You're Fired!!! What Do You Do to Protect Your Future?
THE BIG THING I WANT YOU TO KNOW:
Getting fired can send you into a panicked frenzy where you feel like you have to take the first job you find, and that is exactly what you SHOULD NOT do! Don’t settle for a job that isn’t perfect to put you on a track to reach your dreams!
You’re fired!!! Now what do you do next?
Losing your job doesn’t just hit you at a financial level, but at a deep emotional level.
I had a woman come into the office who is going through this right now, so it seemed like a good time to talk about what to do and what not to do when you get the pink slip.
(Side note: Does anyone know why it’s called the pink slip?)
First, I’m going to tell you the biggest thing NOT TO DO:
After Losing Your Job Do NOT Take the first (or even second) job that is offered
Of course there’s an initial shock when you’ve been laid off, especially if you have a family to provide for.
The first instinct to fight off the fear for many people is to scramble and pick up the first job they see, usually part-time work to provide at least a little income while they search for something else. I get it, there’s a powerful anxiety that kicks in and it feels like it won’t go away until you make a move.
*There is a caveat, though. If you get laid off and you have little savings and no emergency fund, then yeah it’s a good idea to find something fast! But I find that a lot of people I meet with have some savings and/or an emergency fund and their window is a lot wider than they think.
In the case of the woman I met with this week, she had savings, an emergency fund, severance from her job, investments, AND retirement savings. (It’s not ideal to pull from retirement savings if you’ve been laid off, but it’s not a bad option if you have to.)
Even though she felt like she had to hurry up and start making some cash, I was able to sit with this woman and tell her that, with all of the things listed above, her time window was actually several months to a year!
You have time.
Which leads me into what you need to do following losing a job.
my advice for when you lose your job is to…
view Your “new full-time job” as diligently searching for The best career move
Fight off the anxiety that comes with being laid off! It’s possible with the rightly framed mindset.
Instead, search for a job that fits your skill set and where you can be paid well to live out your passions.
If you can give 40 hours a week to searching for a job, after just a few weeks you’re bound to have leads! And even if you don’t work for two months, when you find a job that pays well and allows you to move and grow, it will be WAY more beneficial to you than settling for that part-time pay.
The key is this: no knee-jerk reactions here. Even though it’s REALLY hard. In moments like these, there’s a pressure to do something and do it fast, but the best thing you can do is be patient!
“If you can give 40 hours a week to searching for a job, after just a few weeks you’re bound to have leads! And even if you don’t work for two months, when you find a job that pays well and allows you to move and grow, it will be WAY more beneficial to you than settling for that part-time pay.”
PLUS: Remember, we’re sitting on one of the longest streaks of low unemployment and job growth in the history of our country. Overall, there’s really no better time to be looking for a job than right now! (Related: The Lowest Unemployment Rate in 50 Years and What To Do About It)
Don’t sell yourself short by jumping into a position that doesn’t utilize your effectiveness.
Now is a great time to make the RIGHT move, not just the NEXT move.
We want to hear your story. Maybe we can help.
are you facing job loss right now?
Being fired is scary!! And it can feel overwhelming to figure out what you have with all of your cash, savings, investments, and funds in the midst of the stress. Unfortunately, losing a job is something most people will go through at some point in their professional lives, and our advice doesn’t exactly soften the blow emotionally, but hopefully gives you an encouraging direction to move in.
While getting let go may blindside you, it doesn’t have to be devastating when you have a plan to find the right job and you’re financially prepared to bend and stretch with life’s inevitable ups and downs. That second part is what are company does for individuals and families every day.
Financial plans aren’t just for the unexpected changes in the market, but for the unexpected changes in LIFE. The point of financial planning is that you’re ready for these unexpected moments.
Having a plan set up that expects the unexpected allows you to have a bit of peace in times of uncertainty. We’re here to help you see how that’s possible.
If you could start FRESH what would be your dream job?