How to Survive Unemployment
It’s hard to hold down a job these days, especially with a global economic crisis in the works. Every month, thousands of people find themselves out of work because of cutbacks, layoffs, and company closures. You may be one of the many people who have lost their jobs because of the financial crunch. Here are some ways to deal with and survive unemployment.
Look for a Job as Soon as Possible
Unemployment is temporary; the best way to deal with losing your job is to find another one as soon as you can. Despite company closures and mass layoffs, new jobs are open on the market today, provided you get one that best suits your experience and qualifications. Here are some tips to keep in mind when you’re looking for a job:
Update your resume. Now is a good time to review your resume and add new skills, work experience, and references. Remember to keep your resume concise, impressive, and straight to the point. (Tips on how to write a resume)
Choose the most stable job available. The goal of job-hunting is to look for the most stable companies that can assure you of financial security. Do your research; check the company’s earnings, the company profile, and if it’s not in the red.
Find part-time work. Sometimes you have to settle for a series of part-time jobs to keep yourself afloat until a permanent job offer comes your way. Choose part-time jobs that have the possibility of becoming permanent if you really like what the employer has to offer, or if it pays well.
Passive Income
unemployedPassive income is money you earn without having to work. While passive income will not generate as much money as a permanent job, it does give you a small amount of money to tide you over until you get suitable employment. Here are some ideas:
Savings interest. Depending on the amount of savings you have, your bank account can generate enough interest to help pay bills and other expenses until such time that you have a stable source of income.
Small stocks. Investing in the stock market may seem to be a bad idea, but there are many stocks and shares out there that are worth putting your money on. Keep track of stock tickers and business reports to see what companies you can invest small shares in. (Learn how are stocks and bonds sold)
Start Your Own Business
If you have enough capital, you may want to consider spending some of the money to start your own business (See how to start a small business). With an innovative idea and a good marketing strategy, you can make enough money to employ other people as well. Like any other full-time job, you need commitment, dedication, and sound planning to keep your business going. You may also need to approach potential partners and investors to give you the money you need to start your business.
Unemployment is a real threat to many people, especially at a time of financial crisis and economic meltdown. With these tips to help you survive unemployment, you can earn and save enough money until such time that you can get a stable, permanent job.