My cousin, age 40, married, with two kids, working with a Delhi-based start-up at a decent seven-digit salary, just lost his job!
With no cash flow to sustain operations owing to the Covid-19 pandemic and its impact on the economy, the start-up is on the verge of closing shop. To say the least, my cousin was unprepared for this.
We have been more like great friends over the years, and so he called seeking my advice. What follows below is part of the detailed email (edited for personal stuff) I sent him about how he can deal with the sudden loss of income and livelihood, and how he may move forward.
I don’t have an experience of getting fired at job but I have been through almost similar uncertainty and sudden loss of income after quitting my job in 2011.
The reason I am sharing this with you is because, given how things are falling apart all around (Uber just fired 3700 people, all at one go, on a Zoom call!), I thought the advice may benefit you or someone close to you who is facing a similar predicament either through a job loss, salary cut, loss of business income, or even complete closure of business.
I am not a financial advisor. What follows below is plain, simple advice that I offered to my brother. Nothing more, nothing less.
from: Vishal Khandelwal
to: XXXXXXXX
date: May 14, 2020, 10:27 AM
subject: Lost Your Job? Now Don’t Lose Yourself
Dear Brother,
Trust you are feeling fine and keeping safe.
It was nice talking to you. I am sorry to know about your job loss, but as they say, sh*t happens!
Anyways, before I share what I think you can do to deal with the situation and also a way to move ahead, let me quote Nassim Taleb who said that the three most harmful addictions are heroin, carbohydrates, and a monthly salary.
So, knowing that you don’t do heroin and eat less carbs, let me congratulate you for you can finally get over your addiction of the monthly salary, at least for the time being.
Coming to my advice, some of which I already offered to you on phone, here it is –
1. Being fired at work is among life’s most stressful events. And so, my first line of advice is not financial, but emotional. Millions of people around the world have lost their jobs, or are on the verge of doing so, and so you are not alone. There is no doubt an unexpected job loss can rock your world, but it can also prove to be an experience that helps you grow and leads you to a new and better work and life ahead.
A job loss, even if it looks unexpected, is not a one-time event. It often involves the stages of denial, then anger, then bargaining, then depression, and finally acceptance. These are the five stages of grief, and a job loss must go through these as well.
I know you have been struck by grief. Now, I may sound a bit harsh, but you have two options to deal with these stages – one, you head fast from denial or anger towards acceptance, because that is the place you will anyways end up (moving fast will be less painful), or two, you take your time, keep ruing your situation, and go slow (more painful, simply because emotions will be involved for a greater amount of time).
Also, remember that the longer you take to come out of the situation emotionally, the greater and worse emotional issues you will impose upon your near and dear ones, especially your spouse, parents, and kids. So, better you get over the emotional hangover of a job loss soon.
Cry at times if you want, but please do not break. Acknowledge your emotions, then move on. Whenever you find yourself alone and struggling, talk to your spouse and/or your best friend. They can provide you comfort and encouragement and help you reign in those negative emotions.
2. My second advice is financial. The financial impact of job loss is probably the toughest challenge to face during this time, and so it is critical for you to develop a plan that reduces as much financial stress on you and your family as possible. Here are a few steps you may want to take to deal with such an unexpected event, so that you don’t end up making any desperate decisions –
3. My next advice is social. There is no point in not accepting that you have lost your source of income (for time being), and thus don’t shy away from explaining to your friends or family that you need to cut back right now. By eliminating social expenses like eating out or attending parties that may be avoided, you can free up cash to cover your essentials and also keep yourself from racking up new credit card debt, which will cause more financial stress.
4. Final advice – start preparing for the future, right away. Ask people you know of, maybe your ex-boss or ex-colleague for work options. A job loss can be a blessing in disguise. Maybe this is the time to start work on that start-up you always wanted to start up, of course after taking into account your financial standing. If you are a bit creative, or have a lot of experience under your belt, you can seek opportunities in the gig economy where you can find work under short-term contracts or freelance work. Spend time learning or honing a skill that people may pay for. The idea is to reach out as much as possible, towards people and opportunities that may help you come out of this crisis sooner. Spend no time in the vortex of desperation. Keep thinking about and working on ideas.
As the famous singer Bob Marley said –
You never know how strong you are until being strong is the only choice you have.
Seriously, you have no choice but to stop regretting what has happened in the past and stop worrying what may happen in the future but only focus on what you can do now.
Here, I also remember what Viktor Frankl wrote in his seminal book Man’s Search for Meaning –
…everything can be taken from a man but one thing: the last of human freedoms – to choose one’s attitude in any given set of circumstances, to choose one’s way.
It is not the end of world, believe me. Plus, almost everyone is facing some or the other trouble and you are not alone in it. So, don’t ever feel that way.
Just be thankful for everything you have now – a supportive family, emergency funds, savings, roof on head, food on plate, and skills you can improve upon to earn money in the future – and just get started again.
Treat the day of your job loss as the first day of the rest of your life. Start afresh. Make it count.
You can do it!
Love and a shoulder to rest upon,
Vishal
That’s about it from me for today.
If you liked this post and know someone who you think may benefit from it, please share with them on , , or just email them the link to this post.
Stay safe.
With respect,
— Vishal
https://www.safalniveshak.com/you-lost-your-job-now-what/
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