What do you do when you lose your job at 40?

People are losing their employment because the coronavirus is causing so many firms to either reduce their operations or completely close their doors. have submitted their applications for unemployment benefits over the course of the last three weeks, with another 6.6 million individuals doing so only the week before. To provide some background, the previous record was. You are not the only one who has just been fired or who fears that they may be fired in the near future.

Losing one's job is almost never easy. Trying to figure out your next moves might seem like a lot of work, especially when you add in the unexplored seas of a pandemic and a very rapid economic downturn.

Because of this, the lead career counselor at Ellevest and the lead financial planner at Ellevest have decided to work together to assist you in navigating these waters. The following is a plan that we have devised to address the issue of employment loss brought on by the pandemic.

1. Allow yourself time to grieve and focus on loving yourself.

It is OK to feel sorrow. A major turning point in anyone's life is when they lose their employment. There is a good chance that you will go through all of the following stages: denial, anger, bargaining, sadness, and acceptance. These phases follow one another in order, but they may not occur in a linear fashion; for example, you could feel angry or sad for a time, and then one day you might feel OK and ready to go do this thing, but then the following day you might feel like "nope" again. (Been there.) In addition to this, there is the communal mourning that is taking place as a result of the epidemic. Be gentle to yourself in this present moment.

Isolation from others may be trying, but it also presents a unique chance to undertake some crucial self-reflection, which can be a positive side effect. What did the job have that was successful? What went wrong with everything? What are some potential things that you would want to alter going forward? Where do you see yourself going next in your professional life? What would the parameters of a new position be?

Spend some time thinking about the things that make you proud and writing them down. How did you contribute to the success of your team? Which initiatives bring a grin to your face when you think back on them? It will assist you in remembering what you have achieved, which is not only beneficial to your own self-care but will also assist you in telling your narrative in the future.

2. Get into a regular schedule.

Reflect for a sufficient amount of time to get some insight... but not for an indefinite amount of time. It is simple to remain in this place, particularly at this moment when normal routines are being upended and it may seem as if time has stopped moving. However, it is essential for you to develop your own regimen. The framework that a workday provides has an impact on you, and the absence of that structure may also have an effect on you (including how well you sleep and how you feel about yourself).

As a result, we strongly suggest that you devise a framework of your own. You don't have to keep yourself busy every second of the day, but you should get up and go to sleep at the same time every day. You should start your day with an activity that will energise you, such as going for a quick walk, meditating, reading for enjoyment, or exercising. (If you're the sort of person who "needs an agenda," write down everything you want to get done today on a to-do list.) Meals, time to visit with friends, and time to interact with family should all be scheduled. Every evening, engage in an activity that helps you feel more rooted, such as participating in a thankfulness group text, spending quality time with your family reading, or keeping a notebook.

You will gradually realize that there are some periods of the day when your natural level of energy is higher, while there are other moments when it is lower. While you are ready, you will be able to put that information to use when you are considering what steps to take in your job search.

3. Take care of the paperwork that has to be done right now.

Even while you take the time to contemplate, there are a few time-sensitive matters that need your immediate attention.

To begin, if you use a computer that belongs to your employer, you will most likely be required to hand it back. Check to see if you can go through your old files and develop a list of the responsibilities and accomplishments you've had in the past. This step should only be taken if the situation calls for it. Having eyeballs on the work you've done and taking notes about it can help you remember when you're updating your resume. Of course, you'll need to respect any terms of your employment regarding intellectual property and data, but other than that, just having eyeballs on the work and taking notes about it can be helpful.

Apply for unemployment benefits as soon as possible since it may take a few days before you really start receiving them. In addition, because of the dramatic rise in claims, the systems may be down, and the majority of states determine eligibility based on your last name. To get you started, here's a ; look into it even if you don't think you qualify for unemployment insurance, because the expanded eligibility for unemployment insurance to include people who work as freelancers, gig workers, performing artists, people who work at non-profits, and people who have had contracts canceled. You can .

The next item on the agenda is your separation agreement, if you have one. How much of a severance package, if any, as well as continued income and benefits are being provided to you? Are there conditions that you have to agree to before you may make use of them? Are you being offered any benefits, such as outplacement services to assist you in finding a new job or any other perks? If there is anything that is unclear, you should probably have a labor and employment lawyer look it over. On the day that you are being laid off, you should not feel any pressure to sign anything. In most cases, an agreement will contain a deadline, and you will be given sufficient time to study it. Take as much time as you need, and if you don't find a time period that's been provided, ask for one.

