Author Topic: Laid off and weighing next steps  (Read 1348 times)

marcus_aurelius

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Laid off and weighing next steps
« on: January 12, 2023, 07:37:09 PM »
Hi Mustachians,

Bay Area guy here. I was recently laid off from my marketing exec job (part of the recent wave of tech layoffs). I’m a little pissed but have accepted it. It's the 3rd time this has happened to me in the last decade, always as a part of larger layoffs.

Let me lay out some specifics:
  • This was a well-paying job that paid $310K (good, but not very unusual in the Bay Area). I can get a similar job in a few months, but the problem is that such jobs are pretty stressful. Plus, since marketing is tasked with creating pipeline for the sales team, there is little stability. I’ve been lucky enough to have a few good stints, but one or two bad quarters, and the first heads to roll are in marketing and sales.
  • Financially, we’re good. Our house ($2.3M) is fully paid for. We’ve $1.5M total in our 401Ks, $1.4M in taxable funds, and 18 months of living expenses squared away.
  • I’m 49, my wife is 47. We have a fantastic marriage, 25 years strong. Her job ($225K) is very stable with a good work-life balance. It gives us health insurance as well.
  • We’ve 2 kids in high school. College tuition is an upcoming expense but 529s + wife’s job will cover it. It’s not a factor in my decision.
I have an MBA from UC Berkeley, with 15 years experience in marketing and 7 in software engg. It’s been a while since I programmed, but I’m smart enough to learn Python and some other programming.

I have been thinking about what to do next. I am really excited about ChatGPT and the new advances in AI, and would love working at the intersection of technology and business. I’m thinking of getting a data science certificate from Caltech/MIT (6 months, not sure about the cost). I think data science jobs will pay ~$200K, so it’s not close to what I earned before, not to mention it’s potentially riskier as I’ve not done it before. But it will be awesome to learn something new, and I think I will be good at it as someone who can bridge business and technology. On the other hand, a VP-level role in marketing may be stressful, but I know it very well.

I don’t want to FIRE yet as I’d like to continue some work that involves my brain, but without the crazy stress and with more stability. I have always worked very hard, but at almost 50, I also think hustle is a young person's game, and I'm beginning to feel tired in my bones.

What are my options? Any other resources that may be of help? Thanks a lot for any advice.
« Last Edit: January 12, 2023, 08:14:37 PM by marcus_aurelius »

plog

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Re: Laid off and weighing next steps
« Reply #1 on: January 13, 2023, 07:43:41 AM »
Taken as a whole, you're post doesn't seem like you want real advice, just venting/seeking approval/wanting validation...Well... good news...I'm going to give that to you:

You are sitting pretty, do whatever you want.  Seriously, you're educated, have a good resume, have a good home life, you are financially secure.  This site uses the term 'hair-on-fire situation' a lot; whatever the opposite term of that is, is you.

You just sound burned out of and tired of being burned by corporate life.  So, F-them and do your own thing for a few months.  Paint, hike, annoy your kids by participating in their lives, take up skeet shooting, read, take a class in something with no practical application--you're almost 50 and have raised 2 kids for the last decade and a half--there's a bunch of things you haven't had time to do--do those things.

As for this coding thing, seems like a knee-jerk catch-all reaction that everyone now a days turns to when life goes slightly sideways.  Give it a few months, cross a bunch of the things above off your to-do list and then see if this coding desire is still there--if so, follow it.
« Last Edit: January 13, 2023, 07:45:58 AM by plog »

chemistk

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Re: Laid off and weighing next steps
« Reply #2 on: January 13, 2023, 07:59:28 AM »
Do you have a FIRE timeline? How much has this delayed your goal?

Have you thought about looking at this as an opportunity for a sabbatical? How would your wife feel about being the breadwinner for 6-12 months?

Do you have any hobbies, interests, or passions? Have you considered downshifting and looking for opportunities that would A) indulge your interests, B) be far less stressful but C) probably pay a lot less?

If you stepped away from VP-level work, do you lose the golden goose? Is that something that you can emotionally accommodate?

How tied is your wife to her job? Can she work 100% remote? Would you consider relocating?

I think nearly everyone here would say that, in your position, life has given you the opportunity to do something completely different. Financially, it's very clear you don't need the numbers. Life is going very well for you, and perhaps this is the best time to let that soak in for a while. You're not getting any younger than you are today. How would your 80-year old self feel, looking back, at the choices you're thinking about making?

