Quick Tips!

This Wednesday's Unemployment Chat

Thanks to BudgetPulse, we had another great chat this Wednesday January 6, 2010 at 7 PM EST 4 PM PST. I co-hosted this week and we discussed the topic of Unemployment.

Unemployment is one of the largest global issues right now, not just in the US. Below are some of the questions, topics and things discussed during the Twitter chat session.

New to FrugalNYC? Click here to add FrugalNYC to your RSS reader or Subscribe to FrugalNYC by Email.

Items Discussed
  • Stimulus plans are more about winning votes than savig the economy
  • Friend on unemployment is changing sectors.
  • do you run the risk of being a job hopper? How long should you stay at the job you didn't want?
  • Stimulus $ was intentionally backloaded to match up w/election years. If situation so dire, why not spend all right away?!
  • Not even all the fed stimulus spending has really rolled out yet.... apparently only 30% has. Job Growth more over 2010, 2011.
  • If you can make more through unemployment than a job you are offered should you take the job or stay unemployed?
  • Some people think they'll only be unemployment a few weeks, but that may turn into a few months (or longer)
  • California employment doesn't seem to be improving - apparently unemployment there is 12+%
  • Important to know that unemployment benefits are only about 50 - 70% of your most recent salary/wages
  • Emergency Fund
  • Health Care Alternatives
  • HSA - Health Savings Account
  • High Deductible plans
  • Mandatory health care
  • Many go without and then end up paying if a catastrophe of sorts does hit.
  • COBRA, but it can be expensive #bp High risk pools in most states. Individual and family plans exist too.
  • Business Startup Fund
  • When to file for unemployment.
  • Right Away - after you are given notice and are qualified. Same day is best since it takes a few weeks to kick into effect
  • In these days of freelancing and contract "employees" not everyone qualifies for unemployment 
  • If ur fired for just cause, or not showing up to work you can't just collect it. For some reason people think this
  • it's important to note that you don't automatically qualifty for unemployment
  • I agree and think that happens to a lot of ppl. By the time they file and get in funds their finances are already wrecked.
  • What would you do if you were laid off today? 
  • Become a person of Value
  • Career Plan
  • Review Expenses and Budget
  • Emergency Fund
  • Plan ahead for Unemployment
  • Family Savings Rate
  • Weigh upside of your expenses before cutting them
  • Unemploytrepreneurs should consult pro re impact on benefits. 1099 work; controlling forprofit legal entity raise ?s

What expenses to cut?
  • Entertainment and Dining out
  • Cable TV - More value from internet than from TV
  • Cut Expenses now, don't wait till you are unemployed
  • Cheaper shampoo
  • Downgrade internet
  • Figure out what value you get before cutting. Are you willing to give it up?
  • Make sure what you cut does least damage in your life
  • New Clothes
  • Gourmet ingredients for cooking
  • small things that add up - coffee, bagel, magazine, gum
  • Eating out. Anything monthly - examine it.
  • Cut back on cell phone plan or go prepaid
  • Magazines
  • What not to cut?  Gym

Getting re-employed
  • Personal Branding
  • pink slip parties, volunteering, social networking, asking people for "informational interviews" on their job/career paths
  • networking in the same group is a no go. Connecting groups has value though
  • Talk to people via phone not just via net
  • there is a lot of empty networking where people just bring business cards. Why not just bring a phonebook
  • LinkedIn and Facebook
  • Build your network for potential job leads before you actually need them. Social media a great place to start.
  • Sometimes it's not who you know but what you know
  • a couple killer recommendation letters are always a major plus. It's who you know. Annoying but true.
  • networking at local events was the best way to get job leads. Also helps to build long term relationships.
  • Look for work internationally
  • a lot of young professionals are taking jobs in China.
People who joined in this week

@BudgetPulse @FrugalNYC @moneystrands
@FrugalDad @enemyofdebt @freefrombroke
@EverydayFinance @clarifinancial @RainyDaySaver
@BSimple @skduck2003 @jesssteyers
@MoneyEnergy @extremejacob @SpendOnLife
@BudgetsAreSexy @B4UInvest @thedavidbeach
@KWdesignonline @Matt_SF @FabFinclySav
@patreniaspears @chrisnooney @fiscalgeek
@JonMorrow @CraigKessler @MoneyCrashers @newNYers

If you would like to join us for future Personal Finance chats, the #bp chats take place every Wednesday at 7 PM EST 4 PM PST and usually lasts an hour.  You can also follow along with this PF-Chat list I created on Twitter.

Recommended Book: The 4-Hour Workweek, Expanded and Updated: Expanded and Updated, With Over 100 New Pages of Cutting-Edge Content.
Business Card Giveaway: Don't forget to enter our Business Card Giveaway.  It will help you network or build your new business.

For additional links to frugal tips and tricks follow me on Twitter. If you would like to contribute to FrugalNYC in any way feel free to contact me via email. Click here to add FrugalNYC to your RSS reader or Subscribe to FrugalNYC by Email.


Craig said...

Great recap, tons of fun and an excellent and timely topic.

rebecca* said...

Is there a full transcript of this chat located somewhere? I'd like to see what was said about deciding to stay on unemployment if offered a low paying job if unemployment pays more. etc.

FrugalNYC said...

Hi Rebecca,

There was not much in depth discussion on that exact question. I would suggest you check out the405club and check out what the community there may have to say. Someone there should be able to help you answer that question.

If you find the answer to that please drop us a note :) Thanks for visiting and I hope that helps.

Older Articles in Archive