Judge Penny Gives "Real" Advice
What to do when you lose your job?
1. The first thing you must do when you lose your job is not to panic. Everything happens for a reason, and you have to quickly make the best of a bad situation. Gather yourself and whatever you do, don't take it personal. Business is business. You must always remember that when one door closes another one can open. You may be disappointed, but you don't have time to feel sorry for yourself. Sorry will not pay your bills. See this as an opportunity for a new beginning.
2. Immediately do an assessment of your finances. Make a list of everything you owe; your monthly payments and what cash and savings you have on hand. You must always keep a roof over your head. Always pay your house note or rent first, utilities and food should be second, followed by transportation & gasoline needs. After those debts are secured, pay your remaining debts. Inform your debtors immediately if you find yourself behind on bills. Do not run away from this issue. There is nothing to be ashamed of. This happens to people everyday.
3. File for any benefits that you are entitled to receive.
4. You must stop spending money on non-essentials. Save as much money as you can for your necessities.
5. Don't allow the fear of the unknown to spread through your mind and that of your family. Have a family meeting and be honest with family members about the situation. Make it a general conversation without details. Your job as the parent is to reassure your children that life may change, but the fundamentals of the family unit will remain the same. Everyone will be asked to make a sacrifice. This is the time for the family unit to be supportive of one another.
6. Assess your desires for your life. Changing positions can reflect the mark of a new season in your life. This could present a wonderful opportunity to decide what you really want to do. As you are re-doing your resume and contacting your network of friends and family for job opportunities, look for the greater lesson. Do you want to continue doing what you've been doing? Would you like to start a business? Do you need to go back to school? Should you update your technology skills? You should make something good come out of this.
7. Make looking for a job your new job. Spend anywhere from 6-8 hours a day making calls, sending out resumes, checking job sites on line - doing what you have to do to make it. Do not allow yourself to become discouraged. It takes time. Learn the power of waiting. Remember; see this situation as an opportunity to start over.
8. Put your pride aside and let as many people know that you are without a job and that you are looking for work. Be willing to lower your standards by taking multiple part-time jobs if you must. There is a saying that "you can get a job when you have a job." Do what you have to do to get to the next position.
9. Finally, make some promises to yourself. Make the promise that you will never find yourself in this position again.Create multiple revenue streams in the future so that you are not dependent on any person, business or situation. Do what you have to do if it means selling cakes out of your house, having monthly yard sales or getting a booth at a flea market, getting a real estate license, or even making jewelry in your spare time. Allow this situation to give you the determination to be free from debt. Allow this situation to give you power.