The axe falls and I am prepared. What's next?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
phxjcc
Posts: 524
Joined: Thu Aug 23, 2018 3:47 pm

Re: The axe falls and I am prepared. What's next?

Post by phxjcc »

I was axed at 56.

IT Senior Mucky-Muck in Big Data.

MY Specialty was getting system that spoke French to one that spoke Cyrillic—and understanding the steps it takes to do so.
And then operating the systems for HAHR.

I did not see what area you specialize in—but if you want to consult/contract I recommend selling yourself as “having seen it all”.

I took a 4 month gig to get a product ready for a trade show. All from home, managing action items and SI task follow-ups and tracking.

Yes it was soft skill shtuff, but the lessons learned in applying hard skills for 30+ years is valuable to those that are tasked with accomplishing something.

Good gig, easy $10k/month.
Then Lehman Bros. went under and the world changed.

This is my advice, worth slightly less than you paid for it.

I, too, have enjoyed your posts here.

Good luck.

ETA: Please look after you health, mine pre-existing condition flared due to stress of being laid off—and not working for the first time in 40 years.
Topic Author
KlangFool
Posts: 17683
Joined: Sat Oct 11, 2008 12:35 pm

Re: The axe falls and I am prepared. What's next?

Post by KlangFool »

phxjcc wrote: Sat Aug 22, 2020 9:52 pm I was axed at 56.

IT Senior Mucky-Muck in Big Data.

MY Specialty was getting system that spoke French to one that spoke Cyrillic—and understanding the steps it takes to do so.
And then operating the systems for HAHR.

I did not see what area you specialize in—but if you want to consult/contract I recommend selling yourself as “having seen it all”.

I took a 4 month gig to get a product ready for a trade show. All from home, managing action items and SI task follow-ups and tracking.

Yes it was soft skill shtuff, but the lessons learned in applying hard skills for 30+ years is valuable to those that are tasked with accomplishing something.

Good gig, easy $10k/month.
Then Lehman Bros. went under and the world changed.

This is my advice, worth slightly less than you paid for it.

I, too, have enjoyed your posts here.

Good luck.

ETA: Please look after you health, mine pre-existing condition flared due to stress of being laid off—and not working for the first time in 40 years.
Thanks. I was unemployed for more than a year a few times. So, I know how to deal with it. Still does not make it easier.

KlangFool
investingdad
Posts: 1786
Joined: Fri Mar 15, 2013 10:41 pm

Re: The axe falls and I am prepared. What's next?

Post by investingdad »

KF,

Let me ask you something...

If instead of being laid off (a horrible feeling, been there) you instead announced you were retiring under the exact same circumstances, would you feel any differently?

Financially you appear fine, I'm just wondering if this a blow to the psyche, which I'd totally understand. You had terms dictated to you, instead of you making the decision.

Best of luck whatever your next steps.
Wrench
Posts: 130
Joined: Sun Apr 28, 2019 10:21 am

Re: The axe falls and I am prepared. What's next?

Post by Wrench »

KlangFool

I will add my condolences to the many others. You are a valuable contributor here, and your posts and responses are ones that are always well-reasoned, thoughtful and useful.

You clearly are financially savvy, and well prepared. Should you choose not to work for money again, I am sure you will be fine. I will offer some non-financial thoughts: I have "retired" several times, the first in a situation similar to yours, at roughly your age. Like you, I too was prepared financially and my wife was employed like yours with a similar salary. I was planning to just not work. Bottom line - I HATED it. I was bored and lonely. I realized that for me, work provided three key benefits: (1) salary, (2) social interactions, and (3) a feeling of being useful and contributing to society and my community. The first one of these, salary, had become much less important than the other two. So I went back to work. Didn't work out, retired again. Then found some gig work, that eventually led to a 3/4 time benefitted position. I also started my own business, which has grown nicely. Today, in my mid-sixties I am MUCH happier than I was when I was working for Megacorp. If that changes, I will quit and "retire" again and do something else. FI gives you lots of options!

So my advice for what it's worth: take some time to find out what makes you happy and fulfilled and go for it! If that is playing golf every day, or reading or taking classes just for fun, do it. But if like me, the non-financial benefits of work are valuable to you, look around and find something you enjoy and can do for the time you want to spend on it while getting paid for it. The world is your oyster! Take advantage of it. Based on your many posts over the years, I am sure you will.

Wrench
Topic Author
KlangFool
Posts: 17683
Joined: Sat Oct 11, 2008 12:35 pm

Re: The axe falls and I am prepared. What's next?

Post by KlangFool »

investingdad wrote: Sun Aug 23, 2020 6:44 am KF,

Let me ask you something...

If instead of being laid off (a horrible feeling, been there) you instead announced you were retiring under the exact same circumstances, would you feel any differently?

Financially you appear fine, I'm just wondering if this a blow to the psyche, which I'd totally understand. You had terms dictated to you, instead of you making the decision.

Best of luck whatever your next steps.
investingdad,

<<I'm just wondering if this a blow to the psyche, >>

It would be nice if the follow-on project was not canceled and I can work for a few more years before I retire. But, this is no blow to my psyche.

