Just got laid off

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Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Just got laid off

Post by BlackwaterPark10 »

Got laid off yesterday. No notice. Effective immediately. Insurance for my daughter and I ends at the end of the month. Only given two weeks pay after 18 years of giving 120% of myself. Just depressing.

I don’t even know where to go from here. Done some updates on LinkedIn and updated my CV. But I feel mentally broken and feel like I’m not good enough or didn’t work hard enough which I know can’t be true.

I was given a four page letter to sign in order to get my two weeks out and was told to have a lawyer review it first if I wanted.

We are debt free minus the house and 4k we are short in escrow. I stopped all Roth and 403b contributions. I was making 95k and wife is still working making 70k. Mortgage is $1600 a month and not due until August since we have been paying ahead. Also have about 7k in crypto I can cash out.

Sorry to vent. Just respect you all a lot and looking for help and advice through these murky waters. Thank you

**Edit** The cause was that they are doing a re-org and no longer need my position.
Last edited by BlackwaterPark10 on Wed Jan 24, 2024 3:02 pm, edited 3 times in total.
barnaclebob
Posts: 5497
Joined: Thu Aug 09, 2012 10:54 am

Re: Just got fired

Post by barnaclebob »

What cause was given?

If the cause was not valid it may be better to not sign and attempt to get unemployment benefits. Consult an employment attorney
Last edited by barnaclebob on Wed Jan 24, 2024 2:00 pm, edited 2 times in total.
dokeeffe
Posts: 86
Joined: Fri Feb 23, 2007 3:15 pm

Re: Just got fired

Post by dokeeffe »

"Insurance for my daughter and I ends at the end of the month." "and wife is still working making 70k"

Will you be able to get on to your wife's insurance?
nvrmnd
Posts: 69
Joined: Tue Sep 26, 2023 1:06 pm

Re: Just got fired

Post by nvrmnd »

Very sorry to hear, this is why you should never feel loyalty toward your employer. Business is business.

It sounds like you have taken really conservative steps, staying out of debt so I have to say investments in crypto seem quite out of line. There are a variety of investments on the risk spectrum that might be better aligned. Also, with this current change to employment it may make sense to reduce your risk exposure generally but you should consider the tax implications of liquidating any positions.
nyclon
Posts: 649
Joined: Fri Oct 02, 2015 5:30 pm

Re: Just got fired

Post by nyclon »

Don’t take this to mean anything about you. Having been in the situation and known many others who have as well, I know it’s frustrating and scary.

Employment ultimately is a contract for you to be paid in exchange for giving the company your time. The add ons are the learning, people, experience, etc etc.

But it boils down to economics. Once they don’t need or can’t afford your time they terminate the contract. It’s that simple. Nothing to do you with you as a human.

Take some time to reflect and understand that this time will pass and the relationships you have with friends and family trump everything.

Update LinkedIn and CV after you’ve taken some time to unwind and think about what you really want next so that you know how to position them. Then, reach out to your network and just talk to people with no agenda to learn what’s out there.

You are no longer beholden to the paradigm of the past 18 years. There is a big opportunity ahead of you now that that’s gone. It was going to end at some point anyway.

Maybe read what color is your parachute by Bowles to get some direction. Get some fresh air, exercise, change up your schedule and feel productive.

Your time is yours and you only get once chance to make the most of it.
Last edited by nyclon on Wed Jan 24, 2024 1:52 pm, edited 1 time in total.
nostresshere
Posts: 60
Joined: Sat Jan 20, 2024 9:52 am

Re: Just got fired

Post by nostresshere »

Unless you already have lots of available credit, might be a good time to add some.

You can put down your CURRENT job and income. Having lots of credit is free. Trying to get it when you are not working is difficult.

Take care of this TODAY while you are still employed.
creme_gold
Posts: 16
Joined: Wed Mar 08, 2023 1:47 pm

Re: Just got fired

Post by creme_gold »

Sorry to hear. The loss of a job is like a lot of other types of losses and you will go through grieving. You might want to Google the stages of grief so you know that what you are feeling is completely normal. I suspect that the papers they have given you to sign are releases of future liability and non disclosure type of stuff. For 2 weeks of severance I don't know that I would sign them. (I was always loathe to sign anything on my way out the door but you may be different). Research unemployment in your state and file as soon as possible. Look into your wife's health plan. Your loss of coverage should be a qualifying event. Once you start getting unemployment and have your health coverage set spend a little time taking care of yourself. Exercise, improve your diet or do anything of the other things that you may have been putting off. Best.
livingalmostlarge
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Joined: Sun Jan 14, 2018 4:03 pm

Re: Just got fired

Post by livingalmostlarge »

Sorry to hear. Good luck
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beyou
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Re: Just got fired

Post by beyou »

If you think there was an discrimination involved, do not sign and do find a labor lawyer.

