We discuss our difficult day at work where a major furlough, a temporary leave, impacted the employees.  We also share our thoughts on the current economic environment that is causing such massive unemployment situations and provide some advice on how to handle losing your job or being furloughed.  It’s first important that you get as much info as you can. Understand what’s happening, understand your options. Make a plan! Read everything your company gives you!  Read it twice.6 Steps to deal with a job loss or furlough:Step 1: Accept it emotionally. 40M+ people are unemployed. It’s not your fault and we’re all in this together. Things will get better. But ground yourself with the worst case scenario.Step 2: Listen to our episode on living like you lost your job, #22.Build the emergency fund---nowStop spending money---nowReevaluate all your lifestyle commitments--nowStep 3: File for unemployment insurance.Unemployment insurance is an employer tax that pays you a benefit if you are unemployed. The benefits can range from $200-$550 a week. And can last up to 26 weeks. The federal government has expanded these benefits to include situations like furloughs and reduced hours.. Step 4: Request mortgage forbearance if you can’t pay.Forbearance is when your mortgage servicer lets you pause your payments for a short period of time. This is not forgiveness of the payment. At the end of the period, you’ll still owe those payments but the repayment plan varies by provider.Step 5: Extend your medical insuranceYour employer might provide benefits coverage for a period of time, if not, you can pay for it yourself through COBRA: the Consolidated Omnibus Budget Reconciliation Act of 1985.You're eligible to keep your health coverage for up to 18 months. It will be expensive, as your employer was subsidizing this before, but it might be your only optionOr get on your partner’s insurance. This qualifies as a life event and you can sign up outside the enrollment period.Or sign up for the Affordable Care Act, the Health Insurance Marketplace. Obamacare.Step 6: Prep for another jobIf you’re furloughed, hours cut temp, etc. really make a calculated decision on what you need to do for your own personal situation.  If you’re confident you’ll be able to return to your company soon and you can afford the reduced pay for a while, then ride it out.  If you’re worried you won’t return and you need a full-salary paying job ASAP, then start looking.  It will be tough to find a new job. But that doesn’t mean you shouldn’t try. Job hunting is a skill based on experience, so start building that experience now.  Don’t get discouraged, and keep at it!Update your resume.Update linkedin.Connect with your networkApply for jobs.Our top 3 takeaways for this episode:This isn’t your faultUse this time to cut your spending and reevaluate your lifestyle and all related expenses.Take advantage of government programs like increased unemployment and mortgage forbearance.---Follow friends on FIRETwitterInstagramFacebookLinkedInLeave us a voicemail or text us: 404-981-3370eMail us at:  friendsonfiremm@gmail.comVisit our website: www.friendsonfire.org---Other LinksMaggie’s Blog: Mostly Minimal LifeMike’s Book: Your New Relationship with Money