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.
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- 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
- What not to cut? Gym
- 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.
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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.
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