Are you struggling to deal with job loss and financial uncertainty? Do you know someone who has been affected by the recent onslaught of job cuts and layoffs? If yes, then you’re not alone.
If you recently lost your job due to the ongoing Coronavirus spread, you are probably feeling helpless like never before. We understand that you may be very frustrated with the way things have played out. The financial impact of this spread is being felt all around the globe.
The stress caused by a sudden loss of income is definitely one of the major consequences of job loss. However, our jobs are much more than just a way to put meals on the table, right? They are a much bigger part of our lives.
Our work influences how we view ourselves, as well as the way our friends and family see us. It gives our life a structure and a sense of purpose. Hence, job loss can be very stressful as it comes with a lot of unwelcome change, all at once.
But have you noticed that job cuts have been happening around us for quite some time now? You may have seen that downsizing has increased in almost every industry in recent years. Even competent employees who work loyally for many years have faced this dreaded situation.
Why is that happening? Well, first there is the ever-fluctuating economy that has led to a recession from time to time. Then there is Artificial Intelligence that has already started causing significant rifts in jobs. Every day people are coming a little bit closer to being redundant in their roles.
We understand and empathize with this unfortunate situation. Hence, we have compiled 7 of the best tips that can help you cope with job loss and financial uncertainty.
7 Effective Tips to Cope with Job Loss
If you have recently lost your job, we know there might be a lot of thoughts going through your mind. It might be causing mental unrest because you may be feeling anger, resentment, and sadness about the situation.
Furthermore, you are probably anxious about the future, as well. You might be wondering how and when will you get a new job. We understand that. It’s natural to be worried about how you will pay the bills until that happens. But the most important thing to do now is to keep calm and come up with a plan.
Hence, we decided to share 7 effective tips and actionable strategies that can help you make it through this tough transition.
1. Accept The Situation
Acceptance is the first step to dealing with an unfortunate situation we may face in life, isn’t it? We need some time to grieve and accept the harsh hand we have been dealt with. So, don’t suppress your natural flow of thoughts because they will resurface in some negative form at a later stage. Grief can keep building up inside and that could lead to depression and health problems in the long run. Process it all – now. Let yourself go through the motions.
However, this doesn’t mean that you should dwell on your predicament. But it’s imperative that you give yourself some time to heal by getting to terms with the situation. This is the time to adjust and accept and not to be hard on yourself.
Remember that all successful people do experience several setbacks in their careers. What makes them successful is their ability to learn from the experience, pick themselves up, and try again. You see, a successful person is always striving to make the most of their situation. They are willing to go the distance to achieve their goals.
Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better. – Jim Rohn
So think of this situation as a stepping stone towards your eventual success. A great way to heal yourself is to write down your thoughts in a journal. It could help you gain a fresh perspective and lead to new beginnings.
Remember, this situation is not a permanent one as opposed to the more serious losses we experience in life. However, if you feel that you are unable to cope, we recommend opting for medical help.
2. Evaluate Your Finances
In times of stress, it’s easy to make hasty financial decisions that turn out poorly. So in the immediate wake of your job loss, don’t cash in your retirement plan or sell long-term investments. Also, you don’t want to increase your debt or completely deplete your savings.
We advise to work out a realistic plan for dealing with your reduced income before taking any action. For that, you will need to get a proper picture of your finances, first. You can do that by checking your banking and credit card statements for the last 6-12 months.
If you go through 6-12 months, you can devise a budget more accurately. This will allow you to get a realistic picture and make sure that numbers won’t vary with monthly spending fluctuations. Also, you can properly account for any annual or semiannual expenses, such as taxes and insurance.
You can also use this information to determine how long your finances will last. Furthermore, it will help you in cutting down on as many expenses as possible. One way is to put every expense from this period into one of two categories: necessities and everything else. Add up the total cost of all your necessary expenses, and determine your monthly average.
This is also a good time to review how much you have in your emergency fund. It’s best to take all of that data and create a clear plan while you look for another job. If you have too many expenses, it’s advisable to try and reduce them rather than dip into savings.
