Job has turned insecure

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Topic Author
4503
Posts: 17
Joined: Sun Apr 06, 2014 1:17 am

Job has turned insecure

Post by 4503 » Mon Jan 13, 2020 2:20 pm

Hi All,

After recent developments I concluded that my job is very insecure. I will be able to manage two more years at my current job.

Here are the details:

1. I am debt free as of June 2019 (including mortgage).
2. Cash Savings: 36000(I was saving to buy a car, but that is not possible now).
3. Base Salary: 58500
4. 403b = 70k
5. Potential Monthly Savings 36K.
6. Can't move for new job because partner has family in the area.
7. I may not be able to get job in this area that pays the same.
9. Most Important: Have 1st Child.
10. Partner tax barcket: 12%

Any ideas on what I should do with the monthly savings? I am looking to develop a plan that will me stay put and fund 15K worth of expenses. Once I have that done, I will look for better job.

Thank you all!

User avatar
geerhardusvos
Posts: 177
Joined: Wed Oct 23, 2019 10:20 pm

Re: Job has turned insecure

Post by geerhardusvos » Mon Jan 13, 2020 2:25 pm

4503 wrote:
Mon Jan 13, 2020 2:20 pm
Hi All,

After recent developments I concluded that my job is very insecure. I will be able to manage two more years at my current job.

Here are the details:

1. I am debt free as of June 2019 (including mortgage).
2. Cash Savings: 36000(I was saving to buy a car, but that is not possible now).
3. Base Salary: 58500
4. 403b = 70k
5. Potential Monthly Savings 36K.
6. Can't move for new job because partner has family in the area.
7. I may not be able to get job in this area that pays the same.
9. Most Important: Have 1st Child.
10. Partner tax barcket: 12%

Any ideas on what I should do with the monthly savings? I am looking to develop a plan that will me stay put and fund 15K worth of expenses. Once I have that done, I will look for better job.

Thank you all!
I'm sorry about that. I don't think you're providing the information in a format that allows others to easily help. What do you spend per month? With the amount of savings you have, I would recommend focusing your efforts on securing a job before thinking about the finances. Lowering your standard of living, sticking to a written investment plan, building connections in your field of work, etc. are all good things in these scenarios.

Consider editing to include this and your goals: viewtopic.php?f=1&t=6212
VTSAX and chill

wineandplaya
Posts: 91
Joined: Fri Sep 14, 2018 9:42 am

Re: Job has turned insecure

Post by wineandplaya » Mon Jan 13, 2020 3:01 pm

Does your job offer a 457b in addition to your 403b?

Jack FFR1846
Posts: 10815
Joined: Tue Dec 31, 2013 7:05 am
Location: 26 miles, 385 yards west of Copley Square

Re: Job has turned insecure

Post by Jack FFR1846 » Mon Jan 13, 2020 3:14 pm

2 years is insecure?

If my company was sold and our entire office dissolved 6 months from now, it wouldn't surprise me a lot. I feel quite secure.
Bogle: Smart Beta is stupid

ohai
Posts: 1307
Joined: Wed Dec 27, 2017 2:10 pm

Re: Job has turned insecure

Post by ohai » Mon Jan 13, 2020 3:17 pm

What are your chances of getting another job quickly? Career risk should make you more risk averse, but to what degree?

Topic Author
4503
Posts: 17
Joined: Sun Apr 06, 2014 1:17 am

Re: Job has turned insecure

Post by 4503 » Mon Jan 13, 2020 3:30 pm

My monthly cost is approx 16K.

I am done with this field after this job. To be honest, I am sick of it. I originally planed to quite in at most ten years because I would have enough to semi-retire. I can no longer expect to do that. I am hoping to transition into something else. Maybe rental property, part time job and stay at home parent.

I am sorry about using the work insecure. I know others are in tougher situation then me. I meant insecure with respect to the game plan I had developed to semi-retire.

Thank you.

JD2775
Posts: 372
Joined: Thu Jul 09, 2015 10:47 pm

Re: Job has turned insecure

Post by JD2775 » Mon Jan 13, 2020 3:33 pm

4503 wrote:
Mon Jan 13, 2020 2:20 pm
Hi All,

After recent developments I concluded that my job is very insecure. I will be able to manage two more years at my current job.

Here are the details:

1. I am debt free as of June 2019 (including mortgage).
2. Cash Savings: 36000(I was saving to buy a car, but that is not possible now).
3. Base Salary: 58500
4. 403b = 70k
5. Potential Monthly Savings 36K.
6. Can't move for new job because partner has family in the area.
7. I may not be able to get job in this area that pays the same.
9. Most Important: Have 1st Child.
10. Partner tax barcket: 12%

Any ideas on what I should do with the monthly savings? I am looking to develop a plan that will me stay put and fund 15K worth of expenses. Once I have that done, I will look for better job.

