Michael Froehls, MBA '90, calls 2008 a "pretty bad year" in his life, but what started as his worst year ever ended up being life-changing in a positive way.

Consider making decisions other then jumping into a new job, and you may find unexpected benefits.Froehls estimates he lost 30 percent of his net worth when the market went down in 2008, and he had a friend who was only 40, like him, but was very ill. The combination of these events led to what Froehls calls his 'epiphany'-- a thought process on the value of life that led to the publication of his book, "The Gift of Job Loss- A Practical Guide to Realizing the Most Rewarding Time in Your Life."

On Aug. 18 Froehls led a McCombs Alumni Network career webinar, in which he elaborated on his thoughts about job loss as discussed in his book. The webinar recording can be found here.

"Job loss is extremely traumatic," Froehls said. "Job loss and the feeling of it doesn't discriminate between gender or race, whether you are rich or poor, a CEO or an apprentice-- it is bad."

But job loss doesn't have to completely derail you if you take steps ahead of time, Froehls said.

Froehls' advice on preparing for job loss:

• Save, save, save
• Know your financial situation
• Never assume your job is "safe"
• Learn your company's severance policy
• Prepare mentally
• Be alert to warning signs

Froehls emphasized the importance of finding your own path when faced with job loss, which, he explained, often means ignoring self-help books, or even the advice of family members or friends. He explained that people who are recently unemployed often make decisions based on outside influences, or even their own, irrational thought processes.

These kinds of decisions can lead to consequences ranging from choosing a job you dislike just because it is convenient, or further postponing a life-changing trip because of financial stress.

"It comes with a certain amount of fear, of anxiety," he said. "You don't have control of it and you are anxious to get it back, and this kind of fear can be quite dangerous."

While managing that fear, he said, it is also important to weigh the pros and cons of the various decisions you may have to make. Consider your odds of getting another job, whether it should be in the same industry, or whether it should be in a different city or country.

From Froehls' own experience, making decisions other then jumping into a new job can be beneficial. He recommended considering getting healthier, spending more time with family, or downsizing your lifestyle. Most importantly, he emphasized looking over your "bucket list," and carefully considering what other opportunities you may be able to take advantage of. These opportunities, he said, can end up being beneficial for you in the long run.

After all, he explained, three months without work is less then one percent of the entire time you will devote to work in your lifetime. Approaching unemployment is a trade-off in which you should consider how you want to live your life.

"It isn't an easy optimization, but be aware of it," Froehls said. "Time is not free, every minute you spend on 'A' you cannot spend doing 'B.'"

"Grab (life) by the horns, because nobody can take it from you later on, like a job."