I remember the pain so well after losing a job. The disbelief, discomfort, and sense of failure set in. I felt anxious, worried, stressed, and fearful of the unknowns ahead.
I’ve lost my job 8 times in a row… Being laid off and even fired in one instance. It feels terrible, and a knot forms in my stomach as I write this.
While I’ve lost my job many times, knowing how I persevered and overcame these challenging times is essential. And precisely what I intend to share with you here today.
Have you lost a job before unexpectedly?
If so, you know the feeling I’m talking about all too well…
Losing your job sucks. Many people have recently been laid off or are about to be in the coming months.
With the talks of recession and downfall in 2023, it’s only a matter of time before things tighten up in the economy even more.
So what if you find yourself in a challenging situation, like losing your job? How do you progress, move on, and, most of all, contend with all of your current responsibilities?
If you have a family, car, home, bills, and many other items on your plate every month, you need to produce, and you need an income.
While some have fewer responsibilities, knowing key ways to get up, shake yourself off, and keep moving forward is important.
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Initially, in my career, I was young with no money and no idea what I was doing. I was in massive debt while making barely any money (a familiar site to many of you).
Getting into a good spot is tricky if you find yourself in a similar situation. But, nonetheless, you can do your best to prepare for the worst over time.
I was living paycheck to paycheck and had no choice but to prepare. Speaking from experience, knowing and understanding your situation is better while having hope.
Preparation for the worst will undoubtedly help you overcome a job loss.
The main way I know and can recommend how to do this is via money.
Having savings for a “rainy day,” as many people like to say, or a “safety net” will come in handy when things take a turn for the worst.
And in my experience, circumstances can change in an instance…
I remember walking into work on a Friday thinking everything was great and finding out 4 hours later that I no longer had a job. Talk about a turn for the worse.
Setting aside money in case of an emergency like a job loss will no doubt help alleviate stress, anxiety, and pressure.
Aim to save a $1000 safety net if things are tight for you.
Hold it in cash in your savings account for emergency use only.
By emergency, I mean your car breaks down unexpectedly, you lose your job, or you have another large payment coming out of nowhere. (This money is not to fund the latest iPhone or thing you want that you can’t currently afford).
While $1000 is a great starting point, you should aim to save 3 months’ worth of expenses and then 6 months.
To figure out your expenses, you need to know how much you spend (on everything) bills, food, rent, car, cell phone, gym, etc.
Once you have that figure, times it by 3 for 3 months' expenses and 6 to get 6 months' expenses.
In a perfect world, you should always have anywhere from a 6-12 months safety net in cash.
This is unrealistic for many people, especially those in debt and/or lower income. So start with the $1000 and work your way up.
The major problem with losing your job loss is income. You need to eat, feed your family, and pay your bills. But, without any savings or safety net, you put yourself in a vulnerable and dangerous place.
Anytime I lost a job (which seemed often), I would immediately reach out to those in my network.
This was previous employers, bosses, company owners, previous classmates, or others I knew in the industry.
Having a strong network and a good name for yourself will prove very important for this step.
If you’ve done your best, worked hard, and built a solid name for yourself over the previous years, you’ll likely have a bigger and stronger network than those who haven’t.
I’ll be honest; losing your job can damage your ego and confidence.
This can easily turn you into a spiral of negativity, excuses, and inaction.
But, if you have done your job and created a strong network in the past, this will serve you more than ever.
I remember phoning an old boss the night after being laid off from one job. We had a short conversation, and he said he would help me in any way he could.
A week later, I was working back with that company.
No emails or posts on LinkedIn were sent, and I didn’t need to update my resume or apply anywhere.
That’s your network's potential power if you’ve built it properly.
These 3 tools have helped me to create trust and respect within my industry.
Losing a job can change things in your life for the worst fast.
This is why keeping your head up, moving on, and taking action is critical. Especially early on.
I talk to people daily who have been searching for jobs for years (yes, I said years). And now have little to no hope of what they’re doing.
You must act quickly and get back on track immediately. If you don’t, you may put yourself in a much more difficult situation for months.
Avoid getting comfortable at home and watch Netflix for 8 hours a day. Instead, wake up with intention and tackle the hardest task of your day first thing.
Eat a good breakfast, drink coffee if that’s your thing, and get to work.
Finding a job won’t happen without any effort from your side.
You must be willing to do things differently and return to the grind.
The sooner you can get traction toward a new lead, contact, and job, the sooner you will return to work.
Losing a job can derail many people, especially if they’ve had “security” for years within the same company.
I can tell you firsthand the myth of job security, especially in today’s fast-paced world.
Job security is two words people tell you to feel safer.
Everyone is replaceable in every position.
So, get over it and make it happen because no one else will do it for you.
After losing my job 8 times in a row, I’ve learned a few things about perseverance.
Without utilizing these 3 things together, I would have been in a worse position than I am now.
If you’ve lost your job recently or are scared of something happening soon, it’s time to plan for the worse.
Follow these 3 steps to minimize the money you might spend, the risks you have to take, and the mindset to move on.
Are you looking to make a career transition?
Chris M Wilson
Chris Wilson is a keynote speaker, CTI coach, and entrepreneur. Through his Hover to Fly framework, he aims to impact the next generation in their careers and lives.
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