FI journey - laid off and its ok

[Loama]

With all the negative media around FIRE lately, I wanted to share my story.  There are so many benefits of the FI movement that people just can’t seem to grasp, it’s not always about RE.  For me it’s about security and choice.  DH and I stared this journey 10 years ago when the great recession started.  The company I was at was going under, I jumped ship and found a new job before the layoff notice came.  However, most of my coworkers did not.  People were panicking as they couldn’t survive without a paycheck.  These were highly paid professionals, mid to late career.  It was a good lesson early in my career, I knew I never wanted to be in my 40s, 50s or 60s and worried about money. Working isn’t always an option later in a life, ageism is real.

So I found ERE and followed Jacob until he passed the torch to MMM.  Yes, I’ve been lurking for that many years...  We aren’t RE, but I guess we are FI.  We long surpassed our original goal, but we chose to keep working and saving.  So two months ago I got laid off, I felt like I had been preparing for the last decade.  So now here we are at 40 and you know what…I’m unemployed but haven’t a worry.  DH works and can  support us and we can still save.  We never became accustomed to living on our two high salaries.  I think DH could throw in the towel also, but we aren’t ready for that yet.  As of now I’m looking for a new opportunity and it is such a relief that I can be selective.  I don’t need the same level of salary I had (although nice) and I’m not willing put up with a lot of undesirable things like long commute and excessive travel.

Because we have followed the FIRE movement for so long, we have a lot more options.  So thank you community for being on this journey with me.  I’m inspired by so many of you and appreciate reading your contributions to this forum.

[LoanShark]

That’s great to hear! Just imagine the stress you’d be under if you were living paycheck to paycheck.


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[use2betrix]

Congratulations on the lay-off! I had a company unexpectedly shut down in 2017 and while I wasn’t FI (or even close) I had more than enough FU money, and as such, it is truly a glorious feeling taking a break without stressing.

Hope everything stays as smooth as to be expected, which it sounds like it should.

While many may not agree with this statement around here, I am sure DH would be very happy with extra time spent helping around the house, so when he’s not working, the two of you can spend more time doing things you enjoy as opposed to laundry, grocery shopping, etc. My wife doesn’t work and we have no kids, and her contributions around the house make work so, so much easier.

[Bumperpuff]

I had a similar experience when I was laid-off last year.  It felt nice not to be worried about finances as I looked for a new job.  My frugality also allowed me to choose a job based on personal interests.  It sucks that I took a 20% pay cut, but my new job is cool and should provide great opportunities.

[BuffaloStache]

I haven't gotten laid off yet (*knocks on wood*), but have been at companies where it has happened to a lot of people around me. Early in my career (and before I even knew what FI was!) I also saw those living paycheck to paycheck going through absolute turmoil because they lost their jobs. It's what first inspired me to look into frugality, which eventually led me here.

Thanks for sharing your story!

[happy]

Good for you Loama! I found Jacob Dec 2011 and within the month he passed the torch to MMM, so thats how I'm here.

Prior to that I had not always been naturally frugal, but always kept a bit of a buffer. In 2008 in the GFC, my kids came home from school anxious because other kids were talking about their parents losing theirs jobs and their house etc. As a single parent household they'd always felt a bit poorer than the 2 parent households. I was able to reassure them that we would be fine and we wouldn't be losing the house etc. They were a bit puzzled until I explained that whilst we might look poorer than some other families we didn't have as much debt etc. The look of relief was priceless and I was so proud to be able to provide them with security.

Anyway your prudence has paid off, well done:  it must be nice to be able to sit back and take your time pursuing opportunities.

[Livingthedream55]

Good for you Loama! I found Jacob Dec 2011 and within the month he passed the torch to MMM, so thats how I'm here.

Prior to that I had not always been naturally frugal, but always kept a bit of a buffer. In 2008 in the GFC, my kids came home from school anxious because other kids were talking about their parents losing theirs jobs and their house etc. As a single parent household they'd always felt a bit poorer than the 2 parent households. I was able to reassure them that we would be fine and we wouldn't be losing the house etc. They were a bit puzzled until I explained that whilst we might look poorer than some other families we didn't have as much debt etc. The look of relief was priceless and I was so proud to be able to provide them with security.

Anyway your prudence has paid off, well done:  it must be nice to be able to sit back and take your time pursuing opportunities.

+1 Another single parent household here. One day years ago my kids asked me: "are we poor?" because we didn't live the same conspicuous consumption  lifestyle as our neighbors (we had a modest house in an affluent community) and I explained to them we have enough money for everything we need and even extra for splurges for some things we want. The grew up hearing: "is that a want or a need?" LOL I told them I saved for the future, had very good life insurance and had a plan in case anything ever happened to me. It felt so good to reassure them.

[BrightFIRE]

Congratulations! We are in a similar situation right now, but from the voluntary layoff side of things.

My SO's job got so bad he had an anxiety attack back in December (which is incredibly unlike him, he's very laid back). He took a long weekend over NYE and went back after the new year. 2 days later, he texts me, "I don't want to work here anymore, will discuss when I get home." That night, he's telling me how awful it is, and I said, "You know, you can quit. You don't have to put up with this. You don't have to wait to find another job. This is why we have FU money." He hadn't even allowed himself to consider it until I said it out loud, but as soon as it was out, he was able to see the light at the end of the tunnel and it totally changed how he felt.

His last day was last Friday, and we're totally fine on my paycheck. He's already had an interview with a headhunter, so I doubt he'll be unemployed long, but even if he is, we're fine. And it's all because of MMM.

[BuffaloStache]

These stories are definitely inspirational for me! Every once and a while there seems to be a cycle of voluntary lay-offs (typically with decent buy-out/severance packages!), so that's kind of an unspoken goal for me; Get FI around/before the next cycle, and use that to essentially get a free ~OMY (or maybe just ~6 months, but still) of salary....