You see, these key decisions can make the difference between surviving financially until you’re successfully employed again. Decisions made in a panic could result in long-term disasters. You don’t want the current stress of job loss to jeopardize your financial well-being for years to come.
3. Don’t Avoid Social Interactions
It may be tempting to withdraw from all social interactions when you are stressed due to a job loss. It’s common in such situations to feel embarrassed or think of yourself as a burden and avoid everyone.
In fact, your close friends would want you to talk and share your feelings with them. This process would act as a calming relief to your mind and help you move on faster. Moreover, if you trust them enough to confide in them, it will improve your relationship with them, too.
Furthermore, outside of your immediate friend circle, it’s helpful to join groups that are based around your interests. Being around supportive and positive people can help keep you focused while you look for your next job. So, let’s say you love reading books. Joining a book club and meeting like-minded people could be an effective stress reliever.
You could even meet people who are facing a similar situation by joining job-seeker clubs online or in your area. Not only would it make you feel better, but it could also open the doors to incredible new opportunities.
You see, most jobs are not advertised and are filled by meeting people and making connections. If you haven’t networked before, it may seem quite intimidating, at first. Here are some tips if you are not sure how to network with senior executives. This may seem even more daunting if you’re an introvert. But you could use the extra time you have to work on your interpersonal skills by following and implementing the blueprint.
Remember that staying aloof and closing yourself to outside contact is not the solution. Your social circle can be crucial in helping you cope with job loss as well as finding new work.
4. Family is Your Rock
While social interactions are a great help, your family is as crucial, if not more. For most people, their family can be the ultimate source of strength and support that is needed during these times. The fact is – job loss affects everyone in the family. So you shouldn’t try to deal with it alone or hide it from them. It will only make the situation worse. Your family’s support can help you thrive, especially during this difficult time.
We know that some people take pride in being self-sufficient. However, we suggest that instead of acting strong, you lean on the people who care the most about you. They will be happy to know how they can provide help and support. At the same time, it is also important that you keep your family informed about your job search. If they have any questions about the future, just listen and answer positively about your plans.
During this time, it is important not to make drastic changes to your schedule. Especially, if you have kids. They may not be old enough to understand about job loss. They could even start blaming themselves if there is a negative impact on the household. A little reassurance will go a long way in ensuring everything runs smoothly.
Moreover, make sure to set aside time to spend with your family and just have fun. This will help you blow off some steam, forget your troubles, and will help everyone stay positive. If your kids are older and want to help, then allow them to be part of the team. They could contribute by cutting down on allowance, avoiding expensive purchases, or, in some cases, getting a part-time job.
5. Stay Active
It should come as no surprise that exercise reduces levels of the body’s stress hormones, such as adrenaline and cortisol. According to an ADAA online poll, 14 percent of people make use of regular exercise to cope with stress. Exercise also produces endorphins. The release of endorphins in the brain serves as a natural painkiller which improves sleep, which in turn reduces stress.
So if work prevented you from exercising before, it’s important for your overall health and well-being that you start now. It would enhance your mood and an improved physique would give a boost to your self-confidence, too. Virtually any form of exercise, from aerobics to yoga, can act as a stress reliever. You should strive to give at least 30 minutes per day, to some sort of physical activity of your choice.
Playing a sport is another alternative that serves up plenty of benefits. It provides a chance to get away from it all and just enjoy yourself with your friends. When your body is busy, your mind will be distracted from tensions and will be free to think creatively. You could also make new friends playing sport. This gives another chance for networking which could open up new opportunities for work.We think of exercise as a form of meditation in motion. If you become regular in your daily physical activity, your focus will increase and you will be calm and clear in everything you do. Click To Tweet
All of these benefits can ease the stress levels caused by a sudden job loss. It will also give you a sense of command over your body and your life.
