The New York Times posted a sobering article on what happens when people finally find jobs after 6 to 12 months of unemployment. You can read the article here.
The bottom line is that the newly hired experience emotions that the Times stops short of calling “PTSD.” Before they can enjoy being back on the payroll, they have to pay off debts and maybe deal with a lower credit rating. The children may be in a new school. Their friends may have changed or disappeared altogether. The word “job” even takes on new meaning. One woman said she’ll never throw herself into a job again. The rewards just aren’t there.
What can you do?
– Don’t wait to get some kind of income coming in, even if it’s lower and less prestigious than what you had. Often kids can get part-time jobs that include babysitting, simple dog walking, lawn moving and more. I once hired a high school student to shovel my steps when I lived in a snowy region. I made sure to ask the parentse if it was okay, but I paid something like $8-10 an hour.
– If you know your job is going away, use your health care benefits to find a licensed, qualified therapist. Consider getting this kind of help when you are back on a payroll. The stress you experience is as real as losing a loved one.
– If you can afford an hour or two with a career coach, you may find the investment worthwhile. Any investment in services will be a gamble; clients tell me they get frustrated even with licensed therapists. On the upside, sometimes a lot of decisions get made in a matter of minutes on a one-to-one call, saving days and weeks of frustration. Nobody can guarantee results, but if you spend $1000 with a coach and then get back on a payroll one week earlier, you are ahead of the game if you make $50,000 or more: you get benefits and start accuring vacation time in addition to the salary, plus you spend less money out of savings.
– Cut back on expenses before you have to and live below your means. I realize this is easier said than done, especially if you have children. However, today’s financial planners and money coaches often find creative ways to help you save money. It’s worth a try.
– Moving to a new location can be rewarding or can lead to even more challenges.
You’ll notice that I recommend investing in advice. I wouldn’t have made these suggestions ten years ago. However, the world has gotten much more complicated. Job loss is something most people have never experienced. I’m always amazed when people who think nothing of hiring a planner for weddings, parties, and bar mitzvahs balk at spending a few hundred dollars to get help with planning relocation or career change. Sure, some planners are completely worthless, but usually you get at least some benefit that justifies what you’ve invested and makes it easier to create a positive outcome.
What’s your view? How will you survive and thrive in today’s uncertain economy?
