7 Things to DO After a Covid Layoff

Well, you’re one of the many that were layed off due to COVID19. That means free time. But you’ll want to spend it wisely. Here are 7 things you should consider doing after a COVID19 layoff.

1. File for UnEmployment

There’s no shame in filing for unemployment. As an employee you paid into this insurance policy that exists to supplement your income if you become unemployed for reasons out of your control.

Recent layoff may be eligible for additional payments under the CARES Act of 2020. The amount initially was $600 a week and currently in talks to be adjusted.

2. Rollover Your 401k

Don’t leave your 401k with your employer’s 401k plan unless there is a good reason. Many 401k plans include ongoing fees that can be avoided if you rollover to your own broker.

Another reason to consider a 401k rollover is that after a few jobs you may find you have too many accounts to keep track of. (Of course users of Personal Capital can easily track all their investment accounts in one place)

If you’re rolling your 401k over, I’d highly recommend an automated robo advisor like Betterment or M1 Finance. (Betterment link will give you $5,000 managed free. The M1 Finance link will give you a $10 credit)

3. Sign Up For COBRA or Find New Health Insurance

If you’re in the USA, then going without health insurance is gambling with your bankroll. Healthcare costs in the US are ridiculous. Unfortunately so is health insurance. Make sure you shop around and see what’s the right coverage and price for you.

4. Meet Some People

Why not use your free time to meet some people online? Fire up your Tinder or Ok Cupid and see who else is bored at home and looking to connect. You can make your own decision about what’s best in terms of social distancing but no one has ever caught a virus over Facetime.

5. Start Your Own Business

With the currently high unemployment rate, finding a new job may be challenging. If you’ve dreamed of starting your own business, now might be the time to make it a reality.

If you need some help getting the word out about your product or services you might benefit from sites like Upwork that can help you start freelancing. Additionally, Fiverr will help you. Get 20% off Fiverr gigs when you sign up with my link.

6. Get Back in Shape

Who among us hasn’t gained a few pounds during the spring quarantine? If you’re a COVID layoff with free time why not use it to exercise?

If you’re like me and bailed on the gym, you’re stuck with walking and whatever you can do at home. I found these two gadgets on Amazon to help with pushups and an alternative to weight lifting.

7. Consider Suing Your Former Employer

If you feel your rights may have been violated due to wrongful termination consider seeking out an attorney to discuss your rights. Read more here and here.

Just Enjoy Your Time Off

Whatever you choose to do with your time off just enjoy it. At some point you may find yourself back in an office again and you’ll miss this time.

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