KlangFool
MathIsMyWayr
Posts: 2256
Joined: Mon Mar 27, 2017 10:47 pm
Location: CA

Re: The axe falls and I am prepared. What's next?

Post by MathIsMyWayr »

investingdad wrote: Sun Aug 23, 2020 6:44 am KF,

Let me ask you something...

If instead of being laid off (a horrible feeling, been there) you instead announced you were retiring under the exact same circumstances, would you feel any differently?

Financially you appear fine, I'm just wondering if this a blow to the psyche, which I'd totally understand. You had terms dictated to you, instead of you making the decision.

Best of luck whatever your next steps.
Let me surmise. Many politicians decide to retire after failing to get their party's nomination or losing an election. Some employees decide to retire, but wait for an incentive separation program to juice up their earning. Rejection is never fun even by a stranger. How would you feel if a stranger ignores your nod on the street? Many try to avoid the feeling of rejection or to boost their ego even in the case of a voluntary retirement by claiming that they had to stay long to smooth the transition or to train their replacements. How to react to a life event, voluntary or involuntary, is often dictated by one's ego, but it does not make much of a difference in the long run.
Topic Author
KlangFool
Posts: 17683
Joined: Sat Oct 11, 2008 12:35 pm

Re: The axe falls and I am prepared. What's next?

Post by KlangFool »

Wrench wrote: Sun Aug 23, 2020 7:01 am KlangFool

I will add my condolences to the many others. You are a valuable contributor here, and your posts and responses are ones that are always well-reasoned, thoughtful and useful.

You clearly are financially savvy, and well prepared. Should you choose not to work for money again, I am sure you will be fine. I will offer some non-financial thoughts: I have "retired" several times, the first in a situation similar to yours, at roughly your age. Like you, I too was prepared financially and my wife was employed like yours with a similar salary. I was planning to just not work. Bottom line - I HATED it. I was bored and lonely. I realized that for me, work provided three key benefits: (1) salary, (2) social interactions, and (3) a feeling of being useful and contributing to society and my community. The first one of these, salary, had become much less important than the other two. So I went back to work. Didn't work out, retired again. Then found some gig work, that eventually led to a 3/4 time benefitted position. I also started my own business, which has grown nicely. Today, in my mid-sixties I am MUCH happier than I was when I was working for Megacorp. If that changes, I will quit and "retire" again and do something else. FI gives you lots of options!

So my advice for what it's worth: take some time to find out what makes you happy and fulfilled and go for it! If that is playing golf every day, or reading or taking classes just for fun, do it. But if like me, the non-financial benefits of work are valuable to you, look around and find something you enjoy and can do for the time you want to spend on it while getting paid for it. The world is your oyster! Take advantage of it. Based on your many posts over the years, I am sure you will.

Wrench
Wrench,

<<(1) salary, (2) social interactions, and (3) a feeling of being useful and contributing to society and my community. >>

1) I was unemployed for more than 1 year a few times. So, I had plenty of practice in this area.

2) I come from a multi-generation business family. So, I have no problem not earning my income from my salary.

3) Social interactions -> I am not a very sociable person.

<<feeling of being useful and contributing to society and my community.>>

4) I had accomplished whatever I aimed for in term of my career. So, I feel no need to do more.

5) I have fair amount of interests that I am interested in. For example, singing and telling stories. I could spend more time on that as opposed to earning a salary.

I like learning new and more stuff. I felt constrained by my job and the demand of my time with a job. I could do more stuff just for fun without the need to earn a salary.

KlangFool
Topic Author
KlangFool
Posts: 17683
Joined: Sat Oct 11, 2008 12:35 pm

Re: The axe falls and I am prepared. What's next?

Post by KlangFool »

MathIsMyWayr wrote: Sun Aug 23, 2020 8:01 am
investingdad wrote: Sun Aug 23, 2020 6:44 am KF,

Let me ask you something...

If instead of being laid off (a horrible feeling, been there) you instead announced you were retiring under the exact same circumstances, would you feel any differently?

Financially you appear fine, I'm just wondering if this a blow to the psyche, which I'd totally understand. You had terms dictated to you, instead of you making the decision.

Best of luck whatever your next steps.
Let me surmise. Many politicians decide to retire after failing to get their party's nomination or losing an election. Some employees decide to retire, but wait for an incentive separation program to juice up their earning. Rejection is never fun even by a stranger. How would you feel if a stranger ignores your nod on the street? Many try to avoid the feeling of rejection or to boost their ego even in the case of a voluntary retirement by claiming that they had to stay long to smooth the transition or to train their replacements. How to react to a life event, voluntary or involuntary, is often dictated by one's ego, but it does not make much of a difference in the long run.
MathIsMyWayr,

After being through the same stuff many times, I detached my sense of my value from my job.

My division doubled and tripled our revenue and profit during the Telecom bust while suffering quarterly 5% to 8% laid off. As a reward for our accomplishment, we were shut down and outsourced to India. Meanwhile, the CEO was fired after N years. As a reward for his incompetence, he received XX million severance pay and Y million per year pension.

KlangFool
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