No Job? Steps To Take

I can imagine you or someone you know no longer has a job. Either that or your job security is at risk. If so, then you should take the following steps when losing a job:

1. Get unemployment benefits – it depends State to State. Make sure you talk to your former employer to seek for help. Contact your local unemployment office so you can get it ASAP.
2. Check health insurance option – your former employer might allow you to be on some cheaper health insurance program for a few months. Check around to see if your the rate is better. Sign up through your wife/husband employer’s health benefits.
3. Rollover 401k to IRA – you might have to cash out your 401k out due to liquidity problems. If you can afford, roll over to an IRA.
4. Apply for any other benefits – apply for all the government help for people out of work. E.G. Food stamps, housing assistance, local unemployment office, etc.
5. Cut all unnecessary spending – cut your cable bills, home phone, eating out, and shopping.
6. Job search – send out at least 5 resumes a days. Contact everyone you know about your job search.
7. Other options – maybe travel if you have money or go back to school. Since you have more time, think about a career change or learn new skills.
8. Alternative income – start a website or ebay on the side.