If this was part of a mass layoff to save $, some states require a more lengthy notice, but this is state specific.
Could apply to large employers only or not apply in your state.

Any infö about the type of job and career would be helpful if you want employment related advice here.

I would sell the crypto first to pay bills, as this seems like a volatile asset and you can't afford to lose it.
You didn't list anything other than retirement accounts, and if that is true, and the crypto is your main non-retirement account, this is urgent to liquidate.

Does your wife's salary cover your basic expenses ? If not sure, make a budget and figure out how much you can cut to keep it as close as possible to your spouse's salary.
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rob
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Re: Just got fired

Post by rob »

Shake it off. I would do two things before taking some time to chill.
- Check the date for the signed release to get the 2 weeks.
- Register for UI (most states will ignore the severance if exchange for a release of liability aka 4 page letter).

You have time for healthcare and COBRA is an option but right now... just chill and forget about it.
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien
djtx34
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Re: Just got fired

Post by djtx34 »

I would say the first thing is to take a day or two and just decompress. Then, start to figure out your way back. If you have an emergency fund, this is what its for. Take some time to do a retrospective, learn from what happened, then keep moving forward. Many times, very difficult situations like these will open up new positive experiences. I hope that this will be the case for you.
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White Coat Investor
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Re: Just got fired

Post by White Coat Investor »

BlackwaterPark10 wrote: Wed Jan 24, 2024 1:35 pm Got fired yesterday. No notice. Effective immediately. Insurance for my daughter and I ends at the end of the month. Only given two weeks pay after 18 years of giving 120% of myself. Just depressing.

I don’t even know where to go from here. Done some updates on LinkedIn and updated my CV. But I feel mentally broken and feel like I’m not good enough or didn’t work hard enough which I know can’t be true.

I was given a four page letter to sign in order to get my two weeks out and was told to have a lawyer review it first if I wanted.

We are debt free minus the house and 4k we are short in escrow. I stopped all Roth and 403b contributions. I was making 95k and wife is still working making 70k. Mortgage is $1600 a month and not due until August since we have been paying ahead. Also have about 7k in crypto I can cash out.

Sorry to vent. Just respect you all a lot and looking for help and advice through these murky waters. Thank you
I'm sorry. Sounds like you're doing all the right things. Hopefully it'll turn out to be a blessing in disguise if you can find something even better.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
KlangFool
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Re: Just got fired

Post by KlangFool »

OP,

In general, you are not being fired. It is very hard to fire someone unless you did something seriously wrong. You were laid off. It is important to note the difference. If you were fired, you may not be able to claim unemployment. So, please be sure what exactly happened to you.

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Chv396
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Re: Just got fired

Post by Chv396 »

Sorry to hear, had it happen to me about 11 years ago.

I took one week off from life to “chill” and relax with my spouse, before starting job hunting again. The week break helped me to put things into perspective and get over the initial shock. 3 months later, I received a job offer, with better compensation and a better firm.

Looking back, I would have never received the better job offer if I didn’t get “let go.” Things will work out, as time passes.
“Stay the Course” - My Portfolio (BND, VT, VXUS), Spouse’s Portfolio (VEA, VGSH, VOO, VOT)
cadzan
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Joined: Thu Mar 10, 2022 8:47 am

Re: Just got fired

Post by cadzan »

Read that release carefully before you sign. I had one once that forbid me from working for a competitor for 1 yr. I refused to sign it.
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swong
Posts: 141
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Location: NYC

Re: Just got fired

Post by swong »

BlackwaterPark10 wrote: Wed Jan 24, 2024 1:35 pm Got fired yesterday. No notice. Effective immediately. Insurance for my daughter and I ends at the end of the month. Only given two weeks pay after 18 years of giving 120% of myself. Just depressing.

I don’t even know where to go from here. Done some updates on LinkedIn and updated my CV. But I feel mentally broken and feel like I’m not good enough or didn’t work hard enough which I know can’t be true.

I was given a four page letter to sign in order to get my two weeks out and was told to have a lawyer review it first if I wanted.

We are debt free minus the house and 4k we are short in escrow. I stopped all Roth and 403b contributions. I was making 95k and wife is still working making 70k. Mortgage is $1600 a month and not due until August since we have been paying ahead. Also have about 7k in crypto I can cash out.

