In the US, the unemployment rate stands at 3.6%. The monthly youth unemployment rate is 8.3% while the number of long-term unemployed people is 1.23 million.
One of the most traumatic experiences in one’s career is job loss. As a difficult chapter in your life, you will feel hurt as you come to terms with the sudden change in your career. What you need to know is that you can turn around this situation and rebuild yourself.
Want to know what to do when you lose your job?
Read on and learn 5 things you should do immediately after a job loss.
1. Never Take It Personal
Getting fired can leave you feeling worthless or unwanted. Taking it personally will leave you with negative feelings. The first thing you need to understand is that getting fired is not your fault (unless you were underperforming).
In most circumstances, getting fired is part of the company’s strategy to streamline operations. By downsizing, the company is able to improve service delivery.
If you are fired, don’t harbor negative feelings. This can create bigger problems and make it difficult for you to move on.
2. Never Bad Mouth Your Former Employer
In the world of social media, it is very easy to rant on your page how your former employer is this or that. While it’s tempting, avoid bad-mouthing your former employer after a job loss. What you should do instead is to focus on rebuilding your life.
Getting fired is not the end of life. There are thousands of companies out there looking for people with skills like yours. If you bad mouth your former employer, you will end up losing any new opportunity even before you get it.
3. Never Panic
When you lose your job, you may lose your focus and clarity. This makes it difficult to plan your next steps. If you are not careful, you may descend into an anxiety spiral.
What you need to know is that there are many options out there. To ensure that you do not descend into an anxiety spiral, give yourself time. The only way you can move forward is to have an open mind and a clear head.
We recommend that you take a road trip or a short vacation with your family. This will help you clear your head and focus.
Learn more about guaranteed payday loans and how they can help you get out of a financial crisis.
4. Never Borrow from Your 401k
While in panic mode, you may be tempted to dip into your 401k. That’s a bad idea. If you dip into your 401k, you may end up with the extra burden of taxes.
Why? You withdrew the funds early (before you are 59.5 years old) and as such, you will incur a 10% penalty. This means, cashing in your 401k will result in you losing half the money after taxes and fees.
Need money now unemployed? Use your emergency fund.
5. Put Yourself out There
The biggest mistake most people make after getting fired is not engaging with others. In fact, most people withdraw and spend their day in the house watching TV shows and eating junk food. Want to get a new job and your self-esteem back?
Interact with family and friends. By doing so, you get to put yourself out there. In case one of your friends learns of a new opening in another company, you will be his or her first consideration.
Also, putting yourself out there leads to new ideas.
Getting Back on Your Feet After Job Loss
Want to get back on your feet after a job loss? File for unemployment, budget, revamp your resume and update your LinkedIn profile. By taking these steps, you make it easier for you to get another job within a short time.
Meanwhile, try freelancing.
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