What is your plan if you lose job tomorrow ??

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rakamaka
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What is your plan if you lose job tomorrow ??

Post by rakamaka »

In this age of uncertain economy/jobs what will you do if you loose job tomorrow?
Assuming you have survival money for next 6 months and reasonable accumulation in stocks/retirement funds etc. the options are
1. look for another job : but uncertainity looms related to creepy boss, mean coworkers and dump place of work
2. start full time stock trading with your own accumulated funds: make a fortune or loose everything
3. take rest, do nothing: tired of working 8-10 hours of a day, listening to demanding boss. You are no bread earner and now your kids and family are left to their own fate..
4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...

Have you ever have a written down somewhere concrete Plan B for each of 1-4 options..

Mere thinking about it is not enough day after tomorrow, if you loose job tomorrow !!!
hcj
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Re: What is your plan if you loose job tomorrow ??

Post by hcj »

With a creepy boss, mean coworkers and a dump of a place of work, I'd be looking for a job today before they let me go tomorrow.
mickroark
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Re: What is your plan if you loose job tomorrow ??

Post by mickroark »

Lost my job 5 years ago and just said the heck with it and went fishing. Gone fishing ever since and having a blast. Fun is worth more to me than money, because all my relatives died with way too much money.
mx711yam
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Re: What is your plan if you loose job tomorrow ??

Post by mx711yam »

As a matter of fact, I'm going to be quitting in 2 months to start my own security company. I despise my job, so I'm looking forward to having my own business and working whatever hours I want. I'm stressed that I won't have a steady paycheck, but life is too short to work somewhere you absolutely hate. I can give up the material comforts I'm used to, but I'm tired of giving up my dream of having my own company and my time for a job I don't even believe in anymore.
furnace
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Re: What is your plan if you loose job tomorrow ??

Post by furnace »

mickroark wrote:Lost my job 5 years ago and just said the heck with it and went fishing. Gone fishing ever since and having a blast. Fun is worth more to me than money, because all my relatives died with way too much money.

Do you have a family to support or are you by yourself? I think the decision is easier if you are by yourself. :sharebeer
alfaspider
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Re: What is your plan if you loose job tomorrow ??

Post by alfaspider »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you loose job tomorrow?
Assuming you have survival money for next 6 months and reasonable accumulation in stocks/retirement funds etc. the options are
1. look for another job : but uncertainity looms related to creepy boss, mean coworkers and dump place of work
2. start full time stock trading with your own accumulated funds: make a fortune or loose everything
3. take rest, do nothing: tired of working 8-10 hours of a day, listening to demanding boss. You are no bread earner and now your kids and family are left to their own fate..
4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...

Have you ever have a written down somewhere concrete Plan B for each of 1-4 options..

Mere thinking about it is not enough day after tomorrow, if you loose job tomorrow !!!
I'd look for a new job if I lost it tomorrow. But my boss isn't creepy, my co-workers are nice, and my workplace is far from a dump.

I don't have a portfolio big enough to make trading worthwhile, and I doubt I would make any more over the long term than my index fund portfolio.

I could take a rest and rely on my spouse's income. We'd manage, but I'd feel like a bum and would probably get pretty bored.

I could start my own law practice, but it would likely take years before I could build it to the point that I could start making anywhere close to what I make now. I don't really have much ambition to start a more capital intensive venture.
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SmileyFace
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Re: What is your plan if you loose job tomorrow ??

Post by SmileyFace »

If I had a "creepy boss, mean coworkers or dump place of work" I would look for another job rather than wait until I got laid off. If I didn't have these conditions and lost my job I would look for another job and I would interview and research the place to assure that I'm not entering such an environment.
As far as your other options:
2) This option is insane - wouldn't even consider it.
3) Not at the point where I can yet.
4) If I started my own business I'm pretty sure I would be driven to work 16 hours a day to make sure it is successful rather than the 10 hours a day I work now. I would become my own creepy boss stressing and worrying about whether or not my business will get off the ground. I don't want to take the risk with my money nor work those kinds of hours nor suffer the kind of stress I would likely suffer.

