Expert Tips on What to Do If You Lose Your Job – Unemployment Resource Guide
Losing a job in a shaky economy has widespread implications… from psychological issues to practical matters such as how to replace lost wages and benefits. Experts offer advice such as, “Starbucks saved my life,” and how to “Bulletproof Your Job.” We offer the Top 8 Resources you can use to figure out how to bounce back and regain everything from your confidence to those valuable benefits.
Expert Tips for People Who Lost Their Jobs:
1. Choose COBRA.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) gives workers and their families who lose their health benefits the right to choose to continue group health benefits provided by their group health plan for up to 18 months.
Congress provides new incentives for COBRA.
- U-S lawmakers are helping millions of jobless Americans continue their health insurance coverage with their old employer. As part of the economic-stimulus package, the federal government will provide a 9-month subsidy covering 65% of the COBRA premium for people who qualify.
2. Replace Your Employer’s Group Insurance Coverage with Cheap Term Insurance
Replace your employer’s group life insurance coverage by purchasing your own cheap life insurance policy. Workers typically rely on the paid life insurance provided by their employer. It is free but it ends when your job ends. It’s also important for you to know that paid life insurance policy through your employer will end once you retire. Some companies will extend their entire benefits package to their retirees, however, others will not.
“You can get your own policy and higher coverage amounts for less than you think.”
Affordable term life insurance is the best choice if you’re watching your wallet… and younger, healthy people are more likely to qualify for the lowest rates. A 40-year old man in excellent health can pay about $400 a year for a $500,000 level term policy for 20-years. A free life insurance quote online takes a few minutes and will help protect your family’s future.
3. Spice up your Resume:
Since you now have some free time while you search the job market, use the time wisely and freshen up your resume to give you the best chance to land your next position in this tight marketplace. You have to look good on paper to get employer’s attention before you even walk in the door for the job interview. ‘Career Builder’ is a good place to start for resume refresher tips. Some services offer a free assessment of your current resume… and there are plenty of other free online resume building sites to help you create a strong, competitive job resume to give you the edge you need.
4. Learn to Live on a Budget.
Perhaps we take for granted that there will always be cash flow but facing the reality of not having a paycheck each month may put a new meaning on living on a budget. There are ways to do it wisely and there is no time like the present to learn how to do it right. You don’t need a fancy financial advisor either; there are DIY (do it yourself) solutions that are as simple as making a few lifestyle changes.
The 21st-century economic tight wire has made the concept of frugality cool. In a world of coupon clipping for everything from groceries to big-ticket items, it is now “IN” to be thrifty. Some believe consistently saving money in these ways can help you build wealth.
5. Time for a Motivational Makeover:
When bad things happen it often becomes an impetus for change. A dramatic life event can turn into positive change if you have the right motivation… it could even lead to your best life yet. There are many free options available to you online where professional life coaches offer advice on everything from career to home. Even the legendary motivational guru Tony Robbins has an online option.
6. Executive Coaching May Be the Answer:
If what you think you need specific career coaching, to advance and rise to another level, executive coaching is an option. There are a wide variety of business tools or “mind tools,” to help you get there. Many business coaching firms realize the online marketplace is the best way to develop business to take advantage of their free offerings. You might say certified life coaches are the 21st century equivalent of 20th-century psychologists. See it as an adventure to the future.
7. Do you Have What it takes to become an Entrepreneur?
One of the key characteristics of successful entrepreneurs is optimism. According to entrepreneur.com, they are “persistent and determined to succeed because their own money and ego are at risk.” If that sounds like you maybe it’s time to have your own business and work for yourself, instead of for someone else. Experts identify up to 25 skills and practices that you need to have to succeed on your own. Could losing that job be the blessing in disguise you needed to make it on your own?
8. Get Off the Couch and Shake the Shame.
Life happens so shake it off. Losing a job is not the end of the world. Some of the most successful leaders, Apple CEO/Founder Steve Jobs once said that being fired from Apple in 1985 was “awful tasting medicine but it’s what the patient needed.” In one of his famous speeches he admitted, “So at 30, I am out. And a very public out. What had been the focus of my entire adult life was gone, and it was devastating. I really didn’t know what to do for a few months.” But the creative genius pulled it together and started a new company… selling it off 10-years later for $400 million to… none other than Apple. You may not have a billion-dollar invention under your belt… most of us don’t… but making the next move is empowering. Call it a personal plan of well-being… an exercise plan for the body and mind— to awaken the wisdom and power within.