Prepare For Unemployment

You can prepare for a job loss.  

We have posted before about over 50 career changes. But now, in these uncertain economic times, I think it is important to think about preperations for unemployment. In our parent’s generation, older people would be sittinng this out, waiting to retire, but we do not have this confidence anymore. And nobody is immune these days. Layoffs are business decisions, and not personal ones, and many productive people find themselves out of jobs.

Of course, the old wisdom about saving for a rainy day still applies to us. Experts tell us to save 3 to 6 months income in a place where we can access it quickly. And we all intend to put that cash aside, but somehow bills come up and our cash accounts may get depleted as quickly as we build them.

A new product is on the market: unemployment protection, or a type of layoff insurance, that pays cash to the buyer if he or she is laid off. I like this product better than traditional mortgage unemployment protection or credit insurance because it makes a cash payment to the person who actually pays for the benefit! That is better than a product that makes a payment to the loan company, at least in my opinion.

Also make sure you have your network of friends and business contacts in place. Most people have much better luck finding a new position through a work contact or friend than in the classified ads sites. Don’t just leave all of your contacts on your computer at work because you may show up one day unable to login.

And of course, prepare yourself emotionally. Most of the time, layoffs are not personal. And many times, layoffs are golden opportunities to evaluate your life and work. If you have prepared, you can use this period to fix some things you did not like about your lifestyle and work life.

[tag]unemployment, layoff, job loss[/tag]

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