Personal Finance Workbook for Beginners by Redling Dylin

Author:Redling, Dylin
Language: eng
Format: epub
Publisher: Rockridge Press
Published: 2022-09-13T00:00:00+00:00

What to Do If You Get Fired or Laid Off

According to studies, 40 percent of Americans have been laid off or terminated from a job at least once in their career. If it happens to you, it’s helpful to know what to do in the moment, what your rights are, and what steps to take.

When you first get the news, try to stay calm, take a deep breath, and assess your situation. The difference between being fired and getting laid off comes down to who is at fault: the company or the employee. An employer may also offer to let you resign, or even try to pressure you into resigning rather than terminating you.

If you get laid off, you’ll be in a better position to leave in good standing and explain the circumstances to prospective employers. Collect your final paycheck and ask about severance pay. Although severance is not legally required, many employers will offer it as a gesture of goodwill. A typical package is one to two weeks of paid salary for every year worked.

Find out how long your health insurance is covered and investigate options such as COBRA (the Consolidated Omnibus Budget Reconciliation Act) to ensure you have coverage while you’re unemployed. If you’re leaving in good standing, ask if you can get a reference and assistance finding a new job.

Finally, make sure to file for unemployment benefits. You may qualify even if you were fired, although certain misconduct can disqualify you, such as sexual harassment, safety violations, and drug use. Use the time between jobs wisely by updating your résumé and brushing up on your skills to land an even better job.

Making Sure Your Employment Best Serves Your Financial Health

The tips and strategies in this chapter are designed to help you make the most of your employment and enhance your overall financial health. The earnings from your employment benefit you in many ways, such as helping you pay off your debt, improving your living conditions, and building your retirement savings. The greater your earnings, the lower your debt-to-income ratio, which will enable you to get a better loan or mortgage for your home. And the advantages of your employment run deeper than just your paycheck. In addition to monetary earnings, you may receive benefits to enrich and protect you and your family.

When you examine your employment opportunities, think outside the box, as well. You don’t necessarily have to work a traditional 9 to 5 job; there are a number of other types of jobs and avenues to increase earnings. You could work part-time, do freelance or contract work, or take on a side hustle like ride-sharing or renting out a room in your home. Earnings can also come from “passive income,” such as returns on investments from real estate and stocks, which you’ll learn more about in the coming chapters.

Finally, keep an eye on how your job affects your physical and mental health. if your job becomes too stressful, it can take away from the other benefits you earn.

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