How To Deal With A Sudden Job Loss - What should you do?

if you just found out that you're losing your job you've come to the right place stick around as in this video i'm going to share with you how to deal with an unexpected income loss hey everybody it's brian from life after layoff and today i want to share with you how to deal with an unexpected job or income loss if you're in a situation where you just found out that you're losing your job or dealing with a very unexpected income loss it can be pretty scary trust me i know firsthand what that's like because i was in a situation myself where i dealt with a very unexpected income loss and had to pivot and adjust and in fact that's the genesis of this particular channel and why it is that i do what i do is to help people navigate through very uncertain times in their careers and potentially one of the most disruptive things that they might potentially deal with really in their adult life so i want to give you some ideas on how you can address the income loss in a way that's the most productive for you and your family so let's talk from a high level and this is nothing earth shattering i'm sure you've heard this 100 times first thing that we need to do is take a look at our current situation and specifically what your financial situation is at this exact moment and we all know about the idea of having an emergency fund you should have an emergency fund set up that will cover six months of your expenses and actually the longer period of time that you can survive on that emergency fund the better you'll be able to ride the waves for some of us we may be faced with not only an income disruption but having to re-pivot all together to an entirely different career or dealing with a considerable change of lifestyle due to a reduced income the reality is probably in the beginning it's going to be a little rocky for you so just go into it understanding that that's the case and set up your lifestyle right now to start building that nest egg and if you're i guess we could call fortunate enough to have some advanced notice on when the adverse employment decision is going to happen to you then now is the time to start being very aggressive with building that emergency fund so if you're somebody that's only got a couple weeks income saved up you're definitely behind the eight ball and you need to get started on that right now so once we have the emergency fund we're covering our baseline we're establishing our ability to just simply survive the next thing that we need to do is come up with the strategy generally speaking when we look at strategy we look at the steps that we need to take in the order that we need to take them in order to achieve our goal so if you're trying to replace your income with an equal or equivalent job your strategy is going to look a little different than somebody that needs to pivot entirely out of their chosen career path so then we really need to sit down and look at the skills that are required for that career path and see where we gap and so what we want to do is write down the steps in order and i honestly suggest that you actually go in and get a piece of paper and start writing out the things that you want to accomplish and the reasonable steps in the chronological order that they need to be accomplished in because i feel like once you put it on paper you can start to massage it a little bit move things around kind of erase things and add things as they see even and collect your thoughts so once we have our strategy set then we want to look at our potential liabilities and if you're in a situation where you're going to have a potentially long-term income disruption you need to be very aggressive with your budgeting so i suggest print out your bank statements and start looking where your spending is happening because a lot of times you'll get budget creep if you haven't been paying attention to it and it's really a good exercise to go through and audit occasionally to see where you signed up for those pesky reoccurring expenses that you forgot about and going in and starting to cancel some of those and you also want to look at if you got an expensive car payment or some debt that you need to try to reduce now is the time to really see if you can start to tackle them and bring your monthly cash flow requirements down because you start to hone in your budget the amount that you need to make each month is going to get smaller and it's going to equal less stress for you for some of you you might be saying hey i live in a really high cost of living area and it's really hard for me to reduce my expenses and honestly some of you might look at relocation and getting into a cheaper area as being a viable option in fact that's exactly what my wife and i did back in 2020 we were living in a very high cost of living area in a northern city and decided to move south to a much lower cost of living area that had tax advantages and was a different climate for us both literally the climate's a lot warmer here but it was also a different mentality we also were able to get closer to family by making the move so there was a support structure and we didn't really have that where we were so if you're looking at your current living situation you know maybe you really look long and hard about is it the right place for you and is this the time that you should be making all those changes in your life because you know that's honestly probably the best time to do it when you're going through the upheaval you might as well get it all done at once and you might find yourself a lot more mentally happy in a place where you can restart from scratch so assuming that you've got your budgeting down you're in a place where you can realistically survive and you're relatively happy and you've got the emergency fund now let's start looking at the tools necessary to get us there now we have to have a finely tuned resume in order to get noticed by the recruiter but we also have to have some strategy behind how we apply the resume to give us the best possible results and that is a skill that you need to learn in your career i would strongly suggest putting the energy into learning how to write your resume but also how to use it and if you're somebody that has not updated your resume in several years you really need to start making it an active document going forward in your career and while you're at it you might as well also look at those interview skills because you're likely going to need them pretty soon too so if you're somebody that gets overly nervous in your interview check out the other videos in my channel because i give you a lot of tips and suggestions on how to improve your interview skills and truly impress the recruiter as you do that