! If one dries up, you are not devastated.
The time to set up multiple income streams is before you need them, but no matter what your situation is, there is no time like NOW to get started.
Both Tony Jacowski & Doug West are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Tony Jacowski has sinced written about articles on various topics from University, Six Sigma and Information Technology. Tony Jacowski is a quality analyst for The MBA Journal. Aveta Solution's Six Sigma Online offers online and certification classes for lean six sigm. Tony Jacowski's top article generates over 90500 views. to your Favourites.
Doug West has sinced written about articles on various topics from George W. Bush, Careers and Job Hunting and Forex Guide. . Discover how to build your trading income. Get Doug's. Doug West's top article generates over 5400 views. to your Favourites.
