Posted on 04/14/2010 5:14:48 AM PDT by CSM
Remember, it's not the end of the world
A job loss is not the end of the world. For many people, it's just the launching pad to a new, more fulfilling career. It can also be a great time to re-prioritize the plan for your money or actually create a plan.
Here are seven things to get you started on a plan that works in the good times and bad.
Stop paying extra on your debt. If you've been attacking your debt snowball like crazy, refocus that money and momentum to save a big emergency fund. Sock away the extra money to build up your emergency fund. If you get a severance, make it a part of your shopping emergency fund.
Do a budget. Download free budgeting forms. Focus on your necessities first—food, shelter, utilities, transportation, and basic clothing. The creditors can wait.
Cut way back on your lifestyle. Home-cooked meals and library books should become the norm.
Cut up the credit cards. Nothing good can come from using them. If you don't have the cash, don't buy!
Get a part-time job. Yes, they are available. Do everything you can to still generate some income until you find a new full-time job.
Think about your skills and decide if now is the time to start a small business or change careers. Your options are limitless!
Some people who find themselves unemployed will go into new careers or start their own businesses where they have the best year of their lives—professionally, financially and emotionally. Their current job loss is actually a blessing in disguise. That's how they are looking at the situation and formulating a game plan based on it. It's the best outlook anyone can have!
If you haven't lost your job but dread going to work, maybe it's time to fire your employer and go in a new direction. When you have a game plan for your money and career, you will have a sense of empowerment because you aren't a slave to the lender (or employer).
Go! Make something happen!
Good luck to you and your wife. I understand your frustration and am in the same boat!
Its a catch-22 situation, I am the supervisor, I hire and teach the drivers on how to operate this equipment, I built the truck and use it a lot at the yard when I remove engines and such, its not like I don’t know how to operate it, I hire other people to do the job.
In 10 years of having that truck I have installed less than 6 concrete septic tanks, while I have the technical expertise I lack in the field experience. So I took a risk in the name of keeping my job, the regular driver took a risk by refusing to do the job because it is a risky affair that requires field training, it is dangerous.
The regular driver may lose his job more so than I because he refused, I probably won’t have a problem because I accepted. I took the risk, he played safe, he has done what I have done several times but now driving that truck scares him too much. It doesn’t scare me, not much does, I just like driving concrete mixers better, its always different and requires a high degree of skill.
The only objection i have to his advice is the part about getting a part-time job. Sure, that’s the sensibile, responsible thing to do.
But if you had a pretty good paying job, it is likely that a part-time job won’t pay you as much as unemployment insurance, which at this point you get to keep pretty much forever, until there are real jobs available again.
But if you take a part-time job, you won’t get unemployment, and if you lose the part-time job, your unemployment will be based on the part-time job, not your full-time job.
So it is much better to NOT take a job, and instead to “work for yourself”, meaning use the 40 hours a week that you aren’t working to build up new skills, to fix everything in your house that is broken, to fix the car, to do all the things you used to pay other people to do for you.
At least up until now, you are still allowed to work for yourself without tax penalty. More on the edge of lawfulness, if you have skills and you know other laid-off people with skills, you can skill swap. Problem is barter laws might get you.
Of course, you still have to be working to “get a job” in order to get unemployment, and that will take up some time.
But if you use 5 hours a week to do coupon-clipping, you can probably save as much money during those 5 hours as you would have by working a part-time job.
You could also plant a garden, which might provide some food, and make your own clothes. Although I find it’s easier just to buy your clothes at thrift stores, rich people love to throw out perfectly good items, and if you find something that needs mending, you have plenty of time to fix it.
You could also have yard sales — they are still relatively unregulated, so if you buy stuff at thrift stores when they do “bag sales”, and you use your free time to fix things up, you can sell them at yard sales, and maybe make some money. You can also sell on e-bay, but the government is watching to see if you are running a “business” in order to tax you and take away your unemployment.
Last thing — if you have the ability to make stuff, you can start making things, but not selling them, while collecting unemployment. When the unemployment runs out, you can then fire up your home business and sell your inventory.
How much were you allowed to work part-time without cutting into your unemployment benefits? Was it really worth it?
Practice makes perfect. Plus, next time you should set up a video recorder. If it happens again, maybe you can win some money on Funniest Home Videos.
I know, you weren’t looking to be funny, but sometimes looking at the funny side of things can cheer people up. And seriously, if they can get the truck fixed, you now have some experience, and can probably figure out what the limits of the vehicle are. That’s probably how the other guy learned.
I feel sad that my whole life didn’t have something better to say for itself.
Your life is what it has been. It is now, what you want it to be.
I wish Rush would bring back the shows where he took calls from people who were down and out and made a comeback.
The country could use a that every Friday to lift our spirits.
Many Universities co-operate with the state government to put together 1-2 day seminars regarding starting your own small business in that state. They may charge a nominal fee.
Often, they will include a speaker from a financial institution that will also give you information about obtaining a small business loan.
Some cities have small business incubators offering various services.
St. Louis Missouri has a core of retired executives from many areas of expertise who volunteer to help people start their own business. They will give you advice, and often help you write a business plan, which is necessary to obtain financing. Other cities may have something similar.
My benefits were $499/week and I could earn an additional $153. It got me out of the house and I had no problems paying my bills.
While the deli job was pretty nasty (getting covered in meat juice and cheese bits), I ate pretty well so my grocery bills were low too.
I spent yesterday morning working outside in a spring snow shower up here in Alaska removing the radiator myself, being a cabover truck its more difficult.
Spent an hour or so cleaning and soldering the couple of tubes that were damaged, thats what I like about working on big rigs, most of the parts are built out of real metals unlike all the plastic on cars nowadays. After a pressure test everything held so I will put the 100lb. radiator back in this morning.
I also lucked out and had a spare identical fan blade, the old one which IS made of plastic was totally destroyed, I am removing a spacer to bring the fan blade away from the radiator as I do think it was installed too close and also in case yet another driver does what I did there will be a less chance of the fan hitting something.
Had at least 7 inches of snow yesterday but most of it is melting fast. I do have a large shop but because of the cold spring weather the septic tank crew has moved their mold boxes inside the shop so I decided to work outside, 40 degrees above I can handle all day long as long as their is no wind.
I should have the truck completely fixed by noon. At least I have the skills to do everything repair related as foremost I have ben a diesel mechanic for nearly 40 years, its just the last 15 I decided to drive the mixer trucks, more of a sit down job for us old farts.
No, Ramsey is correct here. It’s not all about the weekly paycheck. It’s easier to get a job when you’ve been doing something, especially if the unemployment is prolonged. Nothing kills a resume` faster than gaps in work history. The guy with the part time job during his unemployment is going to be heavily favored by employers over the guy who sat around and did nothing but collect unemployment.
I would recommend seeking a volunteer position in the interim, if you can’t find a good-enough-paying job. But I’m in a field where having “burger-flipping” on my resume wouldn’t be a help.
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