How to Survive and Thrive During Unemployment
A few posts on layoffs got me thinking of my unemployment spell a couple of years back, and I think that now would be a good time to go over lessons that I learned to keep myself sane and productive while searching for a new job.
The big key is to look at this as an opportunity for growth rather than as an obstacle. For most of you monkeys, this is going to be a difficult view to internalize: we all place a great deal of importance on our career, otherwise we wouldn't post here.
Leaving your job may suck, but lets face it, working can suck too. So let's just jump into it: here are 6 things to keep in mind that will let you come out of this in a better state than you were in when you were beforehand.
1. Keep a Normal Schedule.
Without a day job, it's very easy to lie around in bed for an hour after waking up and then waste two hours making breakfast and messing around on the computer. Before you know it it's 1:00pm and you're still in your boxers and a t-shirt (if that).
You need to impose a workday on yourself. Get 8 hours of sleep, hop out of bed immediately, and go for a walk to get some fresh air rather. You'll feel better, and after a week of this you won't be tempted to sleep in really late every day. Also, give yourself a 9-5 sort of schedule: focus on applying to jobs, networking, and other productive tasks during the day and tend to personal matters in the evening.
2. Exercise.
There's just no excuse for not working out regularly. Do a combination of cardio and strength training for at least 30 minutes a day for 5 days a week: you'll lose weight, build muscle, and feel better about yourself. Exercise (combined with eating well and getting enough sleep) is also the best possible way to stave off depression and anxiety.
3. Work on Personal Projects.
There's got to be something that you've wanted to learn more about, work on, or improve. Now's the time to do it. Here are some ideas:
- Advance your career by studying for the GMAT / CFA / GRE.
- Take an online course in through Kahn Academy, Academic Earth, or MIT Open Courseware--you can learn anything form 19th century British literature to Differential Equations.
- Learn a foreign language. The Goethe Institute has offices in many cities if you want to learn German, and I'm sure that there are numerous low-cost ways to learn other languages.
- Take a class through Skillshare.com or join a group through Meetup.com.
- Read about value investing and get started building a fantasy stock portfolio, learn how to play poker or bridge...the list is endless.
6. Take Advantage of all Your City has to Offer.
You've got to have all sorts of things that you've been meaning to do but haven't had the time to try. Grab a copy of your local independent newspaper and see what's going on this week. Just about any decent sized city should have all sorts of cheap / free things to do: author readings at book stores, museums, concerts, and so on. Of course, you can now do all of this on weekdays an beat the crowds too.
4. Meditate.
The Relaxation Response was the book that first made me interested in mediation. All you need is 15 minutes and the willingness to try to sit quietly. It's a great way to rejuvenate yourself and give your mind a break.
5. Philosophy and Religion.
Try going to church or synagogue. No interest in religion? Stoic philosophers like Seneca and quasi-buddhists such as Alan Watts have been very inspirational to me--far more so than years of Sunday school as a kid.
6. Remain Optimistic.
Everyone I've known who got laid off or fired early in their career eventually came back even stronger. Some got equal or better jobs in the industry, while others moved on to other fields. Just remember: this will get better, and if it's the worst thing to happen to you in your life so far, you should consider yourself lucky.
Notice that I didn't tell you to network with alums from your school or to polish up your resume. I'm assuming that you're smart and already doing that. Instead, I'm encouraging you to focus on all the other stuff in life that's too easy to ignore when you're working full time.
Monkeys: did I miss anything big? If you've been unemployed, what did you learn from the experience? Anything you'd do differently? How did you manage your time?
Comments
7. accept life for what it is
7. accept life for what it is
Great post. I'd like to add a
Great post. I'd like to add a few things. I've often walked to the library (about 30 min) and did my applications, research and readings. It's one of the best way to stay positive because you've done some exercise and you're around people. Just get out of the house! The library can be a great resource too.
Secondly, when you're sulking while waiting for a response after you've applied to every position that interests you, whore your resume to any other positions that interests you even a tiny bit. Even if you do not intend to take the offer, just go and practice interviewing if you have the spare time. Rejecting an offer by an employer has done wonders to my confidence! Just remember to be courteous and professional when you do.
