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:
- 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.
- 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.
- 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.
- 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.
- Cut all unnecessary spending – cut your cable bills, home phone, eating out, and shopping.
- Job search – send out at least 5 resumes a days. Contact everyone you know about your job search.
- 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.
- Alternative income – start a website or ebay on the side.