you're going to gain some confidence in your ability to track positions but if you think you need more help on how to write a resume and how to interview properly i do have some training courses that i would suggest you check out on my website and i really do recommend that you hone those skills and not when you need them but before you need them because you're going to be in enough stress as it is and trying to play catch up and trying to learn all these things while you're dealing with the upheaval in your life is just an added stressor to your life that you don't need okay so we've got a great resume and we know how to interview effectively and sell ourselves now we need to look at targeted job search so if you're in a certain company a certain industry a certain part of the world that is dominated by a certain type of employer now's the time to start looking at who are the potential employers in your market specifically local but a lot of us are able to work remote now if you're somebody that's looking to make a break into an entirely new industry i suggest that you check my video out about it i'll leave a link for that so the next tip is something that i hold very near and dear as a critical component to your surviving and adverse employment decision it's the developing multiple streams of income if you've listened to my channel on any level you know that i continually pitch the importance of multiple streams of income because this is absolutely the number one thing that will help you navigate through uncertainty leave a comment below if you want me to make more videos on multiple streams of income and options for that the first multiple stream of income is obviously going to be starting a business and some people may opt to start an actual business brick and mortar uh or maybe something that's online may want to start looking at investing people also start blogs people do youtubing um some people do reselling some people sell on amazon there's so many ways you can make alternative streams of income than just having a corporate job and i think that's absolutely a great thing because you can build something on your own that you will entirely control you won't be at the mercy of an employer and you can grow it on nights and weekends great thing about having your own business is if you're faced with a situation where you're going to be dealing with a sudden income disruption and you probably have a little bit more time on your hands than you normally would think of all the energy that you can put into that business to make it successful and that's exactly what i did with a life after layoff i had a period of time where i was unemployed and i worked feverishly to start this channel to build my website to build my business up while i had the time to do it and i tell you what i would have not been able to do this had i not been unemployed so really take the multiple streams of income seriously because they do take time to build it's not going to be something that you're going to start today and all of a sudden you're going to have income coming in from so don't look back and regret and say man shoulda woulda coulda when you had a chance six months ago but if you're somebody that's struggling with coming up with ideas and aren't really sure how to address it i actually do offer some consulting there's a link in the description for that as well alright so the next tip as you're exiting your employer is to start to really think about building your networks think about the people that you most closely worked with at your current job and it could even be vendors that you worked with and if you've not built your network at all think about who you went to school with any classmates that you might be able to lean on people in previous jobs that you used to work with co-workers that have moved on and up in different organizations maybe it's your neighbor or people that you go to church with whoever it might be that you can start to build a solid network with because not only can they help you get new job opportunities but they're also people that you can potentially market your side hustles to and if you're somebody sitting there saying gosh i don't know what to do all i know how to do is what i've been doing forever and i won't be able to do it anymore you might want to consider consulting instead of contracting so if you're somebody that's built up a very niche skill set and you have a lot of intellectual property that you'll be taking with you from the employer that might be an opportunity to go back to your previous employer and offer your services as a consultant and make sure you value yourself very appropriately because there's likely a high value to the information that you have stored up here and let me give you a quick example i know somebody that is losing their position that they've worked out for 20 years and they have a very high degree of tribal knowledge the company that they're working for is going to really struggle with this opening because there just aren't a lot of people that do that type of work so this person is going to position themselves as a consultant and go back to the company as they try to pass on the tribal knowledge and this person is going to be likely able to charge an elevated rate because the company doesn't have a lot of options and that's why the networks are so important because you can potentially go back to previous co-workers bosses and companies that you've worked for and offer your services as a consultant it's a great idea for somebody that's really kind of stuck on what to do next and the last thing i suggest is not to freak out you have to trust in your own ability to provide the path for yourself but again it does take hard work but i'm confident and i speak with 100 percent experience in this if you're truly motivated and dedicated to what you want to do you will be able to accomplish it you just have to be smart and you have to take proactive measures starting today there you have it there's some ways that you can survive and deal with that unexpected income loss if you're somebody that is in this situation and you're looking for more help it's actually something that i specialize in do a website called lifeafterlayoff.com and it's loaded with tips and tricks all from an insider's perspective and again i mentioned that i have some training courses in there that you should check out and if you want to set up that private one-on-one consultation to unpack your situation specifically i also offer those as well so i appreciate you watching we'll see you on the next one

Channel: A Life After Layoff

Views: 23,755

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Id: 3zm-oJbOqiY

Length: 11min 11sec (671 seconds)

Published: Fri Nov 05 2021