Lost Your Job? Here’s What To Do Next
When John L., a sales manager, suddenly lost his job when his company downsized because of the COVID-19 pandemic, he felt the world was crashing down on him. “I was afraid that I couldn’t support my family,” says the father of two young kids. “And it’s hard to find a sales job in this kind of economy since many companies are freeze-hiring.”
That’s the dilemma that millions of Americans face today. Here are some tips from career counselors and finance experts on how to cushion the financial blow and take the first steps towards rebuilding your career and your life. We’ll also show you how you can secure emergency money through title loans.
Negotiate For A Severance Package
Talk to your company about separation pay, especially if you are a regular employee. This is usually calculated based on the number of years you’ve been with the company, and a portion of any bonuses you would have received that year.
Make Sure You Get Paid For Accrued Leave
Companies are required to release the last paycheck along with any unused paid vacation or sick days. Also, make sure that you are given any pending commissions or reimbursements.
Apply For Unemployment Benefits
Research on what kind of benefits you’re eligible for, and any additional aid you can receive under the stimulus package.
Review Your Non-Compete Clause
Clarify with your employer if you are released from any agreements that prevent you from applying for work with a direct competitor. Given this economic situation, you should be legally allowed to go for any job that can help you support your family. If your employer still wishes to impose it, ask them to either clarify or narrow down the scope of restrictions.
Revise Your Monthly Budget
Take a long look at your regular expenses. See what areas you can cut down. For example, if you rent your home, talk to your landlord about the possibility of a rent adjustment or temporary moratorium. Or ask if you can sublet a room to help share the cost.
Update Your Resume
Job experts say that with such a competitive job market, you really can’t afford to just send out generic resumes. Tailor each resume to the job position, by highlighting any relevant experience and soft skills that may help you succeed even if it’s a different industry. For example, John’s sales experience and contacts can help him venture to related fields: marketing, public relations, brand management.
Go On LinkedIn
Many companies don’t even post job openings; their headhunters just quietly scout LinkedIn and contact people who may have relevant work experience. Create a LinkedIn profile, and actively add connections, and request recommendations from friends.
Practice For Job Interview
Since many interviews are now conducted through call or Zoom, practice your verbal communication skills. Learn how to speak clearly and confidently and prepare answers to common questions. Be sure to research the company before the interview, since knowledge of their history and products are always a plus.
Improve Your Skills
While you’re jobhunting, actively improve your resume, portfolio, and skillset. Take an online course, read books, attend webinars, or even do pro bono work that would look good on your resume. Look at the job postings to see what employers are looking for. If you notice that you’re weak in some areas, now is the time to gain those qualifications and gain an edge over other job hunters.
Get A Financial Safety Net
Ideally, you should have enough savings to cover about 6 months of household expenses. However, the COVID-19 employment crisis has caught many people unawares. Or, even if you do have savings, you may go through an emergency. Maybe someone got sick, or you have an unexpected car or house repairs.
In these scenarios, you can take out auto title loans. Auto title loans are short-term loans that enable you to use your vehicle as collateral.
Benefits Of Title Loans
- You don’t need a high credit score
- You can use and operate your car for the duration of your title loan
- The application process is fast and convenient and you can start it from the comfort of your own home
- You don’t need to provide a ton of paperwork to be approved. You just need to supply your driver’s license, the title to your vehicle, and a blank check to a bank account.
- Processing is fast, too, and the money will be deposited into your bank account.
How To Apply For Online Title Loans
We make this process smooth and easy, and you will even be assisted by a friendly customer service representative who will assist you and answer any questions you have. After filling out a short online form, you’ll have the opportunity to schedule a meeting at the location and time of your choosing to have your car inspected. After that, you’ll find out if you’re approved for the loan and the money will be transferred to your account. It’s that straightforward and simple. Getting financial relief shouldn’t be difficult. That’s why we make securing title loans easy for you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.