How To Cope After Being Laid Off From Work

Getting laid off or dismissed from service is one of the worst nightmares of every working adult. While you may diligently perform your functions, circumstances outside of your control may lead to you losing your job. It could be for financial reasons, because of a manager out to get you, or a global pandemic. While this is not the general rule, undoubtedly, some employers just think that their employees are dispensable members of a totally replaceable workforce. More so, there are cases where employees get injured and are fired when they return to work. That got them asking, “Can I be laid off while on workers compensation

This is why employees should always be vigilant in protecting their rights. Though the laws are generally in favor of the workforce, it’s always better to protect your own interests and know your local laws. Aside from that, it’s also essential for employees to learn how to save and invest. Cliche as it may sound but it’s true that you have to save for the rainy days. When you get wrongfully terminated, you can fight your case and win in court, however, that may take time. You need to survive and pay your bills while fighting your legal battle.

Save as much as you can

Whether you’re fully-employed, in danger of getting terminated or are thinking of resigning, you need to save money that would last you two to three months of being unemployed. This means that you need to have enough money to pay for your bills and leave comfortably for two to three months. This will give you a reasonable time to fight your cause and look for another job.

Saving up for this moment in your life should start the moment you took the job. If you save even a little of your monthly income, over time, you’ll see that you’ll have enough money to cover for emergency expenses. You can also invest what you save monthly to grow it passively.

Check your benefits and claim it

If you’ve been wrongfully terminated, the right to do is to fight for your rights. You can ask the help of a labor lawyer to establish your causes of action. However, if the company implemented a legal lay-off, then, the soundest option there is to accept the decision and move on by looking for better job opportunities. Before you leave, check what benefits you can claim.

If you’re not fully aware of all your benefits, you can speak with your company Human Resources Department (HRD) and talk about the following:

  • Ask for your severance pay, along with your eligibility for unemployment insurance, pension benefits, sick and overtime pay, and accrued vacation. If you didn’t lose your job because of your fault and you satisfy all the eligibility requirements, then there’s no reason why you can’t receive unemployment compensation.
  • Since severance packages are negotiable in most cases, take this chance to ask for more than the company’s standard offer.
  • Request your HRD for information on how you can continue with your life and health insurance benefits.
  • Check for options wherein you can handle your own 401(k) pension plan.
  • Inquire about any outplacement resources and request for a reference letter.

Plan your job search

To get back on your feet, you need to find another job immediately. But before that, check if you can claim unemployment benefits from your state. This will help augment your savings to pay for your monthly expenses. The benefit can also help get you ready for another chapter of your life.

If you can’t find a full-time job immediately, you can consider freelancing, part-time gigs, or a temporary position in the meantime. The money you’ll get from these gigs can help you survive until you land another full-time and better-paying job. If you’re gutsy, you can even start your own startup business. There are companies that grant loans for those who want to start a business.

Getting fired is not something an employee would wish for, however, if it’s inevitable, you must know that it’s not the end of the world. With a little bit of sacrifice, a conscious effort to get employed, and a decent amount of savings, you can get through the unemployment phase unscathed.

Coronavirus and Sports: The Economic Effects

coronavirus and sports

Sports has served as a pleasant and warm distraction in times of great uncertainty. From world wars to economic downturns, both sports fans and casual watchers of sports around the world have looked to athletes and their teams for the injection of hope. Unfortunately, the world finds itself faced with the coronavirus crisis which has put a pause on most people’s plans. This presents a turning point for the global economy. In the sporting world, where many major leagues have been shut down, this has implications. The events affect not only the net worth of athletes and their team owners but also the communities which depend on them, economically and emotionally.  Continue reading

Changes in Life that Affect Retirement Planning

retirement planning

Retirement planning is a challenging endeavour. With so much uncertainty in life, it pays to give enough thought to retirement plans. Many events take place which we do not expect. Such events can unfold new opportunities and challenges. The right plan and execution can allow one to leverage on the resources one has to improve their future.  Continue reading

