Answer: Sudden unemployment can wreak financial havoc, and the strain it puts on your finances may force you into taking a new job that does little to advance your long-term career goals. Fortunately, the shock of sudden unemployment can be mitigated by taking a few preemptive steps.
The first step is to constantly cultivate your professional network, even during times when you feel secure in your job or career. The most sought-after jobs are not usually filled by applicants who come in through an online job board or the classifieds, but through professional networking. Should you find yourself unemployed, having a vast professional network can give you the highest quality and most abundant job leads.
Another option is to take a hobby or something you’re good at and turn it into a reliable side income. This can be done part-time while you’re employed, and should you suddenly or unexpectedly lose your employment, not only do you still have your side income coming in, but you can devote more time to that venture and earn even more from it. You may decide to limit your side venture to a stopgap measure, or it could blossom into a full-time career that eliminates the need to find another job.
Finally, the blow of sudden unemployment can be softened by maintaining a robust emergency fund. It is recommended that everyone have at least three months of living expenses set aside at all times, and six months may be a safer bet during a recession or sluggish economy. When you’re able to cover your living expenses without too much stress during periods of unemployment, you can confidently plan your next career move without slipping into desperation mode.
Compiled and taught by Sin Sidara