Author Topic: Was "let go" yesterday...  (Read 8090 times)

StaceStache

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Was "let go" yesterday...
« on: May 30, 2014, 10:09:12 PM »
So I just lost my job. No warning, really, unless you count suspecting something weird was going on the day before. Thankfully it's a job that I haven't been very happy in for a while, so no real loss. But it is still a bit of a shock and a bummer. On the other hand, I feel very optimistic that there's something better for me.

Thankfully, my husband and I have more than enough income from other sources that we shouldn't have to even touch savings at all. There is no financial worry entering into this equation. We have been saving 50% or more of our combined income. The only real financial hit will be that perhaps temporarily we won't be able to save as much.

I'm feeling very thankful that we have so many different things in place that keep this situation from being a "panic". Our only debt is our (very small) mortgage on our townhouse, and as I said before, we have other income streams (his job, side hustles, etc) to more than cover our needs.

This is a major example of why it's so important to have your financial ducks in a row! I can only imagine the stress I'd be feeling if we needed my income just to pay all our bills for the month!

Also, I do not feel rushed at all to get back into the regular workforce. I plan to take my time job searching and perhaps exploring other options, including expanding my side hustle.

Just wanted to share and say thank you to this community for the support and encouragement! I don't post a whole lot on the forums, but I come here often to read/learn from others. I may be posting more in the future for advice about my next moves, but for now maybe I will just consider this little break from work as a partial glimpse into ER!

deborah

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Re: Was "let go" yesterday...
« Reply #1 on: May 30, 2014, 10:29:17 PM »
Thankfully it's a job that I haven't been very happy in for a while, so no real loss. But it is still a bit of a shock and a bummer. On the other hand, I feel very optimistic that there's something better for me.
Keep up with the optimism! It is always a shock, even when you expect it. Good luck!

horsepoor

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Re: Was "let go" yesterday...
« Reply #2 on: May 30, 2014, 10:57:59 PM »
Good luck you're in a position to find something better (and hopefully more money for the stashe as well). 

Bateaux

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Re: Was "let go" yesterday...
« Reply #3 on: May 30, 2014, 11:02:11 PM »
The economy is roaring right now.  if you were let go for lack of business or pooor management it was time to unass that job.

FIreDrill

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Re: Was "let go" yesterday...
« Reply #4 on: May 31, 2014, 01:49:16 AM »
Thanks for sharing your story!  It's amazing how hits like that really don't effect households that have their "ducks in a row".  We are also saving about half of our income, so while a job loss would be a real bummer, it wouldn't put us in a tight spot.  We would simply live off of 1 income instead of 2 for a while just as you are doing.  Keep up the optimism and I hope you find a great job to go to!

libertarian4321

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Re: Was "let go" yesterday...
« Reply #5 on: May 31, 2014, 02:18:19 AM »
So I just lost my job. No warning, really, unless you count suspecting something weird was going on the day before. Thankfully it's a job that I haven't been very happy in for a while, so no real loss. But it is still a bit of a shock and a bummer. On the other hand, I feel very optimistic that there's something better for me.

Thankfully, my husband and I have more than enough income from other sources that we shouldn't have to even touch savings at all. There is no financial worry entering into this equation. We have been saving 50% or more of our combined income. The only real financial hit will be that perhaps temporarily we won't be able to save as much.

I'm feeling very thankful that we have so many different things in place that keep this situation from being a "panic". Our only debt is our (very small) mortgage on our townhouse, and as I said before, we have other income streams (his job, side hustles, etc) to more than cover our needs.

This is a major example of why it's so important to have your financial ducks in a row! I can only imagine the stress I'd be feeling if we needed my income just to pay all our bills for the month!

Also, I do not feel rushed at all to get back into the regular workforce. I plan to take my time job searching and perhaps exploring other options, including expanding my side hustle.

Just wanted to share and say thank you to this community for the support and encouragement! I don't post a whole lot on the forums, but I come here often to read/learn from others. I may be posting more in the future for advice about my next moves, but for now maybe I will just consider this little break from work as a partial glimpse into ER!

FUNemployment!

Awesome.

Enjoy the time off!

The Money Monk

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Re: Was "let go" yesterday...
« Reply #6 on: May 31, 2014, 07:14:40 AM »
The economy is roaring right now. 

Bernanke?

Villanelle

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Re: Was "let go" yesterday...
« Reply #7 on: May 31, 2014, 07:27:43 AM »
You should qualify to collect unemployment unless there it more to the story.

Good luck on your job search.  I  hope the the perfect thing comes along; you are so fortunate that you will be able to wait for that perfect (or at least near-perfect) job, rather than having to take the first thing that comes along.

