Making The Most Of Unemployment

While most of the unemployed are out there looking for a job, some are considering other alternatives.  Everyone’s situation is different.  

I ran into a friend last week who told me he was laid off after five years on the job for a major telecommunications company.  In fact, the company's entire middle-management tier lost their jobs.  One clean sweep and all that was left was upper management, first-line supervisors and the worker bees.  The mid-managers were offered other positions—as worker bees making a fraction of what they had been making, so he turned down the offer. 

Instead of being worried or frantic at the loss of his income, he was quite happy.  He wasn't scrambling around for another job.  He had other alternatives.  Bob (not his real name) had been in the military, and had some years left to access his GI education benefits.  So, he was going to go back to school.  He had a few courses to complete for one degree and six semesters for a second, so he decided to take a year and a half off and return to school.  His military benefits, 92 potential weeks of unemployment and severance from his last job had him confident he could not only make it but enjoy the break. 

A lot of suddenly unemployed workers are finding out they aren’t so bad off after all.  You don’t want to be unemployed forever, but losing a job provides free time to go back to school, start a business, travel the world, train for a new career or just de-stress and smell the roses.  If you’ve been financially responsible, have some savings and are close to finishing up a degree like Bob, you can relax and focus on your studies and a fresh new career.   Or, you can just take your time searching for the perfect new job.   Here are some ways to make the most of your unemployment experience.

1.       Go back to school.  There are hundreds of exciting, lucrative careers that only require a two-year degree.  Accumulated college credits or a prior degree may be applied to the new degree program. 

2.       Reassess.   Was the job you lost your dream job?  Is it something you want to commit to again?  Losing a job is traumatic, but it’s often the break you’ve secretly been waiting for.  A lot of people stay in unfulfilling jobs for the wrong reasons and are happy they got the boot.  It’s sometimes harder to quit a job than have someone make the decision for you.  Apply for unemployment and take some time to explore your options.  What do you want to do with the rest of your life? 

3.       Downsize.   Some older workers are near retirement but still living in expensive houses or areas that require their previous full-time income.  In reality, it’s harder to find another job at the same pay if you’re over 50.  There are lots of jobs, but few are at the previous high salary with bonuses and stock options or other monetary benefits you counted on to support your current lifestyle.  You can give up the tennis membership and eat ramen noodles every night to pay the bills or you can downsize to cut expenses.  Use your time to put your finances in order, sell the house and resettle into a less expensive living space.  You may find a cozy house or condo on the water with enough space for an organic garden that will save on food costs as well.

Unemployment gives you some unexpected breathing room to really consider your future.  It can be an exciting adventure full of possibilities.  It’s a time to choose what you want to do or for the family to design a new life together.   Consider the possibilities and take advantage of a pause in life before you hit “play” again.