Sorry to vent. Just respect you all a lot and looking for help and advice through these murky waters. Thank you
One door closes and another one should open up! .... it happens so don't dispair. First things first, have your wife enroll in medical coverage for you and her under her employment. Secondly, apply for unemployment insurance since you are entitled to this. While it isn't a lot, $405/week (at least here in NYC) for 26 weeks is nothing to scoff at. Update your resume' and let close friends and family know of your plight...maybe, just maybe they have a inside track for a nice opening in their organization. Finally, unless you know of reasons why you were let go don't take this to heart...there are worse situations!
tibbitts
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Joined: Tue Feb 27, 2007 5:50 pm

Re: Just got fired

Post by tibbitts »

BlackwaterPark10 wrote: Wed Jan 24, 2024 1:35 pm Got fired yesterday. No notice. Effective immediately. Insurance for my daughter and I ends at the end of the month. Only given two weeks pay after 18 years of giving 120% of myself. Just depressing.

I don’t even know where to go from here. Done some updates on LinkedIn and updated my CV. But I feel mentally broken and feel like I’m not good enough or didn’t work hard enough which I know can’t be true.

I was given a four page letter to sign in order to get my two weeks out and was told to have a lawyer review it first if I wanted.

We are debt free minus the house and 4k we are short in escrow. I stopped all Roth and 403b contributions. I was making 95k and wife is still working making 70k. Mortgage is $1600 a month and not due until August since we have been paying ahead. Also have about 7k in crypto I can cash out.

Sorry to vent. Just respect you all a lot and looking for help and advice through these murky waters. Thank you
It's somewhat unusual to be fired immediately without any notice and without cause - and apparently without explanation(?). Some background on the company (financial stress?) and your employment situation might get you more helpful comments.
stan1
Posts: 14136
Joined: Mon Oct 08, 2007 4:35 pm

Re: Just got fired

Post by stan1 »

Sorry to hear the news. Agree, being laid off is very different than fired for cause. Be precise in the terminology you use.

Agree read carefully, they aren't giving you enough severance to restrict who you might work for in the future, for example. What you negotiate may depend on your role in the company. A c-level executive will likely get a different package than a financial analyst or database administrator.

Layoffs are a fact of life and the most important thing is not to take it personally even if you are blindsided. They happen to the best of us. Focus on your family, self, and skills. If you develop a negative attitude that will hurt your ability to find more work (easier said than done, but it is important). Your resume and interview skills may be a little rusty after 18 years, now you have to present well on a Zoom call. Take advantage of any career counseling if offered. Reach out to the people you've worked with over the years who you liked working with and see if they know of any openings you'd be a good fit for.

If fired for cause there's some honest introspection if not professional assistance may be needed. Do you need to seek professional medical care for some condition that impacted your work performance?
Jack FFR1846
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Re: Just got fired

Post by Jack FFR1846 »

Fired or laid off? There's a HUGE difference.

Fired would mean for cause and most employers would walk you out and you'd get no severance. Laid off means you can collect unemployment. The "sign this for 2 weeks pay" sounds like you're being asked to voluntarily quit which would mean no unemployment. For 2 weeks, absolutely not. If they caught you stealing gold from the company vault and have pictures and videos, then you were fired and should have been immediately walked out.

You can have an attorney review the document to sign but be sure it's a competent labor lawyer. I had something similar that may have lead to that saying I agree with unsatisfactory work. Attorney said to sign anything. I fired him and would not sign anything. I found another job and they did not fire me or lay me off. My crime was having turned 55. Yah, I know...how dare I do that. I should have worked harder to stay 35, right? I know that now.
Bogle: Smart Beta is stupid
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

barnaclebob wrote: Wed Jan 24, 2024 1:37 pm What cause was given?

If the cause was not valid it may be better to not sign and attempt to get unemployment benefits. Consult an employment attorney
Sorry I have added this to the initial post. The cause was that they are doing a re-org and no longer need my position.
howard71
Posts: 469
Joined: Wed Oct 28, 2020 11:10 am

Re: Just got fired

Post by howard71 »

Happened to me about 7 years ago. Fortunately, I was planning on retiring the following year any way so it wasn't that big of a deal financially. Also have wife still working and I went on her insurance. Also got 7 months severance.

Was more of a psychological jolt than I anticipated however because it just came out of the blue. I was the chief architect of the company's main computer system and still the most productive employee at the time so I wasn't expecting it at all. Was part of a plan to move IT jobs to India.

Had a very bad hangover the next morning but after that I took stock of the situation and decided to call it quits. Had some people I had built systems for call me about contracting work but when I went to log in to their systems to diagnose their problems I just couldn't bring myself to do it. Guess I was more burnt out than I thought.

