General question: If you get laid off from a job, and have ~6 month’s of expenses saved, would you simply focus on getting a new job, or getting a new job that pays more? Should you ever take a pay cut, especially in times like these?

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My advice would be: don’t let the bad economic news deter you from asking for your worth. Most of the companies that are hiring now, are doing extremely well. The majority of the unemployed and furloughed are in the service industries.
Also, get unemployment so you don’t get financially desperate by depleting savings.

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I will take whatever job I get and if I am not happy with the pay/job I will continue looking.
My view is : each dollar I don't spend is three inflation adjusted dollars in retirement.

likesmart

Pays more. Short term risk for meaningful long term gain.

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That’s a great question that I’ve often thought of myself. I would try to get paid what you’re worth. Don’t settle for less. If there are few jobs and you’re out of work for awhile and desperate for the income I would take a job for less, otherwise hold out. That’s just my opinion

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Apply for both. Apply for everything. Just get a job and search for a better job at the same time

smart

Take anything you can get and keep looking - really you should be doing this at all times, and not just because you got laid off. Even during the good times I am constantly interviewing and networking for W2 and C2C gigs. So at least I have these relationships with recruiters, hiring managers etc and can email them directly when an emergency happens and just say I had second thoughts and would like to pursue the opportunity after all. I've never been laid off but I know if it even happens to me I will have 2 or 3 hot leads already lined up and can probably close out the transaction before I even leave my current company.

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Focus on being a stellar candidate and be so good that they’re ready to pay you the money you want. Of course for that you need to know your worth and the job’s worth as well, and there does need to be a match.

It’s an event for Fintech and banking. If you’re looking at PE / VC / startup exit in the space, highly recommend attending.

Find a job. Period. Try not to take a pay cut if you don’t have to, but don’t go out there only considering positions with a 20+% pay bump.

Good luck looking for a better job in this economy

Depends on what you do. If you are in an area where there is high demand and never enough people to fill the positions, then holding out for the perfect role isn’t a bad idea. If you are in a very niche role without a ton of openings, then holding out is a lot riskier and I would seriously consider taking whatever job I could find.

I'd focus first on figuring out what you want to do. I used a past layoff to refocus, took a near term pay cut to have a much better path forward.

Your next job is a step on your long term career, if your past path isn't your target path, change now.

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