Yesterday I wrote about some emergency measures you should consider if you find yourself without an income. With any luck you won’t have to live without a steady income for a long time. I really hope that you don’t have to go two years like I had to.
If you took my advice and ended up getting two minimum wage jobs, chances are you are going to burn out before too long. It’s almost like treading water, you just want to prevent yourself from sinking. Once you’ve stopped the bleeding, it’s time to be begin the recovery phase. The recovery phase is where you will need to spend any spare time looking for one job that used to pay like the one you previously had. That means making a huge effort to apply for new jobs in your industry. You may find that you need to learn new skills or require additional education. It will be hard to do this while you are working two jobs, but it’s necessary to complete this recovery process.
If you’ve been able to secure a salary near what you had before the job loss, you are ready to enter the third phase. The main idea with this phase is prevention. You want to prevent this situation from happening again. One way is to start up an emergency fund that can you get you by if this were to happen again. Another way that I’m preventing a total loss of income is by looking for and building alternative income streams. That way if I lose one, the others can keep me afloat.