Preparing For Unemployment
Are You Prepared For Unemployment?
The boy scouts have it right, and also all of those cliches about chance favoring the prepared mind. The main difference between those who experience unemployment as a tragedy, and those who experience unemployment as a milder inconvenience - or even an opportunity - is preparation! Now that unemployment levels are hitting record levels, all sorts of people are facing a job loss. It is not the time to succumb to the temptation to hide under a rock, but the time to analyze your own situation so you can be ready!
Here Are Some Expert Tips To Prepare For Unemployment
- Protect Your Network. Make sure you have your network of friends and business associates kept where you can access it. So many employees keep all of their contacts on a work computer system, but if you risk unemployment you really need to export that list of people to a home computer where you can access it if you are suddenly denied computer access at work! The best way to find another job is through your network. The old saying is often true that is is not what you know, but who you know.
- Analyze your expenses. Some families spend $1,000 a month on eating out and entertainment. This sounds like a lot, but when movies out can cost $100, or a restaurant meal for 4 can easilly cost $50 or more, it is not that hard to let expenses like these get out of hand. This would be a really good time to cut back on extras and make sure that any money saved goes into a cash account. You may need to pay the electric bill or car insurance with some of that money!
- Consider creative income sources. Most people work at one job which is there only source of income. But if there was ever a good time to develop some other sources of income, this could be it. Your tactics could be as simple as mowing a few lawns on the week-end or organizing a multi-family garage sale (your neighbors may need money too), or they could consist of turning one of your hobbies into a part time business. Freelance opportunities are actually growing as more companies lay off full time employees.
Layoff Protection Plans
You may be qualified for layoff protection plans which will pay cash for qualified ex-employees. Paycheck Guardian layoff protection is one of the newer plans that is gaining popularity. There are some requirements, but they do pay in addition to state unemployment benefits. You cannot wait to enroll until you are already terminated as all of these plans will having a waiting period from enrollment to unemployment.
Small Business For Recessions
You may think that economic downturns are terrible time to start businesses. But we have seen a lot of startups that have really taken off. Anything that provides a service or product that saves people money or addresses a need in an economical way can be popular. We have seen several examples of this from people that help people use discount coupons (coupon parties) to websites that promote free sample products (and get paid by advertisers). Alot of people will turn to online auctions like EBay, and there is always an opportunity for EBay sellers to start a business for very little. Get some help finding wholesale product sources.
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