Thank you all!
is that bold piece a typo? Or can you really save 36k a month? That's impressive if so :)

quantAndHold
Posts: 3595
Joined: Thu Sep 17, 2015 10:39 pm

Re: Job has turned insecure

Post by quantAndHold » Mon Jan 13, 2020 3:34 pm

If your plan is to move into something more self directed (real estate or something), there's no reason you can't start doing that now, while you're still working a regular job. You'll have to carve out some time outside of normal work hours, but by the time this job ends, you can be fairly far along earning money from the new line of work.

Thegame14
Posts: 1354
Joined: Mon May 07, 2018 11:53 am

Re: Job has turned insecure

Post by Thegame14 » Mon Jan 13, 2020 3:36 pm

4503 wrote:
Mon Jan 13, 2020 3:30 pm
My monthly cost is approx 16K.

I am done with this field after this job. To be honest, I am sick of it. I originally planed to quite in at most ten years because I would have enough to semi-retire. I can no longer expect to do that. I am hoping to transition into something else. Maybe rental property, part time job and stay at home parent.

I am sorry about using the work insecure. I know others are in tougher situation then me. I meant insecure with respect to the game plan I had developed to semi-retire.

Thank you.
If you have no debt, how can your monthly expenses be $16K??? You make $58K a year, but have $192K in expenses per year, seems impossible....

stoptothink
Posts: 6791
Joined: Fri Dec 31, 2010 9:53 am

Re: Job has turned insecure

Post by stoptothink » Mon Jan 13, 2020 4:04 pm

ohai wrote:
Mon Jan 13, 2020 3:17 pm
What are your chances of getting another job quickly? Career risk should make you more risk averse, but to what degree?
Sounds likes the OP has 2 years (at least) to look for another job. With that in mind, the only thing I'd do is start throwing out feelers. I mean: 2 years.

Thegame14
Posts: 1354
Joined: Mon May 07, 2018 11:53 am

Re: Job has turned insecure

Post by Thegame14 » Mon Jan 13, 2020 4:17 pm

stoptothink wrote:
Mon Jan 13, 2020 4:04 pm
ohai wrote:
Mon Jan 13, 2020 3:17 pm
What are your chances of getting another job quickly? Career risk should make you more risk averse, but to what degree?
Sounds likes the OP has 2 years (at least) to look for another job. With that in mind, the only thing I'd do is start throwing out feelers. I mean: 2 years.
how can she have 2 years? Her monthly spend is $16K but she only makes 4,800 a month, so every month she is in the hole for $11K, with 36K in savings she has about 3 months til she is broke.....

123
Posts: 5435
Joined: Fri Oct 12, 2012 3:55 pm

Re: Job has turned insecure

Post by 123 » Mon Jan 13, 2020 4:21 pm

stoptothink wrote:
Mon Jan 13, 2020 4:04 pm
...Sounds likes the OP has 2 years (at least) to look for another job. With that in mind, the only thing I'd do is start throwing out feelers. I mean: 2 years.
There are a lot of potential new jobs that won't last 2 years these days. Employees are becoming more disposable every day. Government entities contract out instead of using internal staff and whole new industries like Uber, Lyft, and others are based on "gig" employees. Organizations are reluctant to make commitments to almost anyone, and many of the ones they make aren't true.
The closest helping hand is at the end of your own arm.

rich126
Posts: 1060
Joined: Thu Mar 01, 2018 4:56 pm

Re: Job has turned insecure

Post by rich126 » Mon Jan 13, 2020 4:33 pm

Usually it is easier to find a job when you have a job. So start looking now. I've had friends who lost their jobs and had to take a lower paying job for a year and then it was easier for them to get a new job back in the ball park of the original job. Of course if you are over paid right now, then dealing with a lower pay check is likely to come sooner or later and you need to adjust the budget or gain additional skills.

As far as being tied to an area, that is a bigger issue that most of us have to deal with. Often if you can't or won't move, that greater limits employment opportunities but it is a trade off many are willing to make.

stoptothink
Posts: 6791
Joined: Fri Dec 31, 2010 9:53 am

Re: Job has turned insecure

Post by stoptothink » Mon Jan 13, 2020 4:46 pm

Thegame14 wrote:
Mon Jan 13, 2020 4:17 pm
stoptothink wrote:
Mon Jan 13, 2020 4:04 pm
ohai wrote:
Mon Jan 13, 2020 3:17 pm
What are your chances of getting another job quickly? Career risk should make you more risk averse, but to what degree?
Sounds likes the OP has 2 years (at least) to look for another job. With that in mind, the only thing I'd do is start throwing out feelers. I mean: 2 years.
how can she have 2 years? Her monthly spend is $16K but she only makes 4,800 a month, so every month she is in the hole for $11K, with 36K in savings she has about 3 months til she is broke.....
I believe you are reading the OP incorrectly. Even if that wasn't a typo, how is it relevant? You'd think if there was an $11k/month deficit that the thread would be "how to cut expenses", not concern that a $4,800/month job may not last more than another 2yrs.

The pertinent info is: 2 years. Answer is really easy: cut expenses, start looking for another job.

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