Laura33

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Re: Laid off and weighing next steps
« Reply #3 on: January 13, 2023, 08:48:35 AM »
I have been thinking about what to do next. I am really excited about ChatGPT and the new advances in AI, and would love working at the intersection of technology and business. I’m thinking of getting a data science certificate from Caltech/MIT (6 months, not sure about the cost). I think data science jobs will pay ~$200K, so it’s not close to what I earned before, not to mention it’s potentially riskier as I’ve not done it before. But it will be awesome to learn something new, and I think I will be good at it as someone who can bridge business and technology. On the other hand, a VP-level role in marketing may be stressful, but I know it very well.

I don’t want to FIRE yet as I’d like to continue some work that involves my brain, but without the crazy stress and with more stability. I have always worked very hard, but at almost 50, I also think hustle is a young person's game, and I'm beginning to feel tired in my bones.

Dude.  You've won the game.  Your two main expenses -- mortgage and college -- are covered by your savings.  Your wife's job will easily cover any reasonable amount of living expenses.  You have literally no financial worries.

You have therefore earned the right to do what you want.  If AI intrigues you, then investigate your options and go do it.  Who cares what the final salary is in whatever path you choose?  You don't need any job at all.  The only things keeping you from chasing an interesting $200K job are either ego or fear.  Neither of those is a reason not to do what you want. 

Talk to your wife.  See how she feels about being the sole breadwinner in the short-term, and about your paycut in the long-term.  Take your time and do your due diligence.  And then do whatever the fuck you want that you and your wife agree on.

Finances_With_Purpose

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Re: Laid off and weighing next steps
« Reply #4 on: January 13, 2023, 09:31:42 AM »
@Laura33 and @plog for the win here.  You can do whatever you want and not mess this up, so go live life without regrets.  If you want to try something completely new, go for it. 

FLBiker

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Re: Laid off and weighing next steps
« Reply #5 on: January 13, 2023, 09:57:16 AM »
I clicked on this one because we've got some layoffs pending as well.  I was just asked to list out my responsibilities and mark the ones I could give up in case I need to take on responsibilities from some other folks.  I *think* I'm safe, but who knows.

I agree with the "do whatever you want" sentiment above.  I don't make nearly that kind of money ($80K) but DW makes ~$20K and we've got ~$1.3M in investments and a year+ expenses in cash and I totally feel like, if I get laid off, it's fine.  I'll take a couple of months to decompress, maybe doing some part-time work, and then decide whether or not to get full-time work.  There's no urgency, though.

I also share your feeling of not wanting to completely retire.  Personally, I do better with social interactions that have structure and shared goals, and work is the easiest way to get that (although volunteering can be good, too).  Without that, I tend towards isolation and, eventually, depression.  At the same time, work-life balance has always been extremely important to me.  I've always resisted anything higher than low-level management for that reason.

I've done a lot of Power BI and database development over the years, and I've thought about potentially going in the data science direction.  If I get laid off, once I've given my mind some time to settle, that's definitely something I'd consider.

marcus_aurelius

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Re: Laid off and weighing next steps
« Reply #6 on: June 26, 2023, 01:33:37 PM »
Hi, I apologize for taking so long to respond. I really appreciate the thankful and generous replies.

I took the advice from the “do whatever you want” camp. I got excited about an AI-related idea and have been working on that for since Jan. We have some customers and I will continue to work on this idea.

I also took the opportunity to do some badly-need financial planning as well. Luckily, the financial markets have rebounded nicely, and our nest egg (tax-deferred and taxable) has grown to almost $3.5M. That, plus our paid-off house, means that we don’t have to work for money ever again. It’s a huge blessing to be in this position.

All the best to everyone looking for a job! The job market for marketing and product roles (especially in the Bay Area) continues to be pretty bad, but I hope you pull through.

Laura33

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Re: Laid off and weighing next steps
« Reply #7 on: June 27, 2023, 11:56:29 AM »
Congratulations!  And extra congratulations for putting in the work to put yourself in a position where you now have the financial freedom to chase something simply because it excites you.  A lot of people in your situation would be totally thrown off-track by a layoff (much less 3 in a decade).  Yet you are making some pretty damn cool lemonade.  That's why we do this, and I'm so glad you're finally getting to experience the payoff.

 

Wow, a phone plan for fifteen bucks!