So 1 is my only option.
furnace
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Re: What is your plan if you loose job tomorrow ??

Post by furnace »

mx711yam wrote:As a matter of fact, I'm going to be quitting in 2 months to start my own security company. I despise my job, so I'm looking forward to having my own business and working whatever hours I want. I'm stressed that I won't have a steady paycheck, but life is too short to work somewhere you absolutely hate. I can give up the material comforts I'm used to, but I'm tired of giving up my dream of having my own company and my time for a job I don't even believe in anymore.
What kind of security -- physical or computer? I believe there is a sizable market out there for someone who can combine physical protection like armed bodyguarding or walking the perimeter of a house at night, with building fences and installing alarms and security cameras. Look at a house or person and say -- here's what you can do to make yourself safer. Perhaps include personal defense training. With all the crap happening in the world, people are kind of on edge.
stoptothink
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Re: What is your plan if you loose job tomorrow ??

Post by stoptothink »

We could very easily survive on my wife's income alone, but I'd be on the job hunt 6am the next morning. I am pretty certain my employer's biggest competitor would hire me in a heartbeat, they offered me a job before I accepted my current one, but I'd now have to commute (currently have a ~7min walk) and be taking a demotion.

Really nice to have that security. 5yrs ago, losing my job would have been hugely traumatic.
Gene2001
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Re: What is your plan if you loose job tomorrow ??

Post by Gene2001 »

Ramped up my retirement savings and have been putting everything into it for an early retirement so I don't have to face this problem. But if it happens before I can retire, we already have a good amount of emergency fund money so we have time to find a new job without having to take the first thing that comes along to pay the bills

Nothing like a bit of security and going fishing everyday ! :D
mx711yam
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Re: What is your plan if you loose job tomorrow ??

Post by mx711yam »

furnace wrote:
mx711yam wrote:As a matter of fact, I'm going to be quitting in 2 months to start my own security company. I despise my job, so I'm looking forward to having my own business and working whatever hours I want. I'm stressed that I won't have a steady paycheck, but life is too short to work somewhere you absolutely hate. I can give up the material comforts I'm used to, but I'm tired of giving up my dream of having my own company and my time for a job I don't even believe in anymore.
What kind of security -- physical or computer? I believe there is a sizable market out there for someone who can combine physical protection like armed bodyguarding or walking the perimeter of a house at night, with building fences and installing alarms and security cameras. Look at a house or person and say -- here's what you can do to make yourself safer. Perhaps include personal defense training. With all the crap happening in the world, people are kind of on edge.

Physical security. More focusing on corporate and bodyguard services. We have done some security consulting like what you brought up about finding vulnerable spots and advising the clients about them. A co worker of mine and I are both going to quit to start it. We have over 20 years combined law enforcement experience and already have clients we have been doing off duty work with so it should be an easy transition. Unfortunately with security it's feast or famine. We only get jobs when someone is stressing out about something, so we never know when we will land a job. But boy is it lucrative when we have jobs.
dad2000
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Re: What is your plan if you loose job tomorrow ??

Post by dad2000 »

We're both older than 45, which seems to be the point at which finding a new job becomes exceedingly difficult. We both have bachelor's degrees which certainly helps.

Just as it's a Boglehead principle to reduce risk in investing by diversifying, we've taken the same approach (diversity) with our jobs & income.

My wife and I work in different industries that are not very economically correlated. She works part (half) time, but in a well paying job. She's also developed a lucrative side business that doesn't take up much of her time.

We live in an area that has a diverse economy to minimize the effect of boom bust cycles (like with energy).

We have zero debt... houses and cars are paid off. We could survive on our 12 month emergency fund and just one of the three streams of income almost indefinitely. Survive meaning covering the essentials... taxes, utilities, shelter, food, insurance.

