Author Topic: Career pivot post lay-off?  (Read 503 times)

Mamabean

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Career pivot post lay-off?
« on: November 13, 2019, 02:29:41 PM »
Hello there!

Just joined the forum and have been perusing MMM for a several weeks now. 

My company just eliminated an entire line of of business for which I was a sales manager (actively-managed mutual funds HA)  Iíve been with them for 13 years. Iíve been successful and have an option to remain at the organization in a role which would pay about $115k annually, but might make me dead inside.

Good news is I get full pay through the end of February and a severe package of 13 weeks pay and unused vacation as a lump sum.  With current living expenses of about $3000 I could live off this through the end of July.  This includes $1500 rent (just sold a house in Feb and am waiting as I am likely to buy a house with my SO in the next 1-2 years) and private school for my son $250.  Clearly I have some additional costs that I would have time to reduce or eliminate.  Iíve managed to save about $256k in 401 and IRS assets and have $30k in cash. I am about to turn 39.

I donít exactly know what I want to do next but know I am talented enough to figure I out and be successful... just looking for advice from folks with similar values.  Thanks!

BECABECA

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Re: Career pivot post lay-off?
« Reply #1 on: November 13, 2019, 04:32:58 PM »
Welcome to the forum!

It sounds like you have some runway with your severance package so youíre in a good position to take some time to explore what you want to do next.

Iíd suggest putting some feelers out to your network and seeing whoís hiring in a similar position to what youíve been in, but also think about what skills you could apply to a pivot career if you want to try something else. Maybe consider a similar role but in a different industry. Maybe contact a headhunter and see what interesting positions they come up with.

It doesnít sound like you think youíll enjoy the specific pivot position that your company is offering. But you could always use this position to fall back on while you keep searching for something more exciting (although thereís a risk of it sucking you into complacency and then not being as motivated at searching for something better).

Linea_Norway

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Re: Career pivot post lay-off?
« Reply #2 on: November 14, 2019, 06:58:04 AM »
Consider sending your child to a public school. There is a lot of money to save there.

I am not really impressed by 13 weeks severance after 13 years of employment. But never mind, maybe it is different in the US.
 
It could be a good opportunity for you to take some time off. But when looking for another job, it is so much easier if you are still in a job. Maybe you should try to find another job before the end of February? As long as you get paid by them, you can say that you work there.  And then take a vacation before you start in the new job.