Four Ways To Make The Most Of Unemployment

With unemployment rising to 5.5%, more Americans are finding themselves with more time to catch up on their daytime TV or put in some serious time on World of Warcraft. Others see unemployment as an opportunity to begin a new career, take a mini retirement, invest in yourself, or find other sources of income. Their perspectives, inside.

Some of our favorite financial blogs have written articles justifying their departures from their normal jobs in favor of writing online. Although not everyone can blog (it’s like, really hard), their advice is useful for those considering a different career, especially one that involves working from home. Trent at The Simple Dollar claims quitting his job has saved him $8,000 a year in gas, food, and daycare costs, among others.

Get Rich Slowly discusses the concept of “mini-retirements”: a period of several months or a year living somewhere else, doing something else. Get Rich Slowly interviews Tim Ferriss, author of “The 4-Hour Workweek,” for more information.

Going back to school during a period of economic downturn is a common suggestion, but if you want to make yourself more marketable without taking out more loans or spending money on classes, consider other ways of investing in yourself. Web Worker Daily advises readers to build their online persona; a strong online presence, created through a personal website or other means, “is one of the best ways to attract new job and business opportunities your way.”

Unemployment is also a good opportunity to begin exploring and building alternative income streams—sources of income other than a paycheck from your job. Moolanomy lists over forty ideas and links to other lists for those looking to supplement, or replace, their employment income.

(Photo: Getty)