Thirdly, I haven't much of this yet only because I wasn't sure which city I'd be in, but go volunteer. I've also donated blood a few times. This will take your mind off of yourself and help you think about others, and how fortunate you have it no matter what your circumstances are. It can also add a nice touch to your resume.
Lastly, try to do some pro bono work for something you care about. After I've been rejected by equity research firms, I've often followed up with asking to do some research for them over e-mail. It shows that you're passionate, interested and persistent. It won't work all the time, and I've been told to fuck off, but most people have been courteous and helpful.
Moneyball
See my other WSO blog posts
Good advice. It's always
Good advice. It's always tough to see this in the long-term nature of things.
Trying something new is probably most important for me personally, now that I have the time.
Head of Metal Website: www.headofmetal.com
https://twitter.com/headofmetal2012
Or you could just become a
Or you could just become a Nazi.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
Great post!
Great post!
Useful tips. I hadn't thought
Useful tips. I hadn't thought of utilizing meditation before...
Moneyball: Great post. I'd
Great post. I'd like to add a few things. I've often walked to the library (about 30 min) and did my applications, research and readings. It's one of the best way to stay positive because you've done some exercise and you're around people. Just get out of the house! The library can be a great resource too.
Secondly, when you're sulking while waiting for a response after you've applied to every position that interests you, whore your resume to any other positions that interests you even a tiny bit. Even if you do not intend to take the offer, just go and practice interviewing if you have the spare time. Rejecting an offer by an employer has done wonders to my confidence! Just remember to be courteous and professional when you do.
Thirdly, I haven't much of this yet only because I wasn't sure which city I'd be in, but go volunteer. I've also donated blood a few times. This will take your mind off of yourself and help you think about others, and how fortunate you have it no matter what your circumstances are. It can also add a nice touch to your resume.
Lastly, try to do some pro bono work for something you care about. After I've been rejected by equity research firms, I've often followed up with asking to do some research for them over e-mail. It shows that you're passionate, interested and persistent. It won't work all the time, and I've been told to fuck off, but most people have been courteous and helpful.
These are all wonderful points. I can't believe that I forgot to mention the pro-bono point. I've done this on the side too and it has been enormously rewarding.
Hi All- This post kind of
Hi All- This post kind of relates to me and it kind of doesn't-but here I go with my question. I graduated a target school 2 years ago in real estate/finance and I'm really looking to land a gig at a BB in Brazil. After working in hotel finance for 6 months after graduation I've spent the last year and 3 months living in Argentina (I'm bilingual in English and Spanish and proficient in Brazilian Portuguese while keeping current on Excel, PPT, etc.)
So as this post suggests, I've taken advantage of my time off, but now I'm looking to get back into the workforce. Given that recruiting season is around the corner, do you have any suggestions beyond the typical (company websites, reach out to your network, etc.)? If there's anyway that any of you fellow monkeys can connect me to the relevant people regarding my interests at your bank/anyone else you know I would really really appreciate it. Thanks in advance!!
The best way to survive and
The best way to survive and thrive in unemployment is an emergency savings fund. So keep that rusty Honda a few more years.
Work hard, play hard.
Great post, and great replies
Great post, and great replies too. I've been out of the job for a little while owing to a number of reasons, and while it was tough at first (and still can be), I've done a lot of the things you've said and it helps. It's important to stay optimistic that things will turn around, and not to compare yourself to your friends and former classmates who have had a lot more luck. As Moneyball said, it is great for the ego to be able to turn down other opportunities: I was lucky enough to be approached by a company for a position I had only a minor interest in. I went in anyway and had a chat with them, and when it became clear that it wasn't for me, I politely let them know.
As well as all that, if you have any skills that are marketable, you could be an independent consultant. If not, consider doing a course - for example, someone I know got a copyediting certificate, and now works as a copyeditor in her spare time. Extra income, and extra skills, even if they're not directly related to your field of study.