Showing posts with label unemployed. Show all posts
Showing posts with label unemployed. Show all posts

Friday, June 25, 2021

How to Stay Financially Secure After Losing Your Job

If you have been laid off because of the COVID-19 pandemic or any other reason, coping with the sudden change can be depressing. Rethinking how to foot your bills and replenish your income will require sobriety. 

Despite the anxiety, remember the next steps you take should be strategic and reasonable to help you manage the harsh season. Below are significant financial moves you should make to stay financially secure after losing your job.

Control Your Emotions

The emotional toll of job loss can affect your mental health significantly. If you do not devise ways of renewing your sense of purpose, you may become an emotional wreck sooner than you think. 

The disadvantage of becoming emotionally and mentally drained is that you may make poor financial choices that might affect you in the long term. If you feel overwhelmed, find a bankruptcy attorney and share your issues. 

Do not rush to pull all your IRA or 401(k) money out without seeking advice from an expert. Instead, use the money you saved for emergencies to sustain yourself as you plan on the way forward.

Check Your Eligibility for Various Relief Programs and Unemployment Benefits

Cutting down your expenses after losing your job will help you a lot as you pursue other courses that could earn you some money. Usually, if you can prove that you did not resign or get fired, you may be eligible for unemployment insurance, among other unemployment benefits. 

Also, your employer may decide to give you a severance package as you go home. Should this happen, consider reviewing the contract before signing on the dotted line. If need be, involve a benefits attorney to help you understand any ambiguous information. 

Rushing to sign a legally binding agreement can be risky because you never know; the devil may be hiding in the details.

Protect Your Taxable Assets

You should act swiftly and apply for state unemployment as soon as you lose your job. Although it is taxable income, the state can defend you if your employer claims a reasonable cause. 

Also, if you withdraw your 401(k) funds, ensure you return it or take a rollover within 60 days, or else you may be penalized.

If you have a mortgage you are refinancing, try to negotiate and ask them to reduce your monthly payments. If you don’t own a home yet, talk to your landlord and negotiate fairer terms. They may consider you because finding new tenants can be tricky sometimes.

Monday, April 6, 2015

7 Tips for Getting Hired After Age 50

It may be particularly imposing to locate a brand-new career in your 50s and 60s. The joblessness rate for older employees is less than that of young adult employees, but when unemployed, older employees appear to have a lot more problems landing a new job. 

The typical period of joblessness for job hunters age 50 and older was 45 weeks in November 2015. That's more than 6 months longer than the 32 weeks younger employees stay out of work, according to an AARP Public Policy Institute study of Bureau of Labor Statistics files. 

Right here are a few techniques to discover a brand-new job after age 50.

Begin your job hunt immediately. 

Do not wait until your unemployment ends to begin searching for a brand-new job. "It does look like possibilities are best for the out of work once they leave their occupations, so it may be a smart idea to begin job hunting in earnest right at the start, instead of easing into job hunting while on unemployment," states Joanna Russell, an assistant professor at Texas A&M University who researches age bias. 

A sizable hole on your resume and an increasing sense of annoyance with the job hunt process can make things much more challenging to get employed once again.

Work your network. 

Even though there are definitely numerous modern-day methods to locate jobs on-line and through social media sites, having contacts at the business you want to work for is still among the very best strategies to discover openings and get employed. 

"The No. 1 method to discover a job is through contacts," Russell states. "You can stay away from a great deal of implicit bias if somebody who knows you wants to vouch for you."

Assure a young boss. 

Some supervisors might feel awkward supervising somebody who is more seasoned than they are. 

"The important thing to remember is that the individual supervising you or making the hiring selection might well be younger than you are, and unsure about managing somebody with more experience," states Petrov Dimetrious, an administration professor and administrator of the Center for Human Resources at the University of Pennsylvania's Wharton School

"So it is essential to let them understand you are OK with the job you're applying for, that you do not want their job which you are expecting to take instructions from them."

Do not discuss your age or the job interviewer's age. 

You do not wish to call attention to your age by detailing jobs you held over 20 years ago on your resume or discussing your age in the course of the interview process. Equally as important, do not discuss the age of a younger boss. 

"Even when the individual interviewing you is no older than your kids, never ever make any reference to their age, thinly veiled or otherwise," states Joan Anderson, an occupation trainer and author of "Beginning Again: 50+ Tips to Win From Your Dreams in  Semi-Retirement." 

"Making apparently innocent remarks like, 'Did you like college?' might readily be misinterpreted as a contemptuous and unwelcome statement."

Minimize your resume. 

You do not have to incorporate every position you have ever held on your resume. "Do not make your resume a history lesson. Emphasize your latest accomplishments and the new skills you're getting," Anderson states. "In general, you ought to keep the light on the last 10 years of pertinent experience."

Discuss why you're not overqualified. 

Possessing 20 or 30 years of job expertise can make you appear overqualified for lots of jobs. "Make certain your cover letter discusses why you're ideal for the work you're applying to," Russell states. "Explain any gaps or why you're applying for something for which it looks like you're overqualified."

Show your facility with modern technology. 

More mature professionals are frequently viewed as being not able to efficiently make use of modern technology. Make it clear to prospective recruiters that you are tech-savvy and continuing to stay up to date with brand-new developments. 

"I believe the single greatest thing you should do to get rid of age bias is to show your comfort with modern technology and social media sites throughout the interview process," Anderson states. 

"There are lots of various methods to discreetly let prospective companies understand you're tech-friendly: Include your LinkedIn URL on your resume, point out a fascinating article you discovered on the company's Twitter feed or be a regular contributor to industry-related organizations on LinkedIn.

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