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The recovery from the Covid-19 pandemic has been slower than many expected.
For many Americans, this means that their incomes are not yet on track or that they may have suffered again when the delta variant appeared.
Data shows that hiring is still slow. Weekly jobless claims rose more than expected last week. Continuing unemployment claims were also higher.
While many vacancies are available in certain industries, other workers may struggle to find a position that matches their experience.
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It doesn’t matter if you’ve been hit with a financial setback or you’ve been unemployed for months, overhauling your strategy to find a new job or more income can help increase your chances of success, according to Winnie Sun, a financial advisor. and Managing Director of Sun. Group Wealth Partners in Irvine, California.
This is the advice Sun said it has given to customers in this situation.
1. Seek Covid-19 assistance
Federal, state and local programs have been put in place to help individuals and families cope with the pandemic.
To find out what might be available to you, Google three words – Covid Financial Aid – with your location turned on, Sun said.
By simply performing this search, you should be able to find programs that were not previously on your radar, including those aimed at specific demographics or industries.
2. Look for temporary income
If you typically work in an area where jobs are no longer available, look for other ways to find work quickly, Sun said.
This could include making yourself available for freelance work or one-off tasks.
“The key is to generate income,” Sun said. “You don’t have to love your source of income right now.”
3. Avoid pillaging your pension benefits
Any money you put aside in a 401 (k) or individual retirement account, including Roths, should stay there, if possible.
“This should be seen as a last resort,” Sun said. “I wouldn’t touch it if you could.”
Instead, focus on ways to generate more income and reduce your expenses.
4. Tighten your budget
Take a look at how much you are spending and look for ways to reduce your spending, starting with your biggest costs.
If you live in a two-car household and can survive on just one car, consider selling a vehicle or even temporarily removing it from your insurance policy, Sun said.
Also look for ways to lower your overall living costs, either by moving in with a friend or family member or by hiring a roommate to help you share your expenses.
Very often people think that you should only talk to us when you have a lot of income and are able to invest, and that is actually not true.
Winnie Sun
Managing Director at Sun Group Wealth Partners
Once you’ve tackled those big ticket items, consider whether there are other monthly bills – such as phone, internet, or streaming TV subscriptions – that you can cut or even cut altogether.
Plus, take a look at items in your home that you don’t need. Everything from old video game consoles to fitness equipment can be sold online.
“Whatever you thought wasn’t worth much, I think you’ll be pleasantly surprised if he’s online,” Sun said.
5. Make sure you have health insurance
If you lose your job, your employer will allow you to extend your health insurance. But this program, known as COBRA (named after the Consolidated Omnibus Budget Reconciliation Act of 1985), is often the more expensive choice.
Instead, contact your primary care physician and dentist to find out what other forms of insurance they take.
“A lot of times they’ll know of other low-cost options that you haven’t even thought of,” Sun said.
A Sun client was able to get emergency dental treatment and pay 75% less on costs after going with a plan recommended by her dentist, she said.
6. Talk to a financial professional
Even if you’re broke, it’s still a good idea to seek help from an accountant or financial advisor, Sun said.
They may be able to help you identify government programs or tax benefits you may now be eligible for, she said. Plus, they can assess which accounts would be best to tap into in the blink of an eye.
“A lot of times people think you should only talk to us when you have a lot of income and are able to invest, and that’s actually not true,” Sun said.
7. Be active on social networks
Job seekers attend a job fair at a post office in Los Angeles on September 30, 2021.
Frédéric J. Brown | AFP | Getty Images
Social media can help you identify sources of work beyond traditional job postings.
Groups on Facebook or LinkedIn for people in your industry or who share your interests can help you find jobs listed outside of job boards or connect with professionals who are hiring.
“You may be able to find work, temporarily or permanently, very quickly,” Sun said.
Also, be sure to update your LinkedIn profile to include an avatar that says you’re looking for work. Ask people you’ve worked with to write references that will be readily available on your profile.
8. Find a recruiter
Many companies looking to hire have hired recruiters to help them with their research.
Contacting one of these professionals can help you identify opportunities you may not have considered.
Because recruiters are typically paid by the hiring companies, these tips usually won’t cost you, Sun said. Plus, it can help you get into a company you’re genuinely interested in working for.
“Sometimes it takes a recruiter to best represent you,” Sun said.
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