Sorry you aren't in the same situation. Good luck on your job search.
Last edited by howard71 on Wed Jan 24, 2024 2:43 pm, edited 1 time in total.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

dokeeffe wrote: Wed Jan 24, 2024 1:38 pm "Insurance for my daughter and I ends at the end of the month." "and wife is still working making 70k"

Will you be able to get on to your wife's insurance?
We could, but the rate is $1300ish a month.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

nyclon wrote: Wed Jan 24, 2024 1:50 pm Don’t take this to mean anything about you. Having been in the situation and known many others who have as well, I know it’s frustrating and scary.

Employment ultimately is a contract for you to be paid in exchange for giving the company your time. The add ons are the learning, people, experience, etc etc.

But it boils down to economics. Once they don’t need or can’t afford your time they terminate the contract. It’s that simple. Nothing to do you with you as a human.

Take some time to reflect and understand that this time will pass and the relationships you have with friends and family trump everything.

Update LinkedIn and CV after you’ve taken some time to unwind and think about what you really want next so that you know how to position them. Then, reach out to your network and just talk to people with no agenda to learn what’s out there.

You are no longer beholden to the paradigm of the past 18 years. There is a big opportunity ahead of you now that that’s gone. It was going to end at some point anyway.

Maybe read what color is your parachute by Bowles to get some direction. Get some fresh air, exercise, change up your schedule and feel productive.

Your time is yours and you only get once chance to make the most of it.
Love this, thank you
stan1
Posts: 14136
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Re: Just got fired

Post by stan1 »

BlackwaterPark10 wrote: Wed Jan 24, 2024 2:42 pm
barnaclebob wrote: Wed Jan 24, 2024 1:37 pm What cause was given?

If the cause was not valid it may be better to not sign and attempt to get unemployment benefits. Consult an employment attorney
Sorry I have added this to the initial post. The cause was that they are doing a re-org and no longer need my position.
Read the letter carefully before you sign. Are you acknowledging a lay off, or asking you to resign voluntarily?
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

nostresshere wrote: Wed Jan 24, 2024 1:52 pm Unless you already have lots of available credit, might be a good time to add some.

You can put down your CURRENT job and income. Having lots of credit is free. Trying to get it when you are not working is difficult.

Take care of this TODAY while you are still employed.
I have roughly 45k and wife has roughly 40k available.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

creme_gold wrote: Wed Jan 24, 2024 1:53 pm Sorry to hear. The loss of a job is like a lot of other types of losses and you will go through grieving. You might want to Google the stages of grief so you know that what you are feeling is completely normal. I suspect that the papers they have given you to sign are releases of future liability and non disclosure type of stuff. For 2 weeks of severance I don't know that I would sign them. (I was always loathe to sign anything on my way out the door but you may be different). Research unemployment in your state and file as soon as possible. Look into your wife's health plan. Your loss of coverage should be a qualifying event. Once you start getting unemployment and have your health coverage set spend a little time taking care of yourself. Exercise, improve your diet or do anything of the other things that you may have been putting off. Best.
Thank you for this.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

beyou wrote: Wed Jan 24, 2024 2:07 pm If you think there was an discrimination involved, do not sign and do find a labor lawyer.

If this was part of a mass layoff to save $, some states require a more lengthy notice, but this is state specific.
Could apply to large employers only or not apply in your state.

Any infö about the type of job and career would be helpful if you want employment related advice here.

I would sell the crypto first to pay bills, as this seems like a volatile asset and you can't afford to lose it.
You didn't list anything other than retirement accounts, and if that is true, and the crypto is your main non-retirement account, this is urgent to liquidate.

Does your wife's salary cover your basic expenses ? If not sure, make a budget and figure out how much you can cut to keep it as close as possible to your spouse's salary.
I work in IT field In Higher Ed. Yes makes sense with the crypto piece, I bought it cheap in 2016 and it has done me well, but pretty stagnant now. We have around 16k in emergency fund outside of this. I will figure out our budget tonight based on her pay only. I am also not against taking a quick/easy PT job to keep some money coming in.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

djtx34 wrote: Wed Jan 24, 2024 2:11 pm I would say the first thing is to take a day or two and just decompress. Then, start to figure out your way back. If you have an emergency fund, this is what its for. Take some time to do a retrospective, learn from what happened, then keep moving forward. Many times, very difficult situations like these will open up new positive experiences. I hope that this will be the case for you.
Thank you for this. Will do. Think it's a good time to go fishing, and rest. It's been a stressful and long 18 years.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

Chv396 wrote: Wed Jan 24, 2024 2:24 pm Sorry to hear, had it happen to me about 11 years ago.