We do spend quite a bit, but are still looking at retiring well before 60, so I think we've balanced our finances and risk pretty well.
poker27
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Re: What is your plan if you loose job tomorrow ??

Post by poker27 »

Well, my thought process now... Jump on my motorcycle and travel. Maybe head to the West coast and stay in cheap hotels or camp. Maybe cheaply go to another country and mess around? Sounds all dandy till it actually happens and I actually freak out :)
bigred77
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Re: What is your plan if you loose job tomorrow ??

Post by bigred77 »

My wife and I could PROBABLY get by on her salary plus unemployment/severance for a while but we would have to cut all luxuries, new savings, and pay only the minimums on our debt servicing.

I like to think I would take a few days or a week to decompress before starting the job hunt but with that big of a shock I would probably be emailing head hunters and friends at other companies that very night.

I'm a planner type so that situation would be very traumatic for me.
Rodc
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Re: What is your plan if you loose job tomorrow ??

Post by Rodc »

mickroark wrote:Lost my job 5 years ago and just said the heck with it and went fishing. Gone fishing ever since and having a blast. Fun is worth more to me than money, because all my relatives died with way too much money.
This is largely my plan B for employment. Might be more hiking/climbing than fishing. :)

But wife and I are not far from our planned retirements.

Might look for a low stress part-time job for something to take up some time, hard to hike every day, and to bring in a little income.
Last edited by Rodc on Tue Jul 26, 2016 11:56 am, edited 1 time in total.
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MathWizard
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Re: What is your plan if you loose job tomorrow ??

Post by MathWizard »

Plan A : Work for 4-8 more years and retire

Plan B: contact a recruiter. I keep getting contacted by recruiters looking for leads. I could nominate myself,
though this would be for less pay that I currently make.

Plan C: Live on accrued funds. We'd have to downgrade our lifestyle, and maybe even move to a lower COL state,
but we wouldn't starve. We could retire now except for medical, car replacement, a more accessible house, and
discretionary travel.
BHUser27
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Re: What is your plan if you loose job tomorrow ??

Post by BHUser27 »

(52yrs old)
I would go back to school for a while.
There are a number of subjects outside my current career I would like to learn more about.
There are also several subjects within my career domain I would like to brush up on.
I would then either start my own business or get another job, but most likely get another job.
And, yes, I have a plan and that plan is well funded with my emergency cash stash.
quantAndHold
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Re: What is your plan if you loose job tomorrow ??

Post by quantAndHold »

Five years ago I would have gotten another job.

Now we would sell our house, evict the tenant from our retirement home, get moved, take a vacation, and *then* maybe start looking for part time work.
Yes, I’m really that pedantic.
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FelixTheCat
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Re: What is your plan if you loose job tomorrow ??

Post by FelixTheCat »

I went through a long period of financial insecurity. I learned to live way below my means, pay off debt and save. Now, I have the option to work part-time, think of early retirement, start a second career, etc.

My suggestion is
1) Always build your work skills
2) Network with others in your career. At a minimum, have a LinkedIn account.
3) Beef up the rainy day fund more than six months.
4) Consider if staying with your current employer is what you want.
Felix is a wonderful, wonderful cat.
invst65
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Re: What is your plan if you loose job tomorrow ??

Post by invst65 »

I will celebrate.

I'm retiring next year any way and if I get laid off beforehand I'll get a severance package.
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HomerJ
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Re: What is your plan if you loose job tomorrow ??

Post by HomerJ »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you loose job tomorrow?
Assuming you have survival money for next 6 months and reasonable accumulation in stocks/retirement funds etc. the options are
1. look for another job : but uncertainity looms related to creepy boss, mean coworkers and dump place of work
2. start full time stock trading with your own accumulated funds: make a fortune or loose everything
3. take rest, do nothing: tired of working 8-10 hours of a day, listening to demanding boss. You are no bread earner and now your kids and family are left to their own fate..
4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...