6. Watch What You Eat
Your nutritional intake may seem unimportant when you’re facing the stress of job loss. But what you eat has a significant impact on your energy and mood levels. Food can make you feel positive and fresh and can have the exact opposite effect, as well.
Serotonin, commonly known as the feel-good chemical is what makes us feel happy. When worried, it’s common to rely on comfort foods because they give an illusion of feeling better. You may have experienced a craving for fatty and sugary foods such as French fries, ice cream, etc. when feeling stressed.
But these simple carbohydrate foods lead to a crash in mood and energy after a temporary spike in serotonin levels. Moreover, stress not only influences the choice of food but also the quantity of food eaten.
For a steady supply of serotonin, it’s best to eat complex carbs, which take longer to digest. Furthermore, foods rich in proteins, Vitamin C, Vitamin B, Magnesium, and Selenium will help in reducing stress. These nutrients play a very specific and important role in stress management. A healthy diet can help counter the impact of stress by shoring up the immune system and lowering blood pressure.
The bottom line is that what you consume can elicit an emotional response when eaten. The right stress-busting foods can help tame stress in several ways. In fact, a person in stress needs an even more nutritionally dense diet. Opting for comfort foods will induce a situation of nutrient depletion that further compromises the body’s metabolic system.
Also, after a job loss, it’s common to gravitate towards the consumption of alcohol and smoking. It’s often assumed that these substances are calming to the mind. However, they lead to higher, not lower, levels of stress and anxiety. Hence, avoid them at all costs.
7. Focus on Self-Development
Post job loss, you should update your resume and consider applying for positions that appeal to you. But that goes without saying, doesn’t it? What we suggest is that take this chance to take a step back and look at the bigger picture. Do you even want to continue in your field? Would you like to be doing something else? Were you truly happy in your job and the grind of 9-5?
You could utilize this time to think about where your interests lie. Think about how your experience and skill level can bring forth a career you could be passionate about. One of the best use of this time you have now is to focus on self-development. As we have mentioned earlier, the world economy is changing. Job loss has become even more common primarily because of automation.
We are rapidly moving from a job-based economy to a skill-based economy. Hence, it is imperative that you take this time to focus on developing skills that are only dependent on you. This way you can protect your career from ever being affected by the economy or something else such as the Coronavirus.
Formal education will make you a living; self-education will make you a fortune – Jim Rohn
But not all skills are created equal. We strongly advise developing skills that give you total control over your time, income, and future. The skills that are dependent on you bringing results to the marketplace and getting paid for it.
Dan Lok calls them high-income skills. High-income skills have the potential to make you at least $10k a month. Here’s a list of high-income skills that you should consider adding to your skillset.
Discover the Secrets of High-Ticket Consultants
The stress of job loss caused by a recession, automation, or unfortunate spread of something such as the Coronavirus can be easily prevented. How so? Well, if you’re equipped with the right skills, you can empower yourself to become independent of those factors.
There’s nothing more liberating than being dependent on your own abilities. One such skill is to become a high-ticket consultant. A consultant with the ability to close high-ticket sales, time and time again and be able to get high-paying clients. That’s why Dan Lok has put together all of his high-ticket consulting secrets under one training vault. This training covers successful high-ticket consultant closing techniques that are proven to work.
It doesn’t matter if you are on a stage, on phone or in-person. This collection of valuable resources will teach you to handle any objections that you may face from a prospect. It also gives out powerful public speaking secrets which help in increasing confidence while speaking on stage. Furthermore, it will also train you to deliver successful presentations.
The reason these secrets are so effective is that they use the fundamentals of human psychology to keep the audience hooked. Armed with these secrets, you could close more clients and discover how to charge a higher rate for your services.
Remember that coping with job loss will be much easier when you have an actionable plan in place. You should use this opportunity to become better informed, self-reflect, and empower yourself for the changing times and evolving economy.
This training can help secure your future and help you get rid of financial uncertainty. We know that you would never want to face a situation like this again. Access the high-ticket consultant secrets vault and discover this elite training now.