DocCyane

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Re: Was "let go" yesterday...
« Reply #8 on: May 31, 2014, 07:31:29 AM »
Sorry about being laid off. It happened to me two years ago and I still think I'm a little wigged about it, though there was no financial damage. Take a professional sabbatical if you can. Learn a new skill. Think about what you want your next steps to be. Congratulations on this opportunity.

Daisy

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Re: Was "let go" yesterday...
« Reply #9 on: May 31, 2014, 12:29:00 PM »
Congratulations! (only on an MMM thread would this be grounds for celebration)

The same thing happened to me a few years ago at I job I had thought of quitting. I was too chicken to quit. I thought I was close to FI, but in hindsight my expenses were too high to truly be FI then. I have worked on cutting my expenses way down this past year after getting to this blog. I was definitely at FU status though.

So the day of the layoff was kind of exciting for me because I had been extremely bored at work and looked forward to a summer off. I had worked part-time/summers through high school and college and had never really had an extended amount of time off for about 25 years.

I ended up taking off about 5 months. I worked on some health issues and helped my elderly parents with a few things they needed to get done and spent a lot of time with them. I relaxed at the beach. I hung out with my friends and cycled a lot. I took an art class that I always wanted to. Basically, it was a taste of ER and the opportunity to do it convinced me that it was something to look forward to in the future. I can't wait until I can get there again!

So good work on getting your financial house in order and enjoy this time for however long it lasts.

TreeTired

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Re: Was "let go" yesterday...
« Reply #10 on: May 31, 2014, 02:04:43 PM »
Congrats!     I still remember when I lost my job in 1996 and was unemployed for 6 months.   That was 6 months to relax a little, take a vacation, travel,  plan for the future?  No,  I didn't enjoy one minute of those 6 months because there was so much pressure on me (most of it financial) to find another job.  So, congrats to you for being in a position to not have that pressure.

seanc0x0

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Re: Was "let go" yesterday...
« Reply #11 on: May 31, 2014, 05:12:32 PM »
It's never easy losing your job. I've been laid off once so far in my career, well before I had any idea about ER or even frugality.  I got a nice severance package, and had a new job within a week, but it was quite unnerving. I was pretty depressed for a while, since I lost a job that was pretty much my dream job at the time. It was a fairly traumatic event.

I'd be less upset losing my current job. I don't particularly care for it, but the pay and benefits are nice. Just hit 5 weeks vacation, which makes it hard to go back to 3. Kind of stuck deciding whether or not the general 'meh' feeling I have towards the job is worth it.

mikefixac

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Re: Was "let go" yesterday...
« Reply #12 on: May 31, 2014, 06:43:37 PM »
Quote
Also, I do not feel rushed at all to get back into the regular workforce. I plan to take my time job searching and perhaps exploring other options, including expanding my side hustle.
 

Let's be honest. You can only do this when you have your shit together. I bet others that were laid off aren't nearly as sanguine.

And of course, by being in a strong position, you can negotiate better terms for your next job. Congratulations to you and wish you the best.

Thegoblinchief

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Re: Was "let go" yesterday...
« Reply #13 on: May 31, 2014, 08:21:58 PM »
Glad it's a good/neutral thing. Keep up the good work.

My income (admittedly small, from PT work) is 100% optional after a few months of Mustachianism. Knowing that helps deal with all sorts of BS.

kmm

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Re: Was "let go" yesterday...
« Reply #14 on: May 31, 2014, 09:45:12 PM »
I was laid off back in February. I wasn't worried at all at first, since got more than 4 months' severance and have about 15x annual expenses saved. I thought I'd take my time to find exactly the right fit, and was thinking seriously about starting a small consulting business and only working part-time.

But I have to admit, I was affected by the reactions of people around me. I'm a solo parent, and everyone I know thought I should be panicked. I started to worry about healthcare. I was looking for new business clients while also interviewing for full-time positions, and everything came to a head six weeks after my layoff when I was offered both a couple of consulting contracts, and two full-time jobs. And I took one of the full-time jobs. Which is wonderful in many ways (better pay and benefits, a great team and product) but a worse commute. So I didn't end up waiting for the perfect situation.

Not sure why I'm telling you this lol ... except perhaps to prepare you for ongoing outside pressures. Fortunately you have a partner who thinks like you do, which will help mitigate that. But the world sees job loss as a catastrophe, and I found it surprisingly hard to un-see that once it was hammered home a few dozen times.

On the plus side ... turns out it's not a bad time to be job hunting, if you're so inclined. I was surprised at how much opportunity was out there.
« Last Edit: May 31, 2014, 09:49:53 PM by kmm »

travelbug

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Re: Was "let go" yesterday...
« Reply #15 on: June 01, 2014, 12:18:15 AM »
What a lovely feeling of freedom you have! Congratulations. Enjoy it and have a chance to breathe before you take your next exciting step.

