How to survive losing your six-figure job

It's the age we're living in. One minute you are seemingly at the top and the next and almost without warning you find that you, and practically everybody you know (save the shoe-shine guy in the lobby) is out of a job. Your corporation hasn't even had the time to "thank you" for all your years of hard work, and that MBA from Wharton isn't doing too much for you these days since it's old and tarnished and there are about 5,000 other people with that same degree or better ready to fill your shoes. What do you do? Follow these steps and they will not only help you to keep a sound mind in a sound body..they will sail you through until our economy rebounds - which it will, since as the old adage says, "you can't keep a good (person) down!

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

• Confidence
• Perseverance
• Optimism
• Support from family and friends
• Positivity
• A Can-do attitude

1. 

   Put down the box of your things you've just taken home from the office. Put it into the closet under the stairs, or in the garage. No use crying over what has happened. And no matter how many times shine up that Employee of the Year Award, or that Key to the company, it isn't going to change the fact that you feel like you've been burned. And whether it's your fault or most likely not, it never gets any better, those feeling of hurt and betrayal. It doesn't matter if you've been there 10 years or 1 year..the company made promises to you..promises they didn't keep, or couldn't keep. It's a fact of life. So the only thing to do at this point is to put the box away, accept what has happened and move ahead.

2. 

   ASSESS YOUR FINANCES. This is a hard part. Take a few days to breathe. Don't go hog wild on a vacation. The first step is to take all your bills and costs and tally them up. Figure out how much you owe.

3. 

   HOW MUCH DO YOU HAVE IN ASSETS? If you've been a good little squirrel over the years and kept a little "mad money" aside, you will probably be okay. But if you've been spending like there's no tomorrow, and given the circumstances you were probably right...then you might be in some hot water. Not to worry. Figure out how much cash on hand you have, what your investments are worth, how much income you have from any stocks, bonds, etcetera, what the value of your house is worth, car? boat? And tally it into a big pile of wealth. If you don't have any wealth, fear not, it's just that much less that you have to lose.

4. 

   HARD CHOICES. Okay, you've done the hard part. You've sat down and figured out that you probably can't afford the life you were living. You and your family are going to have to cut back. Maybe you are thinking about selling the house? Unfortunately in this economy it's a very hard move, especially if you owe more than the house is worth. You can begin by selling off your assets. You can put them up on ebay and auction them off. Forget about "what it means to you" or "I got this from Larry for my sales blah blah blah." None of this will mean anything if you are out on the proverbial street. The trouble most people have at this stage is that they don't face the hard facts until they lose the house, the car and worst of all their own self-dignity and respect. Be brave and make the hard choices. There is a light at the end of the tunnel..just do this step now and then proceed.

5. 

   Now comes the fun part..creative thinking. Losing your job is probably one of the worst things that can happen to a person. So many of us spend all of our time at work. We have so little time for ourselves. At this stage you need to think back in time. You need to get creative. Almost everybody has a secret passion. There is something that they would do if they weren't forced to work 80 hours at the office. Get a pad and start writing down your aspirations. Start thinking about the things you've lost along the way. Think about those opportunities you've passed up in order to get ahead. Think think think. Get it all down.

6. 

   Of course you should do all the things you know how to do in order to get another job, such as sending out resumes and going on interviews and networking with people to see what openings there are. This is all very vital. But what will set you apart from all the other thousands of people who are out of work is your vigor and verve. Let's face it, the true hard cold facts are that nobody wants to hire somebody who seems desperate for a job and is down and out and gloomy. You may be feeling that way inside as you send your kids off to public school or have to buy two for one at the local discount store, but if you show it, chances are it's the upbeat positive guy that gets the job. Desperation never wins. As they say, "get off the cross, we need the wood!"

7. 

   Okay so you have your list. Now is the time to make it happen. If you wanted to lose weight, now is the time to go to the doctor and get the full medical checkup (before you lose your health benefits) and find out what kind of physical activity you are able to do. Sure you might not be able to afford a gym membership, but that can't stop you from buying a ten-speed bike at Target for cheap and spending an hour every morning cycling, or jogging or just going for a walk every day.

8. 

   What is your secret passion? Maybe you always wanted to have your own flower shop? Now is the time to get to your local library and take out books on the subject and study up and read, read, read! Learn as much as you can! You didn't get that MBA sitting around eating chunky monkey icecream and watching the Lifetime channel? Go to the library or wherever and find your local resources. Explore that inner passion. The best part is you can get this information for free! It won't cost a thing and it is fulfilling. Find an interest. Remember that in-activity equals death. Anything that stays still and does not move is dead. You have to keep moving. Movement is essential.

9. 

   If it looks like you're going to be out of work for a long time, explore the options of returning to night school or taking some technology courses. Do a search for jobs that aren't necessarily in your field, but something you'd like to do that you can apply your analytical skills to. For example, right now Maya programmers are hot in most major cities in the world. Maybe you know nothing about Maya or it's three dimensional programming - but...could you learn this? Some states offer free college at state schools for the unemployed. Not only that, but they'll extend your unemployment benefits while you attend. Is this something you could do? Explore the jobs that are "in demand" and consider leaving all that you knew behind. Drop the ego bit, because it just doesn't fly in this economy. You need to set yourself apart from everyone else. The one way is by being positive and upbeat..and one way you can do that is by learning something better than any body else - and which is an in-demand job. It may be the best thing that has ever happened you in your life. Because sometimes the worst things that happen to us, are the best things. Losing your job will teach you to save. It can also lead you to a new and more creative job, one that doesn't kill you on the inside. You need to see this as the opportunity of a lifetime. And take it! The truth is that if you quit your big job to learn skateboarding, most people would have said that you are totally nuts! But now, you can honestly take up skateboarding...and the people who would've judged you, are out on the street as well. The point is, you don't live in the judgement of your peers..you can fulfill your secret passion without scorn. Maybe you always wanted to start your own business, well there are programs that can help the recently unemployed to do this and in some cases financing to get you off the ground. It isn't like you've given up something for a risk..there isn't any risk when you've lost your job. The town next over from me has a program for people who want to set up a store front, because they are re-viving the town. Perhaps there's a program like that near you.

