Can Getting Laid Off Actually be a Good Experience?
Today’s big news is that the unemployment rate has reached 8.1%. The automakers and banks are doing worse than ever, and people are questioning whether it’s really a good idea to keep giving them bailout money. At this point, there are no signs of hope for the economy. It seems that layoffs will continue to increase.
I remember a guy I once worked with who got laid off several years ago. We were right in the middle of an important software project, and he was the lead developer and Chief Technology Officer. One Monday morning, the boss walked into his office and told him,
I’m sorry, but we’re laying you off. Clean out your desk and leave.
The boss may not have been that blunt, but he watched as the poor guy cleaned out his desk. The boss watched to make sure the employee didn’t try to delete any files from his computer. After he put all his stuff in a box, the guy just walked out. He blinked at the bright sun. It was 10 o’clock in the morning.
Many people would feel very sorry for this guy. But you know what? This kind of thing happens to everybody. People get laid off. Relationships end. (Is a job like a relationship?) As the saying goes, stuff happens. I think it’s part of life. Sometimes unexpected and unfortunate occurrences befall us. We can’t always control what happens to us, but we can control what we do with the situation.
Even though layoffs are at record highs right now, there’s another side to the story. Opportunity is also at an all-time high. Here are some random ideas about turning the unfortunate layoff into opportunity.
- Train for a New Career
Many people are constantly complaining about their job because they hate it. Being laid off is a great opportunity to choose a new career. As the world changes faster and faster, there is less and less need for a college degree. There are many great jobs that we can train for just by studying and learning on the Internet.
Lynda.com is one of my favorite online learning sites. For just $25 per month, anyone can learn hundreds of different software packages. Microsoft Excel? No problem. Adobe Photoshop? No problem. Anybody with the resources to read this post has everything they need to learn all the skills they need for a brand-new career. It could be web design. Or Internet marketing. Or copywriting. Or even writing for blogs. - Freelance Work
There many ways to use our job skills and talents to make money without having a job. Doing freelance work is a great way to keep our skills up and make money at the same time. Often, an employer will hire former employees on a freelance basis. It’s a win for the employer, because they can get what they need done. And it’s a win for the freelancer, because they can make money and retain time and career freedom. - Start a Business
Many of the most successful companies in America were started during recessions. In many ways, it’s actually easier to start a business after being laid off. For one thing, we have a lot more time. It’s easier to find the time to research or start a new business. For most people who have a full-time job, by the end of they day when they come home from work, they are too tired to do anything besides watch TV. And on the weekends, they’re busy doing all the stuff we didn’t have time to do during the week. If we have nothing to do all day besides watching TV, we can find the time to think about and develop a new business. - Get Financially Educated
Anyone who is dependent on a job for their income could probably use a little bit more financial education. Maybe it’s about managing their finances better. Or finding out about financial opportunity such as investing. In America, anyone can get rich. All the information is available from books, CDs and seminars, and even the internet (and blogs!). Going to the library is free. And, if you want to see some of our favorite books, look at the recommended reading on the right side of this page. - Become an Investor
Since the Internet is the great equalizer, investing has become easier and easier to learn. It’s possible for anybody with even a small amount of savings to learn how to become a successful investor. And there are many ways of doing it. It could be through the stock market. Or real estate. Or, precious metals such as gold and silver. It could be going to garage sales and buying antiques or other valuable items that people think are junk. I don’t know. But I do think that being laid off gives people the time and energy to learn about and try different ways of investing.
Being laid off can be a very traumatic experience and creates tough financial problems. However, just because we have financial problems does not mean we are financially helpless. It takes more work and creativity than just going to the prison cubicle each day, but it is possible to turn a layoff situation into something useful.
This is the second of a series about how the down economy is good for your finances. The previous post is What Are the Hidden Opportunities of a Down Economy? The next post is Tough Times are an Opportunity to Get Better at Managing Money.
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Related posts:
- The Importance of New Skills
- My Experience with Fulfillment by Amazon
- What Are the Hidden Opportunities of a Down Economy?
- A Wake-Up Call for Personal Finances
- Tough Times are an Opportunity to Get Better at Managing Money
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I'm George Ulmer. Matt and I started this blog and launched the Online Investing AI business. Our goal is to develop the technology to allow anyone to retire after working for 10 years.
is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
I’d be scared to get laid off, but tough times do create opportunities.
I think the saying goes that destruction breeds creativity? I could be wrong, but I think it’s the central theme of Graham Greene’s “The Destructors”.
Nice post!
Brilliant post, George.
My friend was laid off and, since he had time, began to write articles for history magazines. After a couple tries, a small article was accepted.
And then another one.
And another one.
And then they asked him to write on a regular basis.
He actually did find another job, but something changed in his attitude; since he now has a nice second-income, that he refers to as “F.U. money.” (I guess that stands for: Free and Unlimited!)
He said he actually enjoys his current job because he works to meet people and do things, not because he’s afraid or threatened.
@The David
Hi David,
Thanks for your great comment. Yes, I think I have heard that saying before. Perhaps through destruction new opportunities, ideas and businesses are created.
By the way, your blog is my favorite financial blog!
George
Great post — while getting laid off is unpleasant, its all part of a process of creative destruction. When people sit in a job they don’t like for a year or more, they stop being productive. When you lay them off, you effectively ‘free them’ and they eventually find something they *do* like to do, and end up contributing way more.
One tip I do have for getting the most out of your layoff time — join an unemployment social network like http://www.freeagentnet.com . You’ll have a chance to meet others who are also exploring some other possibilities, which will inevitably turn you on to ideas you hadn’t even thought of. Although job seeking isn’t the primary goal, by meeting others and chatting with them, its easy to stay on top of the areas that do seem to be hiring.
@Andrew
Hi Andrew,
Thanks for the note! I couldn’t agree more. Being set free from a job we dislike is actually a wonderful thing, and I speak from personal experience.
35% of employees are so disgusted with their work that they actively sabotage their employer. I wonder if those people would be better off finding other jobs or ways of making money…
Thanks for the tip. Unemployment based social networks are new to me.
George
Thanks for doing this. It was just the encouragement I needed this morning. I have come to feel at this point, some months down the road after getting a harsh layoff, that it is like ending a relationship – maybe more like getting dumped – I am thinking, as I write this. We all know life goes on, but we need to know how to process this situation psychologically also. Looking forward to all that you have to share on your website.
@heidi
Hi Heidi,
Thanks for your comment. I know it’s tough getting laid off. I don’t know if it helps, but getting laid off was one of the best things that ever happened for me. It made it possible to start this blog and make that post, for starters!
And, I agree with you that a job is totally like a personal relationship. Maybe that’s one of the things that makes it hard..it’s really just what people do to get money, but we make friends and get used to going there each day. The office becomes a place to connect with other people….
Hope that you are using your new free time as an opportunity to build a great future!
George
Hi,
Have you tried freelancing? You may check some good freelancing advise and resources here:
http://www.mycsharpcorner.com/Post.aspx?postID=60
Best of luck
@yousef
Thanks for the comment. Freelance programming is definitely a great way to make money. Especially C#!