Author Topic: Help just lost job  (Read 5076 times)

zaratekid86

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Help just lost job
« on: September 13, 2014, 01:45:21 PM »
Hey Guys,

So i have been slowly growing my mustache for about a year. right now i am a 27 yo supporting my girlfriend and 18 month old son. my current job which i will be getting laid off at the beginning of the fiscal years is about 52k . I can go back to my previous job which was a company i loved but the pay wasn't great(about 40k) but they offered matching 401k and other perks my most recent job does not. it would also be about 20 miles closer. I have the option of getting unemployment and trying to find a better job or actually try to find a job related to my degree CIS.  unemployment would pay just enough to pay most of my bills and my GF would have start a part time job to cover the rest. I was even thinking about doing a 3 week real estate course since the market is soo hot(houston).

i have about 3 month of bills in my savings.

What would be the wisest decision go back to my old job ensuring my family wont go under or take a chance trying to find a better paying job

thanks

Emilyngh

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Re: Help just lost job
« Reply #1 on: September 13, 2014, 01:51:14 PM »
Hey Guys,

So i have been slowly growing my mustache for about a year. right now i am a 27 yo supporting my girlfriend and 18 month old son. my current job which i will be getting laid off at the beginning of the fiscal years is about 52k . I can go back to my previous job which was a company i loved but the pay wasn't great(about 40k) but they offered matching 401k and other perks my most recent job does not. it would also be about 20 miles closer. I have the option of getting unemployment and trying to find a better job or actually try to find a job related to my degree CIS.  unemployment would pay just enough to pay most of my bills and my GF would have start a part time job to cover the rest. I was even thinking about doing a 3 week real estate course since the market is soo hot(houston).

i have about 3 month of bills in my savings.

What would be the wisest decision go back to my old job ensuring my family wont go under or take a chance trying to find a better paying job

thanks

I'd go back to your old job, since you loved it, it'd cut your commute, and pay is better than unemployment.   But then, once there, I'd carefully see how much you can cut spending (can you go down to one car, look into tax savings like using your 401k contributions to get your income low enough for savers credit and/or EITC now you have a kid, etc), realistically compare salary vs expenses for this job vs what it'd be working elsewhere, and then decide if you want to look around for something better paying. 

 I think a better job will be easier to find if employed at the time, and besides, who knows, maybe you'll realize that you're not netting as much less as you thought (including 401k matching, reduced commute, tax breaks since it should be in the range where now EITC and saver's should be in your reach) and you love it.   
« Last Edit: September 13, 2014, 04:10:33 PM by Emilyngh »

mxt0133

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Re: Help just lost job
« Reply #2 on: September 13, 2014, 03:30:52 PM »
I would only seriously consider going back to the old job if you really cannot find a better job.  If you go back it will hard to 'move up' since you already left once before.  Will you be getting some kind of severance, that might relieve some financial pressure?  Plus I wouldn't feel too comfortable going back to work for them and then quitting as soon as you find something better.

Have you looked into government assistance for your gf and son?  Look into WIC for your gf and son since she doesn't work.  There might also be medicaid for them for health insurance.

johnny847

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Re: Help just lost job
« Reply #3 on: September 13, 2014, 03:51:55 PM »
I agree with the others, a job is better than no job.

I can go back to my previous job which was a company i loved but the pay wasn't great(about 40k) but they offered matching 401k and other perks my most recent job does not. it would also be about 20 miles closer.

The fact that your old job is 20 miles closer is, in comparison to your current job, an effective pay raise (unless you were already not driving to work? But I'm assuming not for this argument, since biking 20 miles would take well over an hour). The IRS estimates that the cost per mile to operate an average car in this country is 56 cents per mile. Of course, if you own a fuel efficient car, that rate drops. Let's just say that it costs you..30 cents per mile because you own a fuel efficient and more reliable car. So that's (20 miles) * (2 times per day) * (5 days per week) * (50 work weeks per year) * (30 cents/ mile)  = $3000. And that's $3000 of post tax money. So the drop in net pay is not as bad as you might think (again, assuming that you are currently driving to work and would drive to work at your old job). And as Emilyngh alluded to, you may qualify yourself for some more tax credits, you do get a 401k match, etc.

Calvawt

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Re: Help just lost job
« Reply #4 on: September 13, 2014, 04:17:38 PM »
Start looking for something else now and keep the old job as your backup plan.  It's always easier to find a new job when you already have one.  Some companies care about the employment gap (though I have found it to be a non-issue most of the time when interviewing candidates).  A shorter commute is also a good thing when you have a little one at home!

G-dog

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Re: Help just lost job
« Reply #5 on: September 13, 2014, 07:36:15 PM »
I would go back to the old job AND job hunt at the same time.

But mostly I am posting to let you know about a few tax prep program, VITA, run by IRS + United Way. Sounds like you are in a Head of Household filing class with 2dependents, even though you are not married. You may have rights to get more deductions than you have realized - head of household, # of dependents, earned income credit, child care(?), etc.
VITA volunteers look for all deductions, an defilement your Fed and state returns. A couple of years ago the AGI limit was $50K - certainly looks like you would qualify.

Davids

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Re: Help just lost job
« Reply #6 on: September 13, 2014, 08:45:26 PM »
Go back to your old job and start looking for a new job. It is easier to get a new job when you are employed than when you are unemployed. And as another poster have said look at some potential government assistance programs for your GF and son.

zaratekid86

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Re: Help just lost job
« Reply #7 on: September 15, 2014, 08:28:35 AM »
Thanks guys, all this info has been really helpful.