Unemployment Pays: Tip-of-the-Day #72


The first time I was laid off a job, I was both too proud to file for unemployment and also assumed (wrongly) that I'd be employed again so quickly that it wouldn't make sense to file with EDD. I was out of work for at least six months and frankly could have really benefited from the unemployment money.

The second time I was laid off, I filed for unemployment the day I got the news. I'd learned my lesson. The unemployment compensation you receive depends upon the amount you earned while working. In addition, there are eligibility requirements to qualify for unemployment benefits, including working a certain number of weeks. But, this "partial wage replacement" has been funded by YOU and all those long hours you've worked and taxes you've paid. So hop to it! The $450 a week (max.) you can get will at the very least help to cover the hard costs you face every month, like rent, health insurance and food!

The average amount of time people are unemployed between jobs is 3 months and it's likely much longer in today's economy. Multiply 3 months (or twelve weeks) by $450 a week and you get more than $5000. That's money that, even if you don't need because you have savings, you can invest and stand to profit from long term! Again, it's your money, so why wait to collect it?

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