You should be aware, though, that these new-found concerns over money can actually have a positive effect. If you have never been very effective in managing your personal finances, the experience of being unemployed has probably taught you how important this skill can be. You have likely learned that excess consumer debt in the form of high credit card balances can spell financial disaster for you and your family. Along the same lines, you now probably also realize that money in savings is not just nice to have, it can mean the difference between surviving and struggling during difficult times.
"The first thing my husband and I did when he was laid off," one woman explained, 'was to cut up the credit cards. We had outstanding balances on several of them. I'm not sure why it took a layoff to wake us up to the fact that we were playing fast and loose with our finances. Six months of warning notices while he was out of work taught us to realize that these cards had placed an unreal burden on our lives. Now that he s back to work, we have one card apiece and we pay the balance every month. We paid all the outstanding balances with a home equity loan and we'll be out from under that in three years."
When you are out of work, living within your means takes on a whole new meaning. When you return to work and start receiving a salary, the financial lessons you have learned can make you and your family more financially secure, regardless of what the future brings.
Controlling Your Sources of Income
Because unemployment teaches that the business world can be a fickle place, some formerly unemployed people take the experience as a cue to assume more control over their earning power. There are a number of ways to ensure your future marketability and earning power. The idea of assuming more control over your financial future may not have occurred to you before you lost your job. However, the experience can be a catalyst for changes in the way you originally planned your career.
"I used to think I'd never start my own company," one man pointed out. ''I always thought it would just be too risky. That was, until I got laid off. That's when I realized that large companies themselves are full of risks. Now Tm working for another large company, but I'm still living as if I were out of work. I'm saving every dime to finance my own business in three years. At least that way my fate will be up to me. I know the risks can be pretty high for a new business, but even if I fail, I'll feel less at the mercy of some corporate decision I couldn't control."
Taking more control over your earning power does not have to be as radical as starting your own business. You may simply decide to go back to school to increase your own marketability.
You may find other things you can do in addition to your job to create additional income. Losing a job can be a powerful incentive if used in the right way. One person may go on to write a book he or she had always wanted to write. Another may buy and renovate rental property in an up-and-coming neighborhood. The point is, there are many things you can do to become less dependent on the wages provided by a corporation whose financial future you cannot control. If losing a job teaches you nothing else, it can teach you to be less complacent and more financially self-reliant. That lesson itself can be worth its weight in gold.