I took one week off from life to “chill” and relax with my spouse, before starting job hunting again. The week break helped me to put things into perspective and get over the initial shock. 3 months later, I received a job offer, with better compensation and a better firm.

Looking back, I would have never received the better job offer if I didn’t get “let go.” Things will work out, as time passes.
Thank you for this
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

swong wrote: Wed Jan 24, 2024 2:32 pm
BlackwaterPark10 wrote: Wed Jan 24, 2024 1:35 pm Got fired yesterday. No notice. Effective immediately. Insurance for my daughter and I ends at the end of the month. Only given two weeks pay after 18 years of giving 120% of myself. Just depressing.

I don’t even know where to go from here. Done some updates on LinkedIn and updated my CV. But I feel mentally broken and feel like I’m not good enough or didn’t work hard enough which I know can’t be true.

I was given a four page letter to sign in order to get my two weeks out and was told to have a lawyer review it first if I wanted.

We are debt free minus the house and 4k we are short in escrow. I stopped all Roth and 403b contributions. I was making 95k and wife is still working making 70k. Mortgage is $1600 a month and not due until August since we have been paying ahead. Also have about 7k in crypto I can cash out.

Sorry to vent. Just respect you all a lot and looking for help and advice through these murky waters. Thank you
One door closes and another one should open up! .... it happens so don't dispair. First things first, have your wife enroll in medical coverage for you and her under her employment. Secondly, apply for unemployment insurance since you are entitled to this. While it isn't a lot, $405/week (at least here in NYC) for 26 weeks is nothing to scoff at. Update your resume' and let close friends and family know of your plight...maybe, just maybe they have a inside track for a nice opening in their organization. Finally, unless you know of reasons why you were let go don't take this to heart...there are worse situations!
Thank you for this. Is being laid off due to a re-org and no longer needing my role, qualify me for unemployment?
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

stan1 wrote: Wed Jan 24, 2024 2:36 pm Sorry to hear the news. Agree, being laid off is very different than fired for cause. Be precise in the terminology you use.

Agree read carefully, they aren't giving you enough severance to restrict who you might work for in the future, for example. What you negotiate may depend on your role in the company. A c-level executive will likely get a different package than a financial analyst or database administrator.

Layoffs are a fact of life and the most important thing is not to take it personally even if you are blindsided. They happen to the best of us. Focus on your family, self, and skills. If you develop a negative attitude that will hurt your ability to find more work (easier said than done, but it is important). Your resume and interview skills may be a little rusty after 18 years, now you have to present well on a Zoom call. Take advantage of any career counseling if offered. Reach out to the people you've worked with over the years who you liked working with and see if they know of any openings you'd be a good fit for.

If fired for cause there's some honest introspection if not professional assistance may be needed. Do you need to seek professional medical care for some condition that impacted your work performance?
Thanks for this. I added a bit more info on my first post. The cause was that they are doing a re-org and no longer need my position. I never had a single negative review, worked across the entire organization well, respected all over, a member of numerous committees, was recently given two or three new large scale projects, and added to a org. wide workgroup just last week. Was never given any sign of unhappiness in my work, or efforts.
Last edited by BlackwaterPark10 on Wed Jan 24, 2024 2:56 pm, edited 1 time in total.
Jack FFR1846
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Location: 26 miles, 385 yards west of Copley Square

Re: Just got fired

Post by Jack FFR1846 »

Sign nothing.

You are being laid off if you don't sign. You will be able to collect unemployment while you look for a new, acceptable job. In my state, I could collect this for 26 weeks, half a year. If I were in your position, I would absolutely not sign anything and I would sign up for unemployment. Note that you won't be paid as much per week but after 26 weeks, I'm sure you will have been paid many times what your employer is offering. And of course you can smile a bit knowing that every dollar paid to you increases their unemployment insurance premium.
Bogle: Smart Beta is stupid
barnaclebob
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Re: Just got fired

Post by barnaclebob »

BlackwaterPark10 wrote: Wed Jan 24, 2024 2:42 pm
barnaclebob wrote: Wed Jan 24, 2024 1:37 pm What cause was given?

