Author Topic: I got laid off!  (Read 7356 times)

Mikhial

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I got laid off!
« on: September 24, 2015, 08:14:49 PM »
And no, unfortunately, I am not ER. Two weeks ago tomorrow I got laid off from my job. I was there all of 9 months. As for jobs go, it wasn't bad. The pay was decent, it was low stress, and I still got to build my skillset a bit. I did not see the layoff coming. I was afraid I was overpaid, I wasn't going to find anything I wanted, I'd have to get a 45 minute commute. I suddenly spent the next several days stressing out and updating my resume, portfolio, cover letter, along with practicing interviewing.

The following Tuesday I started applying and talking to recruiters. Two days later I interviewed at a promising company. After a second interview this past Monday they offered me a job and I accepted. I ended up unemployed for a total of 8 days. My measly two weeks severance was actually 2 days more than I needed. I'm actually going to save more this month than average. Now the exciting part - I went from 60k to 69k (and a promise of 74k after a 90 day review) and my 5.5 mile commute turned into a .5 mile walk. And they provide free benefits after 3 months. If I wasn't absolutely stressed out for a week solid, I'd want to get canned more often. It's crazy to think a year ago I was making 42k a year.

I lost about a week and a half of vacation and the ability to contribute to a 401k for another year, but I'll take that trade off.

OneDollarAtATime

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Re: I got laid off!
« Reply #1 on: September 25, 2015, 07:33:18 AM »
Awesome!!  I'd say the money saved from the shorter commute offsets the company match for the 401k (for a year, then after that - its' gravy!)

This all sounds fantastic.  I'd be pumped too, if I were you.

Gotta go...figure out how to get laid off!

FLBiker

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Re: I got laid off!
« Reply #2 on: September 25, 2015, 08:39:43 AM »
Wow, very nice!  I love the idea of walking to work (though I do enjoy my bike ride).

jfisher3

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Re: I got laid off!
« Reply #3 on: September 25, 2015, 09:17:40 AM »
Sounds like an excellent tradeoff,

and it sounds like it may put you in ER a lot faster than you previously thought...

Congrats!

rjbf65

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Re: I got laid off!
« Reply #4 on: September 27, 2015, 04:51:34 PM »
I switched jobs this year and am ineligible to contribute to my 401k for another year.  So I decided to use this time to try and knock out the mortgage!  You'll love the shorter commute. Congrats!

Meggslynn

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Re: I got laid off!
« Reply #5 on: September 29, 2015, 01:28:50 PM »
Awesome, good for you! Win-Win!!

I got laid off two weeks ago and unfortunately I am in a oil and gas city that has experienced mass lay offs so there is 100's and 100's of resumes per opening.

It does look like I will probably have to increase my commute 10-20 minutes each way and take a salary reduction but I am hoping it will be much less stressful job as my last job was killing me.

I got 26 weeks of severance as I was a long term employee so I am not in a hurry and can be thankful for that. Right now I am trying to make the best of my time off, really critiquing our expenses so that they are the lowest they can be, and doing all the stuff I didn't have time for.



thriftyc

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Re: I got laid off!
« Reply #6 on: September 29, 2015, 03:24:50 PM »
Congrats on finding something fast.

I got laid off 3.5 months ago. Being at home sucks when you are not "ready" to stop working on your own terms yet.  Fortunately I just signed an offer with a start date for Mid October for which I am thankful.  I did get a 3 months severance and unemployment insurance just kicked in now.  At 42,  its the first time in my life collecting UI.  I have gone through some anxiety etc as it brought up memories from my financially unstable childhood.  I have a wife (who started working part time) and 3 kids at home.  My anxiety is probably unfounded though as I have about 23x savings and no debt, no mortgage.  If you include my wife's part time income it actually brings us slight below 4% SWR.  However, not ready to ER just yet as I have to replace a car, and do some minor renovations on the house.  We also have braces coming for 2 kids...  I am hoping to call it a day by age 45.
Being laid off really freaked me out!

mm1970

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Re: I got laid off!
« Reply #7 on: September 29, 2015, 04:03:30 PM »
Great job getting hired so quickly!  I have to say, I live in a tough town.

