Just got laid off

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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Re: Just got laid off

Post by KlangFool »

BlackwaterPark10 wrote: Sun Feb 11, 2024 8:24 am Update

The bottom of the pay band is higher than I was making at the last place by a few thousand, and goes roughly 40k over what I was making. So excited about this potential opportunity for growth, and to help in the role.

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Re: Just got laid off

Post by CoAndy »

Great update OP. Please let us know how the rest of the interview process goes. Fingers crossed for you!
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Re: Just got laid off

Post by gavinsiu »

Congradulation! This may be a blessing in disguise.
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Re: Just got laid off

Post by BlackwaterPark10 »

Thank you all!
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Re: Just got laid off

Post by funxional »

BlackwaterPark10 wrote: Sun Feb 11, 2024 8:29 am
larrydmsn wrote: Wed Jan 24, 2024 8:23 pm Not sure whether you have Health FSA. If you do, the whole elected yearly amount (not just what you've contributed so far this year) is available for you to spend and you will lose it once your employment ends. Spend it while the money is still available.
This is true, thank you! Unfortunately they ended my employment the same day, so I didn't really have any time to do anything.
I know you had plenty else to think of but you can literally go to Amazon and spend the money. Bandages, health monitors, medicines, contacts, etc.

I can't imagine the stress. I had a company "accept" my resignation 2 weeks early and it had my heart racing even though I was already moving on
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Re: Just got laid off

Post by JfonLA »

Sorry you went through this but glad to see you are moving forward!

The comment about the mortgage caught my attention. You said it is paid up through August. Be aware that adding extra to your payments does not count toward the regular monthly payments due - it is applied to principal unless you specifically mark it as the payment for a future month. (And, almost no lender accepts a partial payment, so it would need to be the same amount as a regular payment.) So, if you have a $2500 monthly mortgage payment and add an extra $1000 to your February statement, that $1k does not apply to your March payment. It applies as principal balance, and your regular $2500 March payment would still be due for the full amount. If you don't pay it, late fees, credit dings, and all that jazz would apply despite you being ahead of schedule on the principal payment.

If you truly want to make a payment on a future month, you'd need to make a separate payment, marked as the payment for the future month, and for the full amount of the regular payment. There's kind of no point in that though. You may be ok with your scenario (I don't have any info on how you 'paid up'), but it's a common misconception that incremental principal paydowns count as payment on future months.

It's probably not an issue now that you've found another opportunity, but thought I'd mention that so you don't get an ugly surprise sometime later.
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Re: Just got laid off

Post by Elsebet »

BlackwaterPark10 wrote: Sun Feb 11, 2024 8:24 am Update

Ok so things are going well.
Best of luck and I really hope it works out for you!
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
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Re: Just got laid off

Post by JBSjr »

A lot of good advice so far.
Here is my experience. That happened to me twice in my working career. Here is what I learned. My job is not my identity or my #1 priority. I took some welcomed time off to reflect on the direction of my life and what I enjoy doing . Could I possibly make an income from this? Would it be enough to support my lifestyle? Don't settle for the first thing thats available, if possible be selective. That is if finances can justify it. Also, it helped to look for a job and not a career. This perspective helped me to be aware of opportunities in other directions.
This was devastating when it happened the first time. Looking back on it years later, it was a blessing. The doors didn't open right away, but they did open .
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Re: Just got laid off

Post by millennial1995 »

What is your liquidity position like? I don't think I saw that. Luckily, your wife still has an income and you will be able to get unemployment. You should be able to enroll in your wife's health plan. You will navigate this challenge. I am sorry this is happening to you.
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Re: Just got laid off

Post by OnTrack2020 »

You have some options with health insurance:

If you are planning on using healthcare.gov/ACA/marketplace insurance versus COBRA, and you want it to take effect on March 1, you will need to fill out an application February 15 or before---(but double check on this)---you may have to call and ask them. If you fill out an application February 16 through the end of February, an ACA plan will not take effect until April 1, I believe. You have 60 days prior to losing coverage or 60 days after loss of coverage to sign up for an ACA plan.

If you work for an employer with 20 or more employees (which I assume you do) and you weren't terminated for gross misconduct (which I assume you weren't), you will be eligible for COBRA coverage. It is simply an extension of your current insurance. However, it is expensive. You can get an estimate of how much your COBRA will be by taking Box 12, code DD, from your W-2 and dividing by 12. This would give you an estimate of your monthly premium. COBRA is retroactive to the date of loss of coverage, where ACA plans aren't, I don't believe.

You could also go on one of the above plans or your wife's plan, and your daughter may be eligible to go on CHIP (Children's Health Insurance Program) in your state. You'd just want to check out how it work in your state.

https://www.healthcare.gov/coverage-out ... nt-period/
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