November 14, 2022
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Finance 101

What To Do When You Get Laid Off

Written By:
Haley Sacks
(aka Mrs. Dow Jones)

Bonjour Rich People!

If you, or someone you love, was has been laid off recently, this newsletter is for you! I am a layoff QUEEN and here to help! I went through a layoff myself in 2018 and it was by far the most traumatic moment of my career. I did NOT see it coming. So I know the PAIN and DEVASTATION that comes with this news. But also, getting laid off led me to create Mrs. Dow Jones!

See below for steps on what to do in the aftermath of a lay off & watch this TikTok for good vibes & use my free resume template to get a new job:

1. Get It In Writing:

One of the most important things to make sure you walk away with if you're laid off is a letter of termination stating why this lay off was out of your control. Not only can this letter help your job hunt, it could also be crucial if you're filing for unemployment.

2. Review Severance Package:

Most companies SHOULD offer 1-2 weeks of severance pay if they're laying you off, and if they don't, ask for it! Also remember to review your benefits that got unused (PTO, sick pay, health insurance, etc).

3. Apply For Unemployment:

DON'T WAIT. Even if you think a new job is right around the corner, there is NO downside to filing for unemployment. Plus, if you wait, you could lose benefits you would have gotten had you applied as soon as you got laid off.

4. Calculate Your Burn Rate:

This layoff could be coming at the best time for you! The holidays are coming up, and maybe that means you already planned on spending a lot of time at home with family? (Aka meals paid for?). Figure out your budget for the next few months and factor in your savings to see how much time you can really take off and how quickly you need to be finding a new job.

5. Update Your Resume:

Don't wait on this either! Keep things fresh in your mind and use this free time to make your resume better. Plus, I have a free resume template for you to use! Take a deep breath, it's gonna be good hunny! MDJ is here to answer all of your questions and make this process 10 times easier for you. Don't forget to use my free templates and watch the video I made on lay offs if you need a visual reminder.