10. 

    You have to change your thinking. Give up the big house. Give up the big car. Give up the vacations in Boca Raton and those Neiman Marcus brunches! Get in touch with the real you, that you inside of you, that Freshman at Yale who loved bird watching or That sophomore at Wellesley who wanted to learn Mandarin Chinese. Pick up your tattered dreams from your youth and rebuild. This is your golden opportunity. Release yourself from the burdens of high living. Downsize your life by cutting back on the material and exploring the cerebral.

11. 

    If you must work some job just to put food on the table, try to find a job in a field that you love. For example, Let's say Joe has a high powered six figure job at a bank. He loses his job. Unemployment runs out. He rents out the house by swapping with a family in Paris, and because he rents the house for more than his mortgage, he has enough to live in Paris and paint on the Seine. A year ago, if he chose to do this, his friends would've called him mad. But now, to all those around it looks like he invested wisely because when all the world around him is losing their heads, he's in France - painting! If he did get an interview at Barclays, or some other world power, he'd have to fly back from France and pencil it in. And quite frankly, he may not want to. It's always the people who don't have the time or couldn't be bothers, that the business world seems to seek out. Why? Because this person will bring a positive energy into the very depressing market place. Perhaps you don't have house to sublet, if you need a job, take one in a field you like. One guy likes gardening, so he gets a part time job in a garden department of a store and signs up to take some Maya course (or some other in demand) skills at the local college. If there's any time left over, he gets involved in a community service project - like saving the town park, or helping the homeless. In these ways he is, at least for himself, providing very good psychological tools to help him over this hump. Is feelings of self-worth improve, and he feels good about himself because he's thinking beyond his current circumstances. This can and should be you. Positivity will work wonders. But you must first be willing to shed off the life you were living. Maybe it will come back some day. But if you follow these steps, you will enrich yourself. And even if the day comes when you have it all back again, you will be better with your money, and you will be a richer person than you ever were before because you saw the challenge and you turned a negative into a positive. You may become fluent in Mandarin Chinese, or get better at backgammon, or improve your golf swing as you work in the pro-shop at the local country club, or improve your use of conversation French while you paint portraits on the banks of the Seine, or even the Hudson! The possibilities for growth are endless. Turn the negative into a positive and you will be amazed at your success rate, not just in the world of Finance,but as a person!

Tips & Warnings

• Make a plan for what you want to do -explore: how to fulfill your secret passions
• Do the homework, research and write it all down. Write down what your next steps are. Get passionate about whatever it is you want to tackle.
• Network. Continue going to neighborhood parties, etcetera. Your new passion will give you zeal and vigor and will make you exciting to others. This will help you find a new job. But once you start fulfilling your own life goals, you may not WANT to go back to the rat race.
• Enjoy the ride! Sometimes losing your job can be the best thing that ever happens to a person, because it frees you to do what YOU want for a change. Learn skateboarding or surfing! Lose 50 pounds! Grow the perfect vegetable garden! You can make it happen.
• Stay away from people who's only purpose in life is to bring others down into the misery they wallow in.
• Don't talk to other disgruntled former co-workers. They may want to keep you in a spirit of depression so they can go after any would be job leads. If you do speak to them, tell them that you're going to Paris for awhile and would they mind feeding alfie! You don't have to tell them "how" you're doing it. You can say something like, "it's something I've always wanted to do, and now I have that opportunity. I'll return to the market place once the smoke has cleared. But I have the opportunity to go, and I'm taking it ! Whooo hoooo! Champs Elysee here I come!
• Tell your spouse about your plan. And if they don't get it, show them this article. They may have a plan of their own. By all means rent out every spare room in your house if it means getting to your goals. Now you may say, but wait..how will that look? Well if you care about how it looks, then rent to artists, musicians, etcetera. People will think you are a benefactor of the arts. Keep everyone guessing. If they think you're odd, at the very worst they'll think you are "old money" and that you have a hidden trust fund or assets that no one knew about. Some of the richest people I've ever known have also been some of the oddest people. Nothing is more zany than having ballerinas and jazz musicians and sculpture artists inhabiting your space. Take a lesson out of Elaine's book (restauranteur). She gave free meals to actors when she started out and when they became famous they went back and continued to eat there, making her a success..the folks you help out, may end up your very salvation.
• Give yourself a schedule, but remember to include time for job hunting, networking and interviews. Please remember that happy people are the people who get hired. But don't act happy, be happy. Sometimes just "acting happy" without any source to tap into, can come off as looking alot like crazy.
• Get help or counseling if you find you can't deal with the depression of losing your job. The doctor might be able to give you some insight.
• Join a support group if you feel you need to vent about the job. Join a group that has people from all areas of work life. It will help you get a better perspective.
• Don't give in to negatve thoughts or thinking. If you find yourself filling up with gloom or doom, get out of the house and go for a walk, or turn on some rock and roll and dance around the living room...snap yourself out of it. Take a cold shower. But don't let these thoughts stay in your head, because they can be your un-doing, and that doesn't help anyone.

[offgrid]

on 2/10/2009 Good tips and advice - thanks for posting this. I'll never have to worry about losing a 6 figure income because I'll never be earning that much. Good thing for me.

[cherry67]

on 9/29/2008 wow now that is a LOT of wrtting-good information-well written-wow-awesome as usual