Have you ever have a written down somewhere concrete Plan B for each of 1-4 options..

Mere thinking about it is not enough day after tomorrow, if you loose job tomorrow !!!
This is a pretty silly post. #2 and #3 are not options (Day-trade or do nothing and starve?)

Then you poison choice 1 and sweeten choice 4. If you want to do choice 4, go do it... don't wait to get fired.

For me, I have a great job that I'd like to do for 4-8 more years. At least 4, because I have a kid who is entering high school this fall.

If I somehow got laid off, I'd look for another job, but I would indeed try something different. I'd investigate working from home jobs, or possibly consulting gigs.

We have no debt at all, house is paid off, our expenses are low, we have 1 year emergency fund, and my wife works. So it wouldn't be ideal, but if I lost my job, we could easily get by while I spent time looking for a GOOD job, not just any job. That's called peace of mind.
Dottie57
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Re: What is your plan if you loose job tomorrow ??

Post by Dottie57 »

I would take a sabbatical for 1'year and at the end of the year decide if I want to retire.
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Re: What is your plan if you loose job tomorrow ??

Post by Jack FFR1846 »

I'm at a point where I could just retire. My wife wants to work more and I'd get small jobs like working at the local hardware store or maybe for a while at starbucks or the grocery store. When I want to take a month off, I'd quit that job and take the month off.
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joebh
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Re: What is your plan if you loose job tomorrow ??

Post by joebh »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you lose job tomorrow?
Assuming you have survival money for next 6 months and reasonable accumulation in stocks/retirement funds etc. the options are
1. look for another job : but uncertainity looms related to creepy boss, mean coworkers and dump place of work
2. start full time stock trading with your own accumulated funds: make a fortune or loose everything
3. take rest, do nothing: tired of working 8-10 hours of a day, listening to demanding boss. You are no bread earner and now your kids and family are left to their own fate..
4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...
I'm semi-retired now and only consulting a few days per week to help out my former company. And we are financially independent. So if the gig ended tomorrow, I'd go back to being fully retired (unless another interesting offer came along).

But prior to retirement, I was laid off twice. And in both cases only option 1 (look for another job) made any sense. I had a plan for my career, and my retirement and I would never have let a job loss or two get in the way of that.

Full time stock trading, taking a rest - both made no sense for me at all. There was no part of my career where either of those would have had any appeal. And of course my family depended on my income.

I thought of starting my own business (even wrote up a formal business plan), but for me the time was never right. It certainly wouldn't have been right during an unexpected job loss.
Last edited by joebh on Tue Jul 26, 2016 1:37 pm, edited 2 times in total.
2Birds1Stone
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Re: What is your plan if you loose job tomorrow ??

Post by 2Birds1Stone »

With a net worth = ~9X annual spending and 20% of that sitting in Taxable/Cash I would take 6 months off to reboot myself and slowly look for a rewarding and well paying job.
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Elsebet
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Re: What is your plan if you loose job tomorrow ??

Post by Elsebet »

I'm 39 and at least 16 years away from being able to retire. If it happened tomorrow I'd panic a bit since my husband was laid off in March and still hasn't found work. I'd immediately apply for unemployment, start asking my close former colleagues if they have any leads, and start applying for positions. I'd then spend the normal workday applying for jobs, brushing up on my skills to make sure I'm ready for technical interviews (I'm in IT), and doing house projects. I'd probably focus on landing a consulting gig to get the income stream going again to avoid depleting the emergency fund too much.

If my husband was employed I would probably take a week or two to be lazy and decompress before starting the job search. :)
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
kmurp
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Re: What is your plan if you loose job tomorrow ??

Post by kmurp »

59. Same job for 30 years. I'd have to move but would do so.
Intens
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Re: What is your plan if you loose job tomorrow ??

