Did you/your spouse/friend lose your job? This is for you!
First, no one ever prays to be out of job. However, life is not always a bed of roses, there are always the high points and the low moments.
A job loss is not the end of the world! Once it happens, the most important thing is to face the storm realistically but more importantly, to RISE above it. These are simple tips to embrace if you or your spouse is in this situation.
- Relax and be confident. 1st step is to really accept that you are not defined by a job or lack of it. You are not the 1st, you won’t be the last so chin up. I can speak on this because I know several people that have been through this. Not once, but twice. You will overcome so stay confident and positive.
- Define a new standard! This one is tough but be real. You are no longer earning. You cannot be spending like you are. You need to make tough choices. 1st thing off the list is non-essential expenses like expensive vacations, fashion shopping, extreme donations. You also need to inform your friends, family and close stakeholders about it so they know what to expect from you. You just cannot be caring about what people will say when you are not earning. Care about yourself and family 1st.
- Do your maths. Check what is your net assets and your net liability.
- Very simply, this means check how much you have in assets- cash, investments, buildings, lands, money market, inventory and so on.
- Also, check how much you have in liabilities- i.e how much bank loans, personal loans, your recurrent expenses, family expenses and more.
- Based on the assets and liabilities, make a plan. Make a plan that allows you to sustain yourself and your family for the next 6 months. More importantly, stick to the plan. The idea is you should be back in a job or with steady source of income in 6 months.
- Don’t do anything drastic. Don’t make drastic investments, anything that is too good to be true cannot be true. Don’t get greedy or try to make dubious investments or business. Don’t borrow or lend with the hope of high interests or returns. At this phase of your life, all your brain cells must be at alert. Don’t allow your guts to rule. It’s the battle for survival.
- Go for it. Lastly, you have a target to re-gain employment. This should be your focus. Cast your net wide, this is not the time to ‘make yanga’. This is the time to network, network, network, volunteer, volunteer, volunteer, part-time, part-time, part-time. This is the time to play your last cards wisely- use your talents, passion, skills to generate income.
Good luck, keep the hope and stay positive.