How America’s Wealthiest Families Lost Their Money

wealthiest families

While the successes of the wealthiest families in America help to paint a picture of the roadmap to financial freedom and a life of abundance, the failures of some of these families can be just as effective in guiding one’s decisions as it relates to wealth creation and wealth management. Many families have built mountains of wealth, but many have also lost such wealth.  Continue reading

Should You Roll Over A Retirement Plan Distribution

retirement plan redistribution

Different circumstances arise that call for one to rollover their retirement plan. You may be left with little time and tough decisions to make. The decisions you make on whether you rollover your retirement plan and how you rollover your retirement plan distribution can have profound effects on several areas of your life, including how much you are taxed. Whether or not you rollover your distribution is not a decision to be taken lightly.  Continue reading

America’s Wealthiest Families

america's wealthiest families

Millionaires and billionaires have a solid grip on the world’s share of wealth. A report by Credit Suisse shows that the total amount of global wealth grew to $360 trillion in 2019. Almost half of the wealth is controlled by millionaires. What is perhaps more jaw dropping is that half of the world’s net wealth belongs to the top 1%.  Continue reading

Highest Earning MLB Rookies

MLB rookies

With the new MLB season on its way, a lot of talk is spreading on how rookies will perform against the old hats of the league as teams fight for glory on the diamond. Rookies will get their chances to not only set their mark on the field but also show why they are being paid so much. No doubt, some rookies will find themselves with higher pay checks by the end of the season while others may find themselves on the dreaded invisible list to free agency. Continue reading

Highest-Earning Soccer Players

soccer pitch

For as little as $1, you can own a soccer ball, a small price compared to the whooping high salaries that soccer teams pay their players to play the beautiful game. Since the early 2000s, salaries in the world’s most popular soccer leagues have increased by unprecedented amounts, as record prices continue to be set annually for household names and even new faces to the big leagues. We wonder, who are the highest-earning soccer players?

Continue reading

How to Transition to Green Technology and Save Money

Green technology is nothing new, but many homeowners are kept in the dark about the value it brings in terms of cutting energy costs. Many more are reluctant to make the transition toward clean energy because of the upfront costs. Still, there’s no denying that green technology can save homeowners a fortune in the long-term, starting with the tax credits they can earn by adding sustainable energy features to their home.

People have the impression that it’s easier and cheaper to construct a home already outfitted with green features then to add these features to a pre-existing or newly purchased property. In actuality, making the switch to green technology on an existing property can be less costly as long as the right approaches are applied.

Here are a few things to keep in mind as you switch to clean energy.

  1. Know how much energy you consume

The first thing you will have to do is to get an idea of your current energy consumption. This will help you set the proper benchmarks or targets you should be aiming for to gradually decrease your energy spending. You may want to request that the Environmental Protection Agency provide you with a report of how much power you consume based on your home’s location.

  1. Pick the right strategy

Once you have already mapped out your energy consumption rate and set a workable monthly goal, you now have to choose which green technology will best fit your current needs. There’s always the option of installing a solar system, but there are various other choices you can explore, such as wind turbines and hydro-power facilities. The best way to look at your options is to ask an accredited green energy contractor to help you make the right decision.

  1. Find a good service provider in your area

When it comes to switching to green power, it’s always best to look for a contractor that already has a proven track record in helping homes lower their energy costs through eco-friendly alternatives. For this, opt for service providers in your community who can hook you up with a green energy program you can work with. There are a lot of electricity providers in Texas or any other state that specialize in green technology at the best possible rates, so start looking for one.

  1. Get suggestions from your community

If you are living in a neighborhood that’s committed to green living, make sure to ask for suggestions on the types of products you might want to use. You might also need to know if the community itself has specific policies when it comes to green technology, so don’t be hesitant to ask around. That way, you can make the transition less complicated for yourself and, more importantly, avoid possible ordinance violations and legal risks.

  1. Adopt a green lifestyle

Often, transitioning to green technology is a matter of choice. Certain habits can influence the amount of energy you consume, so be sure to adopt only those that can help you attain a green lifestyle. Keeping your home well ventilated and using energy-efficient appliances and programmable thermostats can make as much of an impact as installing solar panels – at a lower cost, of course.

As you can see, switching to green technology for your home isn’t so hard. You just have to have the right mindset.