Post by Intens »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you loose job tomorrow?
Assuming you have survival money for next 6 months and reasonable accumulation in stocks/retirement funds etc. the options are
1. look for another job : but uncertainity looms related to creepy boss, mean coworkers and dump place of work
2. start full time stock trading with your own accumulated funds: make a fortune or loose everything
3. take rest, do nothing: tired of working 8-10 hours of a day, listening to demanding boss. You are no bread earner and now your kids and family are left to their own fate..
4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...

Have you ever have a written down somewhere concrete Plan B for each of 1-4 options..

Mere thinking about it is not enough day after tomorrow, if you loose job tomorrow !!!

Please. Change "loose" to "lose". They are not the same thing.

I would check your resume for such misspellings.
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Crimsontide
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Re: What is your plan if you loose job tomorrow ??

Post by Crimsontide »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you loose job tomorrow?
Me?? I'm sleeping in :happy After 30+ years of getting up at 4:30 am, I'm having brunch in bed...
fpr4
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Re: What is your plan if you loose job tomorrow ??

Post by fpr4 »

Try to find a paddle.
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badbreath
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Re: What is your plan if you loose job tomorrow ??

Post by badbreath »

I would just retire and say thanks for getting that started :sharebeer
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michaeljc70
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Re: What is your plan if you loose job tomorrow ??

Post by michaeljc70 »

I do contract work and loose my job all the time. It is the nature of it. I usually take some time off and then look for a new gig. When it becomes too difficult to find a project I want to work on or I think I have enough to retire, I'll stop.
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StevieG72
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Re: What is your plan if you loose job tomorrow ??

Post by StevieG72 »

I would tighten it up the day after tomorrow...
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LarryAllen
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Re: What is your plan if you loose job tomorrow ??

Post by LarryAllen »

I would celebrate!
tedclu
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Re: What is your plan if you loose job tomorrow ??

Post by tedclu »

Just came home from a two weeks vacation, I would celebrate and get on a plane!

I really feel bad for the one who has to "cover" me.
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wander
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Re: What is your plan if you loose job tomorrow ??

Post by wander »

If I lose Job tomorrow, I would take a long vacation. It's out of my hands, and there is nothing I can do.
goldendad
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Re: What is your plan if you loose job tomorrow ??

Post by goldendad »

I will retire and go play with the grandchildren.
123
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Re: What is your plan if you loose job tomorrow ??

Post by 123 »

I've had this happen a couple of times in my career in the last 25 years due to corporate down-sizing and reorganizations. I've always been a saver and a Bogleheads. It has never bothered me and I have never lost sleep over it. I always lived below my income. I normally begin a relaxed effort to find a new position. I've had friends and co-workers who say they would immediately be "sweating bullets" if it were to happen to them, but I guess they're probably financially overextended.
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AlohaJoe
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Re: What is your plan if you loose job tomorrow ??

Post by AlohaJoe »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you lose job tomorrow?
I already own my own company, so if I lost my job tomorrow I'd probably be depressed that I failed all my employees so spectacularly that we are all out of a job with no notice.

I'd probably have to take a few months off to recover from that. My guess is that I'd probably retire rather than start another company after one had spectacularly imploded with no warning.
OnTrack
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Re: What is your plan if you loose job tomorrow ??

Post by OnTrack »

rakamaka wrote: 4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...
Not sure about this. Now instead of a boss to answer to, you will have customers to answer to.
nymeria.stark
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Re: What is your plan if you loose job tomorrow ??

Post by nymeria.stark »

Two weeks hiking to get my head straight, then contacting everyone I know in town to see who has something available. Freelancing in the meantime. While I'd love to be able to just retire...hardly feasible at my age. I'd find something within six months.

And owning your own successful business is incredibly hard unless you work in a really in-demand industry. That's sort of a weird option (almost as weird as numbers 2 and 3). Owning your own business selling handmade jewelry at music festivals is so different from owning your own security consulting firm, for example, that this option is next to meaningless.
Just a girl, standing in front of her finances, asking them to make more sense.
Mitchell777
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Re: What is your plan if you loose job tomorrow ??