If the cause was not valid it may be better to not sign and attempt to get unemployment benefits. Consult an employment attorney
Sorry I have added this to the initial post. The cause was that they are doing a re-org and no longer need my position.
Good, thats a big difference than being fire, you are being laid off. You should determine if the WARN act applies to your position which would require the employer to pay 60 days. It sounds like you may be a state employee at a university in which the WARN act would likely not apply.

https://www.dol.gov/sites/dolgov/files/ ... RN2003.pdf

Also make sure the document they want you to sign does not imply in any way that your departure is voluntary or for cause.
Last edited by barnaclebob on Wed Jan 24, 2024 2:58 pm, edited 1 time in total.
soccerrules
Posts: 1378
Joined: Mon Nov 14, 2016 3:01 pm

Re: Just got fired

Post by soccerrules »

Sorry this happened. I've been "fired", "RIF'd", "Let go" several times. It never feels good-- it sucks. There is a difference in being fired for cause and then RIF'd or downsized due to company restructure or financial reasons -- this could matter if you decide to pursue anything legally. (not suggesting it)

Take a deep breath -- you are OK and it will be OK.

I would take 1-2 days and clear your head as best as you can. Then I would do the following
1) Reduce any and all expenses that are not absolutely essential to housing/food/transportation. (No eating out etc)
2) Get your resume updated and maybe reviewed by someone
3) Network with anyone and everyone you know (friends, business contacts, acquaintances) I would send an email to EVERYONE telling them about your job search, your experience and accomplishments (short version) and then the types of positions you are open to at this time (suggest broad search). Then ask them to forward that email to anyone in their network that might want to see it and perhaps share as well.
4) Your full time job is looking for a full time job. Have as many conversations as possible to see if it makes sense to have another conversation.
5) Jump on wife's insurance or at minimum use COBRA or ACA to have some coverage

You have $70K coming in and you will make it. If you need to dip into your EF for essentials --that is why you have it. I would get moving on your next opportunity ASAP.

Good Luck -- you got this!
Don't let your outflow exceed your income or your upkeep will be your downfall.
Topic Author
BlackwaterPark10
Posts: 68
Joined: Mon May 13, 2019 10:43 am

Re: Just got fired

Post by BlackwaterPark10 »

howard71 wrote: Wed Jan 24, 2024 2:42 pm Happened to me about 7 years ago. Fortunately, I was planning on retiring the following year any way so it wasn't that big of a deal financially. Also have wife still working and I went on her insurance. Also got 7 months severance.

Was more of a psychological jolt than I anticipated however because it just came out of the blue. I was the chief architect of the company's main computer system and still the most productive employee at the time so I wasn't expecting it at all. Was part of a plan to move IT jobs to India.

Had a very bad hangover the next morning but after that I took stock of the situation and decided to call it quits. Had some people I had built systems for call me about contracting work but when I went to log in to their systems to diagnose their problems I just couldn't bring myself to do it. Guess I was more burnt out than I thought.

Sorry you aren't in the same situation. Good luck on your job search.
Glad it worked out well for you. Burnout is a real thing and I think we become good at telling ourselves that we aren't. I am still in my 30s so retirement isn't in the cards at the moment.
YeahBuddy
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Re: Just got fired

Post by YeahBuddy »

Sorry to hear but you are in a VERY fortunate position with having no debt and mortgage isn't due for 7 months! Also, that mortgage is super cheap. You're going to be OK. Doing better than most Americans, actually. So cheer up. Brush up on your resume. Buy health insurance in the short term. And move on. You sound like a hard worker and there's a light at the end of the tunnel. There's much worse happening these days. For example, my best friend of 35 years just died unexpectedly this past weekend. His family and I are devastated. Anyways, best of luck. This too shall pass.
Light weight baby!
exodusNH
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Re: Just got fired

Post by exodusNH »

BlackwaterPark10 wrote: Wed Jan 24, 2024 2:55 pm Thanks for this. I added a bit more info on my first post. The cause was that they are doing a re-org and no longer need my position. I never had a single negative review, worked across the entire organization well, respected all over, a member of numerous committees, was recently given two or three new large scale projects, and added to a org. wide workgroup just last week. Was never given any sign of unhappiness in my work, or efforts.
Yes, you're eligible for unemployment because you weren't fired for cause. Don't sign the paperwork until you have it reviewed. They could be getting you to sign a document that says you're being terminated for cause, to avoid you going on unemployment.

(Each company has a "bank account" with the state for unemployment claims. If the company has a history of laying people off, they have to keep more money in that account. As ex-employees draw off that account, the company has to top it back off. It is to their benefit when people don't claim.)

You should also ask for a copy of your HR file.

Also, get rid of the crypto. That's less useful than gold.
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BlackwaterPark10
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Re: Just got fired

Post by BlackwaterPark10 »

soccerrules wrote: Wed Jan 24, 2024 2:57 pm Sorry this happened. I've been "fired", "RIF'd", "Let go" several times. It never feels good-- it sucks. There is a difference in being fired for cause and then RIF'd or downsized due to company restructure or financial reasons -- this could matter if you decide to pursue anything legally. (not suggesting it)

Take a deep breath -- you are OK and it will be OK.

