« Side Hustle School

#1607 - Q&A: How to best use a time of unemployment?

2021-05-26

A listener who experiences a layoff has a severance package that lasts two months. In addition to looking for full-time work, how can he build another form of financial security during this time?  

Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week. 🎧

Show notes: SideHustleSchool.com

Email: team@sidehustleschool.com

Be on the show: SideHustleSchool.com/questions

Connect on Twitter: @chrisguillebeau

Connect on Instagram: @193countries

Visit Chris's main site: ChrisGuillebeau.com

If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼 

Learn more about your ad choices. Visit podcastchoices.com/adchoices

This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
I want to tell you about the most fine stylish charged up electric car out there. It's the many Cooper S E, an electric, unlike any other, it looks like a mini drives like many, because it is a meeting just electrified perfect for this he or for the suburbs, stand out from all other electrics and then speed up its many go card handling with an electric charge. Darting, at only twenty. Nine thousand nine hundred dollars reserve yours at many USA dot com. I have recently had a number of questions about employment transitions and what to do when you are looking for work, especially if you have a gap
green. Employment got some time. Hockney spend that time and in my book born for this, which goes back a few years. I wrote about the concept of perfect verses, imperfect information or it can also be visible versus hidden information and, if you think about games like Tik, Tok toe in chess and Poker game like Tik Tok toe has perfect information. Reply take two October. Somebody like there's nothing hidden. you can see their move, there's nothing. They can see that you can't and chest is like that to both players have access to all. The information in the game is just a question of who can think through the best strategies whose mental faculties and experience with a game of chess turns out to be stronger or more advantageous in that situation, however, poker is not like that. So poker is the opposite, because has imperfect or hidden information like you can't see what your opponents cards are, and I wrote about this in some detail in a book. But the key point is
Careers are much more like playing poker, then playing chess or Tik Tok tone, because there is a lot of hidden information. There is a lot of things you can't you can't figure out, see you dont know, and sometimes you don't know what you don't know not to get to Donald Rumsfeld here, but There are these unknown knowns or Pineau, Knowns, etc. So are you gonna do often in these situations is try to figure out. Try to make more. information accessible or visible to you, I mention that I want to bring it up in the context of this listeners. Question he's asking something a little bit different, but hopefully gonna come full circle here in a moment how to to use a time of unemployment? How can you started let us do something else for yourself during that time, the details send and mighty tell answer right after this message from our sponsor hey Chris. This is Michael. I've been listening to the show for a couple years now, my company, recently did around of lay offs
I was in the group the got. Let go, don't feel bad. For me, I mean it as a huge shock to be honest, I really am ready for a change anyway, since I was laid off and steady quitting, I received the severance package. I've got at least a month or two before after gifts serious about finding a job, so I'd like to you some this time to focus on creating a new source of income, not expecting the replicators full salary right away? But I am thinking that, if, get going I'll be in a better place to grow the business. While I begin new job. So how can I best use this bone free time that I have been given congratulations on full employment, I wish you well and I very much respect that attitude of how can this be a good? You see your time, not just a good your time, but how can it be an opportunity right like this is a chance to invest in yourself, I would say you know you're totally on there track use this time for research and action like a combination, research and action. If you are brain,
to the world of cider cells in thinking about that concept of how there's imperfect or hidden information try to reduce the amount of imperfect or hidden information when you're thinking about what kind of business should I start and is prepared to time narrow it down, identify a category or to or maybe three ideas it most and spend some detail time learning for somebody who is a bit further along and already has idea. They just haven't really committed the time to write. Well, here's your chance, you knows the time bringing that idea to life. Do it really step by step, make a list of tasks give yourself deadlines on it every day. Maybe work on it more than you might normally work on it because you ve got some extra time. I really think its ideal, for any of us, like whether you are in a situation of unemployment or not to look at any kind of time of transition, has an opportunity to change something up like just move forward blindly, like I get into this myself, I often just get on a track of doing stuff, and I just
pretty good in some ways it just doing the same thing over and over again and there's a time and place for that and there's another time and place for saying hey what do I really to do and what changes do? I need to make now, what do I had the opportunity? As I said, what changes do I have a chance to make right now so nodded I was thinking about briefly from that concept of how to find the work you are meant to do that. I wrote about in the book born, for this is the importance of creating back up so maybe you can also use this time to create a backup plan, so, if you're already and a couple of ideas. Maybe this is the chance to make a backup plan or should begin thinking. Ok, I'm not commit pointed other idea right now, but is there something I can start outlining or just unreal brainstorming about so that I have more options that, ultimately, I do have more than one source of income and hopefully yet another job, and that will be a good career. But if something happens this situation again years from now, I'm even less.
Worried that I am now that's my take for Michael but ass. You might be in that situation, so, let's all make the best use of the opportunities we have. As I said speaking to myself here, to suggest you, but thank you nurse for tuning and today it very much joining the honest journey. We haven't worldwide global community of awesome people out there. If you have a question, and be back like to share your business idea. Just let us know how things are going com let us all school dot com, slash questions, do something for yourself today. We should come back tomorrow, My name is crystal about. This is side hustle school. from the onward projects.
Transcript generated on 2021-08-09.