LRS

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Re: Was "let go" yesterday...
« Reply #16 on: June 01, 2014, 02:38:08 AM »
Congratulations on building yourself into a position where this is a minor disruption and a potential beginning of a new, happier, more satisfied life, rather than being a disastrous emergency. Best wishes for the future.

Jamesqf

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Re: Was "let go" yesterday...
« Reply #17 on: June 01, 2014, 11:40:32 AM »
Had that happen to me once.  Came into work one morning to find some strange people at the reception desk: "Hi, the venture caps are shutting the company down.  Clean out your desk, fill out the forms for these nice people from the state unemployment department, and pick up your final check at 4:00."

Bearded Man

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Re: Was "let go" yesterday...
« Reply #18 on: June 01, 2014, 12:54:27 PM »
I dread that this day may come. While I am financially together, and less than a year away from FI, I try to keep my resume up to date and am always looking and interviewing. This way I have an offer or 3 in the works whenever. In a lot of cases even the places I turned down liked me so much that they leave the door open for me anytime. Right now I have at least 2 places I could probably get work pretty quickly.

I prefer it this way since it is a huge opportunity cost to be unemployed. Not only do I have to dip into savings a bit, but more importantly, I am not able to save 4-5K each month I am not working.

StaceStache

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Re: Was "let go" yesterday...
« Reply #19 on: June 02, 2014, 03:23:51 PM »
Thanks for all the responses! Just got back around to this thread after taking the weekend to just chill and not think about jobs or anything for a while (or at least I tried not to!)

But I have to admit, I was affected by the reactions of people around me.

I have found over the past few days that I've become sort of "annoyed" at well meaning friends and relatives that I've told. Several people immediately jumped into, "I know so-and-so, I could give him a call and see if he has any positions available", and other things to that effect.

I really DO appreciate that people are willing to help me find another job or put in a good word for me, so I'm not sure why this bothered me. Perhaps it was the note of urgency in their voices? That I didn't know how to tell them that there's no panic because we're Mustachian and have things covered?

Or maybe I'm more sensitive/embarrased about "being let go" than I'm willing to admit?

Actually, what I REALLY think the problem is is the fact that I'm not even sure I want to get back into the same field I was in, even though it's a great field with lots of opportunity (accounting). My side hustles are completely unrelated to accounting, though they bring in decent income, and could possibly bring in close to what I was making as an accountant if I could expand it. Plus, I really ENJOY my side hustles - they don't even really feel like work. I'm definitely playing with the possibility of just focusing on expanding these before I even try to get back into accounting.

Basically, I think deep down I'm worried what my friends and family would think if I gave up a potentially "lucrative" accounting career (I have my Master's degree and have passed my CPA exams) and instead did something else. Something non-lucrative. Something much more fun!

Glad I have some time on my hands to ponder all of this :)

FrugalZony

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Re: Was "let go" yesterday...
« Reply #20 on: June 02, 2014, 04:58:14 PM »

Actually, what I REALLY think the problem is is the fact that I'm not even sure I want to get back into the same field I was in, even though it's a great field with lots of opportunity (accounting). My side hustles are completely unrelated to accounting, though they bring in decent income, and could possibly bring in close to what I was making as an accountant if I could expand it. Plus, I really ENJOY my side hustles - they don't even really feel like work. I'm definitely playing with the possibility of just focusing on expanding these before I even try to get back into accounting.

Basically, I think deep down I'm worried what my friends and family would think if I gave up a potentially "lucrative" accounting career (I have my Master's degree and have passed my CPA exams) and instead did something else. Something non-lucrative. Something much more fun!

I am sorry to hear you were let you, but honestly listening to you this sounds like a PERFECT opportunity to do EXACTLY what you want to do!
Screw what everyone else thinks!!

And if you really feel the need to accommodate other people's concerns in order to not offend them for offering their help, you can tell them just that: It's the perfect opportunity to reassess your priorities. You probably would not have given up a lucrative career to follow your new passion, but now that you have been given the opportunity you'll allow yourself the luxury of exploring your other options.

Sorry AND Congratulations!! LOL!



MicroRN

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Re: Was "let go" yesterday...
« Reply #21 on: June 02, 2014, 06:12:03 PM »
I'm sorry about the shock, but I'm very glad you're set up to weather a storm.  It's a good feeling to not be panicking over losing a job. 

arebelspy

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Re: Was "let go" yesterday...
« Reply #22 on: June 06, 2014, 11:43:02 PM »
Well done putting yourself in a position to handle this with ease.  Enjoy the time off, however brief or long, and work on finding a job you're happy with.   Good luck!  :)
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