And last, the fourth step is to investigate the various health insurance choices. If you are eligible, the Consolidated Omnibus Budget Reconciliation Act (which, by the way, stands for the Consolidated Appropriations Act, Reconciliation, and Modernization Act) gives you the option to continue participating in your employee health plan for an extended period of time. Because it is only temporary, you are responsible for paying the whole premium, which includes the portion that was previously covered by your employer. This may be rather costly.

You may also have the possibility to join the health insurance plan of your spouse, if they have one, or of your parents, if you are under the age of 26, if they have one. You may also submit an application for a new plan online (aka Obamacare, federally administered health insurance). You would be eligible to enroll in any of these plans outside of their typical open enrollment period if you were laid off from your work since this is often considered a "" (also known as "special enrollment period").

If cost is an issue for you, other options include (free or low-cost health coverage to some people who meet income criteria, families and children, pregnant women, the elderly, and people with disabilities) and (free or low-cost health coverage to some people who meet income criteria, families and children, pregnant women, and people who have disabilities) (same, but for children). Recent developments in each of these areas have been made in reaction to the epidemic. If cost is not a concern for you, another option to consider is purchasing private insurance, which you would choose yourself and pay for out of your own personal funds. Both may be obtained at any time throughout the year; there are no open enrollment periods.

4. Maintain daily connections

Right now, we have the fantastic ability to network online with one another. Maintaining contact with other people is vital to our health and happiness. We have the desire for it, and we also have the time to fulfill that desire. That is the essence of what we mean when we talk about "networking": reaching out, checking in, cultivating relationships, and just being people. You now have one more item in common with the other person to talk about. Make it known to everyone that you are on the hunt for your next opportunity. It is impossible to predict when or where you will encounter your next opportunity.

Therefore, communicate with the folks you already know. Begin with your circle of friends. For many women, having a group of supportive friends who watch out for each other is an essential component of professional achievement. (In addition to this, they may notify their friends, who may provide the following chance.) After that, go to workplace ties, who are those who have worked with you in the past and are able to provide you with a reference. indicated former colleagues were responsible for helping individuals get employment in a ratio of 60:40.

The next step is for you to make an effort to connect with strangers who are sources of motivation for you. If they have a significant impact on you, your genuine self-expression will come out when you communicate with them. This may result in some quite remarkable relationships. (This is a true account of something that Stephenie did with Sallie Krawcheck... (And at this point, she is employed by Ellevest.)

5. Make a record of your financial situation.

To practice effective self-care, it is important to have a solid understanding of where you are monetarily at the present time. When you take stock of your current financial situation and determine that you are able to cover your costs at this time, you won't have to stress about whether or not you can afford things like food or your bills. If you take stock of the situation and realize that you are unable to, then you have a next step that you can do.

You don't have to get everything done all at once; instead, you might give it a half-hour of your time each day and work it into your schedule. (Even just making incremental improvements will make you feel like you're making progress every day.)

Look at your expenditures.

Get together all of your most recent bank statements, as well as credit card statements, if you have any of them, so that you can review everything that you've spent money on in the recent past. Put each cost into one of these categories: necessary, reduction, pausing, or cancellation. Take a look at the places you spend your money as well. You may be able to find groceries or clothing at stores that are more reasonably priced in other areas. Look for areas in which you are able to comparison shop or negotiate pricing, such as the plans you have for your phone or internet service. It is worth your time to call and ask for a cheaper interest rate on your credit cards, for example.

Consider your financial obligations and the steps you might take to address them.

The CARES Act includes a number of short-term solutions to emergency situations, which is some welcome news. If your landlord has a mortgage that is federally guaranteed, the eviction process is put on hold for a period of four months. Additional forbearance is available to homeowners whose mortgages are secured by the federal government. In addition, payments on most federal student loans have been suspended, and interest will be skipped for the time being. If you have loans that are not from the federal government, you should verify with your loan source (many are offering similar pauses). It is worth your time to contact and inquire about it even if you have credit card debt. In addition to that, we also have a summary of the.

Investigate each and every one of the potential revenue streams you have.