I would take 1-2 days and clear your head as best as you can. Then I would do the following
1) Reduce any and all expenses that are not absolutely essential to housing/food/transportation. (No eating out etc)
2) Get your resume updated and maybe reviewed by someone
3) Network with anyone and everyone you know (friends, business contacts, acquaintances) I would send an email to EVERYONE telling them about your job search, your experience and accomplishments (short version) and then the types of positions you are open to at this time (suggest broad search). Then ask them to forward that email to anyone in their network that might want to see it and perhaps share as well.
4) Your full time job is looking for a full time job. Have as many conversations as possible to see if it makes sense to have another conversation.
5) Jump on wife's insurance or at minimum use COBRA or ACA to have some coverage

You have $70K coming in and you will make it. If you need to dip into your EF for essentials --that is why you have it. I would get moving on your next opportunity ASAP.

Good Luck -- you got this!
Copy that. Thank you for this.
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BlackwaterPark10
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Re: Just got fired

Post by BlackwaterPark10 »

YeahBuddy wrote: Wed Jan 24, 2024 3:02 pm Sorry to hear but you are in a VERY fortunate position with having no debt and mortgage isn't due for 7 months! Also, that mortgage is super cheap. You're going to be OK. Doing better than most Americans, actually. So cheer up. Brush up on your resume. Buy health insurance in the short term. And move on. You sound like a hard worker and there's a light at the end of the tunnel. There's much worse happening these days. For example, my best friend of 35 years just died unexpectedly this past weekend. His family and I are devastated. Anyways, best of luck. This too shall pass.
Great perspective, thank you. I think I tend to be too critical of myself and this helps. I am sorry for your loss, that's horrible. Anything I can do to help?
Gubshu
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Re: Just got laid off

Post by Gubshu »

Yes, you would be eligible for unemployment - which is why you need to be careful not to sign anything that misrepresents what happened to you.

You also need to make sure that they didn’t include a noncompete in the document that they want you to sign.
jfmiii
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Re: Just got laid off

Post by jfmiii »

Sorry to hear. Best of luck.

But....2wks of severance for 18 years?!?!?!? Is that normal? My company's policy is 2wks of pay for every year of employment.
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simplesimon
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Re: Just got laid off

Post by simplesimon »

jfmiii wrote: Wed Jan 24, 2024 3:06 pm But....2wks of severance for 18 years?!?!?!? Is that normal? My company's policy is 2wks of pay for every year of employment.
I had the same thought. Can you push back for a lot more?

What does the form say?
jaMichael
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Re: Just got laid off

Post by jaMichael »

Vent justified. Two weeks' severance after 18 years of service is disgraceful. You deserved much, much better. I agree with those who say you have little to gain and much to lose by signing that letter before reviewing it very carefully. If they really want you to sign it, let them offer you and your daughter six months of health insurance coverage.
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whodidntante
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Re: Just got laid off

Post by whodidntante »

It's not always personal. So don't take it personally. Take a breath, and remember to breath out. Go through the stages of grief. Don't rush it. You might need to talk to someone. You've experienced trauma.

Do you have access to money beyond what you listed? Cut spending if you can.

You'll qualify for unemployment most likely. Apply immediately. It can take a while.

You can use your wife's income to apply for a credit card, as long as you reasonably expect to have access to her income.

Know the rules for COBRA. You don't have to pay right away. You have up to sixty days IIRC. You could also see if you need it during that time.

See if you qualify for ACA subsidies, or any form of public aid. If you do it, take it.
student
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Re: Just got fired

Post by student »

BlackwaterPark10 wrote: Wed Jan 24, 2024 2:49 pm
beyou wrote: Wed Jan 24, 2024 2:07 pm If you think there was an discrimination involved, do not sign and do find a labor lawyer.

If this was part of a mass layoff to save $, some states require a more lengthy notice, but this is state specific.
Could apply to large employers only or not apply in your state.

Any infö about the type of job and career would be helpful if you want employment related advice here.

I would sell the crypto first to pay bills, as this seems like a volatile asset and you can't afford to lose it.
You didn't list anything other than retirement accounts, and if that is true, and the crypto is your main non-retirement account, this is urgent to liquidate.