Post by Mitchell777 »

Since i'm ready to retire it would be a blessing with a package. In the past, I wanted to always have a significant cash cushion. I started to look for a job immediately, wen I lost mine, or at least prepare (although resume and such should always be updated). Keep your skills up to date. I'm not much for my own business but it worked for people I know. I also know people who took off for months, one rode his bike across the country. I'm too much of a worrier for that.
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Re: What is your plan if you loose job tomorrow ??

Post by whodidntante »

The unemployment rate is low, and many businesses cannot find qualified workers who don't already have a job. Look at yourself and your situation. If you can, do better.
UncleBen
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Re: What is your plan if you loose job tomorrow ??

Post by UncleBen »

In the event that we suffer a job loss, lose a weekly paycheck, and are loosened from the fetters of employment, I would gladly declare us retired and go on a long vacation. I'm not sure that my spouse would be on board with that plan but we have that option due to low spending and consistent savings.
keystone
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Re: What is your plan if you loose job tomorrow ??

Post by keystone »

I would definitely take an extended vacation before I'd even think about the process of getting back to work. My company would have to pay me my annual leave balance of 6 weeks, so I could do this worry free without having to tap into my savings for a while. I'm still about 6-7 years away from reaching financial independence, but I'm in a comfortable enough spot that I could take my time so that I wouldn't have to rush into a job that I didn't feel good about.
tibbitts
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Re: What is your plan if you loose job tomorrow ??

Post by tibbitts »

rakamaka wrote:In this age of uncertain economy/jobs what will you do if you loose job tomorrow?
Assuming you have survival money for next 6 months and reasonable accumulation in stocks/retirement funds etc. the options are
1. look for another job : but uncertainity looms related to creepy boss, mean coworkers and dump place of work
2. start full time stock trading with your own accumulated funds: make a fortune or loose everything
3. take rest, do nothing: tired of working 8-10 hours of a day, listening to demanding boss. You are no bread earner and now your kids and family are left to their own fate..
4. start your own business : now you are captain of your ship, have all hours in a day, no creepy boss and somewhere bright future if your business pick up speed...

Have you ever have a written down somewhere concrete Plan B for each of 1-4 options..

Mere thinking about it is not enough day after tomorrow, if you loose job tomorrow !!!
Your post is being mis-interpreted by almost everyone. You don't have a creepy boss etc. you're saying that if you leave the friendly confines of your current job, you might theoretically encounter one.

Nobody here would do option 2.

Number 3 is just not worth commenting on.

Option 4 is completely unrealistic - I'm guessing you've never started your own business.
Intens
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Re: What is your plan if you loose job tomorrow ??

Post by Intens »

michaeljc70 wrote:I do contract work and loose my job all the time.
How "loose"?
Naismith
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Re: What is your plan if you loose job tomorrow ??

Post by Naismith »

Of course we are all at different stages...we are empty nesters, not quite ready for retirement yet. From the time our kids were through college, our backup plan has been to move to Indonesia and I would teach English as a second language. They value the American accent over the British, and the cost of living is very inexpensive there, so there would be no drain on our retirement savings.
michaeljc70
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Re: What is your plan if you loose job tomorrow ??

Post by michaeljc70 »

Intens wrote:
michaeljc70 wrote:I do contract work and loose my job all the time.
How "loose"?
Haha. I was just following the subject of the topic!
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Just sayin...
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Joined: Tue Oct 09, 2007 10:12 am

Re: What is your plan if you loose job tomorrow ??

Post by Just sayin... »

My plan is to head to the nearest animal shelter, find a puppy that needs a home, head over to the Local Chevy dealer and buy a truck to replace my company car, then go start living life 100% on my terms. I've been planning this for a while and am waiting for a triggering event or calendar date (end Q1 2017) to put the plan into motion...
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