My company has had 3 layoffs.  We've had money troubles.  We now have money "for a couple of years" and new investors who really believe in us, have a 5 year plan, etc.  Great!

Morale is low. Haven't had a raise in 4 years.  People will get more money occasionally for a promotion.  People are quitting.  We laid off one guy.  Then someone else quit.  So we are hiring back the first guy.  At a higher salary than he left.  But then his current company countered.  So we had to go higher.  Now, I like this guy (I originally hired him), and he's great, and I'm happy to see someone else get more money.  But it does sting a little. (okay, a lot)

Honestly, I've been looking around a bit, not terribly seriously.  I have a former coworker job hunting and she pointed out how hard it is to get a job after 50.  She took 6 months on her last job hunt.  Her current company is probably shutting down within the next year.  Her husband got laid off the week before she started her last job.  And he's still unemployed, 1.5 years later.  It's tough out there.  With all of this I waffle.  I feel like I should job hunt and get paid what I'm worth, and if I don't, it means I don't value my work and my time.

On the other hand, I'm frugal.  I can just hunker down, put in my time (and really I've decided to chill out a bit and spend time with my kids more), and try to be more "Type B" about it all.  But that's hard, because I'm type A.

Anyway, I really am happy to see people get jobs that quickly.

thriftyc

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Re: I got laid off!
« Reply #8 on: September 29, 2015, 05:05:45 PM »
Great job getting hired so quickly!  I have to say, I live in a tough town.

My company has had 3 layoffs.  We've had money troubles.  We now have money "for a couple of years" and new investors who really believe in us, have a 5 year plan, etc.  Great!

Morale is low. Haven't had a raise in 4 years.  People will get more money occasionally for a promotion.  People are quitting.  We laid off one guy.  Then someone else quit.  So we are hiring back the first guy.  At a higher salary than he left.  But then his current company countered.  So we had to go higher.  Now, I like this guy (I originally hired him), and he's great, and I'm happy to see someone else get more money.  But it does sting a little. (okay, a lot)

Honestly, I've been looking around a bit, not terribly seriously.  I have a former coworker job hunting and she pointed out how hard it is to get a job after 50.  She took 6 months on her last job hunt.  Her current company is probably shutting down within the next year.  Her husband got laid off the week before she started her last job.  And he's still unemployed, 1.5 years later.  It's tough out there.  With all of this I waffle.  I feel like I should job hunt and get paid what I'm worth, and if I don't, it means I don't value my work and my time.

On the other hand, I'm frugal.  I can just hunker down, put in my time (and really I've decided to chill out a bit and spend time with my kids more), and try to be more "Type B" about it all.  But that's hard, because I'm type A.

Anyway, I really am happy to see people get jobs that quickly.
I can relate to being "type A"

Kaikou

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Re: I got laid off!
« Reply #9 on: September 29, 2015, 05:15:35 PM »
Wow, very inspiring.

I stopped working 2 months ago and wished I had the motivation and gall to get out there again and improving your situation at that.

Grit.

Hoping to get a job in the coming month.

Very happy for you.

EDIT to add: if you have any tips you would like to share?:)

EDIT #2 to add:

I got really inspired by this and another thread that I started by own post about GRIT over in the ASK subthread:

http://forum.mrmoneymustache.com/ask-a-mustachian/grit/
« Last Edit: September 29, 2015, 06:20:58 PM by Kaikou »

Rosy

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Re: I got laid off!
« Reply #10 on: September 29, 2015, 05:36:02 PM »
A lot depends on your area and industry as well as your age and range of skills. We were quite worried last year about Mr. R. getting laid off, but the company is doing much better, so we are hoping they will be around until it is time to retire.
It is a great company to work for and he likes his job. But, for the time being, no raises past 20 cents an hour for anyone, but he is already making good money and they have excellent benefits.

He's been there 31 years and at 54 I doubt he'll find anything even halfway decent around here.

Adventine

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Re: I got laid off!
« Reply #11 on: September 29, 2015, 05:50:14 PM »
Nicely done, OP!

afulldeck

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Re: I got laid off!
« Reply #12 on: November 21, 2015, 11:38:35 AM »
Being young and/or aggressive is important for a quick turnround ..congratulations


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