Does your wife's salary cover your basic expenses ? If not sure, make a budget and figure out how much you can cut to keep it as close as possible to your spouse's salary.
I work in IT field In Higher Ed. Yes makes sense with the crypto piece, I bought it cheap in 2016 and it has done me well, but pretty stagnant now. We have around 16k in emergency fund outside of this. I will figure out our budget tonight based on her pay only. I am also not against taking a quick/easy PT job to keep some money coming in.
I think it would not be too difficult to find jobs in IT field in Higher Ed but it may require you to move. Our university has difficulty keeping good IT stuff because salaries are not competitive. I think this is common in many universities.
BogleMelon
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Re: Just got laid off

Post by BogleMelon »

If it is a re-org, then you were laid off not fired. Not your fault. I have been in your position last December.

Add to that, my wife is unemployed (staying home for our 3 years old). Just moved from a state to another when this happened and I thought no unemployment to me in either states (thanks for the good advice here, I was told I shouldn't assume this). Renting a home, and when the rent is over, probably the landlord won't renew so to find another home (if stayed unemployed) would be challenging. The job I was laid off from was a new position I accepted a year earlier after being in another stable company for over 5 years managing a team of 2. In brief, I was desperate despite seeing it coming weeks before it really happens.
I know exactly this feeling. When I was laid off, I had a moment of recognizing that anything can be taken away from me at any moment. But I also recognized that corporations (no matter how powerful they are) can't take away from us our families (our real life). No one can lay me off from my most important job: A father, so who cares what other powers they have.

Today: Unemployment was approved and I got some cash.
Severance package really helped not to start depleting my cash right away (a couple of months of paid COBRA included).
Just started a remote temp job (no benefits). Not the best, but still something. I think I will survive, and I think you will survive too with your years of experience.
"One of the funny things about stock market, every time one is buying another is selling, and both think they are astute" - William Feather
Orange44
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Re: Just got laid off

Post by Orange44 »

Sorry. You deserve better than 2 weeks. I will follow this post for your updates. We will help where we can.
YeahBuddy
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Joined: Tue Oct 31, 2017 12:55 pm

Re: Just got fired

Post by YeahBuddy »

BlackwaterPark10 wrote: Wed Jan 24, 2024 3:05 pm
YeahBuddy wrote: Wed Jan 24, 2024 3:02 pm Sorry to hear but you are in a VERY fortunate position with having no debt and mortgage isn't due for 7 months! Also, that mortgage is super cheap. You're going to be OK. Doing better than most Americans, actually. So cheer up. Brush up on your resume. Buy health insurance in the short term. And move on. You sound like a hard worker and there's a light at the end of the tunnel. There's much worse happening these days. For example, my best friend of 35 years just died unexpectedly this past weekend. His family and I are devastated. Anyways, best of luck. This too shall pass.
Great perspective, thank you. I think I tend to be too critical of myself and this helps. I am sorry for your loss, that's horrible. Anything I can do to help?

Nothing will bring my friend (since 1st grade) back but maybe bags of cash would help :moneybag :greedy :D
Kidding. Thank you for your kind words and condolences. It's all about perspective. Best of luck, my boglehead friend!
Light weight baby!
student
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Re: Just got fired

Post by student »

BlackwaterPark10 wrote: Wed Jan 24, 2024 3:00 pm
howard71 wrote: Wed Jan 24, 2024 2:42 pm Happened to me about 7 years ago. Fortunately, I was planning on retiring the following year any way so it wasn't that big of a deal financially. Also have wife still working and I went on her insurance. Also got 7 months severance.

Was more of a psychological jolt than I anticipated however because it just came out of the blue. I was the chief architect of the company's main computer system and still the most productive employee at the time so I wasn't expecting it at all. Was part of a plan to move IT jobs to India.

Had a very bad hangover the next morning but after that I took stock of the situation and decided to call it quits. Had some people I had built systems for call me about contracting work but when I went to log in to their systems to diagnose their problems I just couldn't bring myself to do it. Guess I was more burnt out than I thought.

Sorry you aren't in the same situation. Good luck on your job search.
Glad it worked out well for you. Burnout is a real thing and I think we become good at telling ourselves that we aren't. I am still in my 30s so retirement isn't in the cards at the moment.
You are about 39 and it was your first job out of college (since you mentioned that you worked for them for 18 years)? I know a couple of people who got laid off and end up with better jobs.
oldfatguy
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Re: Just got laid off

Post by oldfatguy »

jfmiii wrote: Wed Jan 24, 2024 3:06 pm Sorry to hear. Best of luck.

But....2wks of severance for 18 years?!?!?!? Is that normal? My company's policy is 2wks of pay for every year of employment.
In higher ed (OP's industry) any severance at all is unusual. Usually just a period of notice.
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