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Make Extra Money While You Are Looking For A New Job

By Erik Folgate

The worst part about an economic recession are the jobs lost by hard working individuals around the country. The United States has seen a spike in unemployment in the past year, and most of it came from the real estate, mortgage, and financial sectors. The credit meltdown and the corruption on Wall Street led to companies folding, merging, and liquidating. This causes jobs to be lost. We’ve also seen large corporations like Circuit City, Linens ‘n Things, and other retailers on the verge of going under. I got caught in the middle of the hiring squeeze. I left my previous jobs voluntariliy, because my wife accepted a position in Orlando, Florida, and we were living in Jacksonville at the time. I have definitely felt the toughness of finding someone who is actually hiring. If you are out of work, there are many ways you can still earn money while you look for new work. Do not assume that you will be hired quickly in this economic climate. Even if you have strong leads right away, the hiring process can sometimes take 4 to 6 weeks.

File For Unemployment

You can only do this if you were laid off by your company. Getting fired for not performing the duties of your job correctly, discipline, or any other negative reason does not qualify you for collecting unemployment. Your company must lay you off, which means they terminate you for no regarding your performance. A lay off is done for financial or corporate re-structuring reasons. Filing for unemployment can be a sobering and embarassing thing to do, but as long as you are not taking advantage of it, there is no shame in it. You’ve been paying into the system for years, so take advantage of this welfare while you are looking for another job.

Offer Freelance Work

A lot of work is transferable to a freelance setting if you put a little effort into it. For instance, if you were an accountant for a large firm, you can perform tax services to individuals with a business card and a little networking. The key is getting the word out that you are starting to do freelance work.

Join a Temp Agency

This is also a great way to earn some extra money while you are looking for another job, and it keeps you in the swing of getting up early and going to work if you were used to going to an office every day. When you sign up for a legitimate temp agency, you pay nothing for their services. They make money from their other clients, the employers looking for employees. Most of the work will be data entry, customer service, and other low skill jobs, but they often pay decent and there is no commitment with temp work. If you find a permanent job while you are temping, the employer hasn’t invested any money in you yet, so they will not be upset that you are leaving. Some temp agencies pay weekly, which is also a nice thing if you are the sole provider in your household.

Remember not to panic if you lose a job, quit, or get fired. If you panic, you will end up sitting at home watching Regis and Kelly wondering how your going to pay the mortgage payment next month. Don’t waste any time and start making money again right away.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • Kristy @ Master Your Card

    A friend of mine was fired from a company for what amounted to a bunch of stupid reasons. The company was in the midst of a lot of turnover and they had a lot of younger people coming into management positions who had no previous experience. My friend and one particular manager butted heads quite frequently and often left my friend to work alone – doing the work of two people in the process. My friend went to the store manager and asked her options and he told her she was not in danger of being fired and not to worry about it. A week later, he fired her. Now, I don’t know if that is what made the difference or not, but my friend collected unemployment from this company. I don’t really know the rules because I have not had any experiences with it, but I do believe in some cases it’s entirely possible to collect unemployment even if you’ve been fired.

    In regards to income, other things you can do while waiting for work include giving blood/plasma and participating in medical trials. I have a client who will tell you he is a professional guinea pig because that is literally what he does all year is take medical trials. He says he averages about $25,000 a year doing that. Now, I don’t know if that’s all true, but I do know that some of those studies can be pretty lucrative. In desperate times, it may be worth a look.

  • http://blog.budgetpulse.com/ Craig

    If you are technically and independent contractor for a company, can you file for unemployment if you lost your job?

  • divinejohnson

    Now days, it seems kids tend to have their hands out more, instead of wanting to earn their way. So I am proud of you for trying to take care of your own debts. Most businesses will work with you, on the hours, and will be glad to get the help.You can take help also from http://my-bailoutcash.com/

    good luck to you.

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