Consider the following, among other things:

Examine the amount of your unemployment benefits, when they will begin arriving in the mail, and for how long they will continue in your state.

Your contingency saving account (if you have one, )

Your available lines of credit, in the event that you are forced to incur debt at this time. Is it possible for you to get a personal loan, a loan against the equity in your house, or charge your current bills on your credit card right now? (Here's)

Your available choices in terms of support. The qualifying requirements for certain have been relaxed as a result of recent legislative action.

We have compiled a list of opportunities that you may pursue from the comfort of your own home, such as online tutoring and customer service.

6. Begin to share your experience and do research on LinkedIn.

Since you've already done some introspection, the next step is to make an inventory of your abilities and special talents, as well as being clear on the narrative you want to tell. What kind of value are you able to bring?

Creating a "elevator tale" is an excellent approach to get started. This is a brief explanation of who you are, what you do, why you do it, who you do it for, how well you do it, and what you're looking for. Concentrating on this aspect may help you get perspective on your own talents and professional aspirations, and it can also make it easier for you to communicate about yourself in interviews and during meetings.

Then it is time to update your CV as well as your profile on LinkedIn. Several things to keep in mind in regard to LinkedIn:

You should revise your whole profile to match who you are at this point, not who you were three years ago when you last searched for work. Not only is this your résumé, but it also includes a picture of you and a section at the top that LinkedIn refers to as your "introduction card." This is the section where you may elaborate on your elevator pitch by telling them more about who you are, what you care about, and why it could be beneficial to connect with someone like you.

Make sure that your profile is set to "public" so that others can discover you.

Participate in (or become a member of) organizations that are centered on your interests and passions. Find individuals whose posts you find interesting and start following them, then leave comments on their content. Please share any information that you find interesting or pertinent. Sharing content, participating in online groups, and leaving comments are all simple methods to start a dialogue with other users.

Learn about the other businesses that are in the area while you are there. Extend the scope of your analysis. Which organizations have a significant impact on you? What are the things that they share in common? How can your experiences, beliefs, and talents be applied to a wider variety of fields, positions, and professions, even if they are different from what you've done in the past? When you have an understanding of the reasons why you would want to work at those firms, you can use it as a starting point to think imaginatively about where you would be a good match, and it will also guide the questions that you ask when you begin the application and interview process.

7. Get right to work on your job hunt.

Despite the current climate of unpredictability, the majority of companies are continuing business as usual. Don't be shy; send in your resume to any company that interests you (and like). It's possible that you'll have a chance to interview for the job, or perhaps start working from home. Now is the time to practice your interview abilities, and in particular, the time to strengthen your skills for video interviews.

This time that we are Zooming with our pals provide a wonderful chance to make some recommendations about practice interviews. There will be a large number of individuals searching for employment, and you will be able to reciprocate; some people will just have spare time and wish to assist you. Make some connections and find out who would be willing to perform some test runs with you. A few things to keep in mind are as follows:

Interview criteria remain the same regardless of how many jokes there are about wearing pajamas to work. Dressing professionally for an interview requires that you put your best foot forward in terms of presentation. You should have your buddy describe what it looks like on the camera to you.

Get your surroundings in order as well. Is there a lot of chaos going on in the background? Do you have a method in place to ensure that you won't be interrupted by anybody else in the house? Would it help to minimize the noise if you closed the doors and windows?

Learn your technology inside and out. Whether you're using headphones, may I ask if they're functioning properly? You should get a sound check from your pal. Perform a test run on the system that they are using before you have an interview arranged with them (Zoom, Google Hangouts, FaceTime, etc).

After that, you may go on to practicing genuine questions that you would be asked in an interview during your runthrough. You will be better able to think on your feet, hone your talking points, and feel more at ease as a result of this. Bonus: One of the many advantages of doing a video interview is the ability to have a few notes in front of you at all times. You should never read directly from a script, but having your talking points accessible is a great benefit if you ever find yourself in a situation where you need them.

One more point: While you're looking for work, you may also want to think about doing some volunteer work. Volunteers are sorely needed during these rough times. And if you're going through the motions of mourning the loss of your work, lending a hand might be of further comfort. It will keep you occupied, let you put your experience into perspective, and assist you in feeling useful while also connecting with others. It can also help you acquire skills, and it could even provide you with a chance to network with other people (you really never know). The most essential thing is that it will bring to your mind the fact that we are in this together.