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Old 08-29-2013, 01:31 PM   #21
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DW's take home pay plus the $8000 in dividends is almost exactly what we spend on regular living expenses plus the mortgage (that will be paid off in 3.5 more years). DW still saves over 40% of her gross salary, so we are still making forward progress toward reaching our ideal portfolio target even without my income.
Good luck on whatever path you choose. However, I must point out the above inconsistency. If $8k plus DW's salary matches living expenses, then continuing to save 40% of her salary will no longer be an option or living expenses have to drop significantly.
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Old 08-29-2013, 01:45 PM   #22
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I'm sure everything will work out the way you want it to. Once you figure that out....you are in a great position.
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Old 08-29-2013, 02:23 PM   #23
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.

I suppose some might say I'm a stay at home dad. I'm ok with that. Or "between jobs". Or "doing a little consulting from home". I plan on using one of those three explanations when the question of "why aren't you at work" comes up. Close friends may get a little more info like "we're totally ok financially and have planned our finances around only having one income even though we have had two incomes for a long time". Most close friends already know that about us based on how we live.

I guess I should get another job because if I don't DW will end up working longer than the ~2.5 years we had both planned to work before FIREing with a little fluff in the budget.
Interesting... at age 32 and 36, DW and I (age respectively) are in final negotiations regarding having children - go (2) or no go (0). If we go the Route of the Rugrat, "The Plan" dictates being FI by age 42.5 (39 for her) and I would RE around that time. I would then also become "Mr. Mom" if DW continued working as I suspect she will want to. I'm not sure I would care about calling myself a "stay at home dad", but then again since it would likely be by choice it would be less sensitive. I already know one of my friends will laugh at me for going that route (in a good-natured way), but I plan on reminding him that he's 7 years older than me and still working!

DW even asked me once if I would mind being a "kept man", to which I responded "HELL NO. Let's get a pool, and I'll be a damn pool boy!" Of course, I have no experience in that world, so we'll see how it actually works out (at least I hope to!).
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Old 08-29-2013, 03:04 PM   #24
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Congratulations! No. not congratulations on getting laid off but congratulations for having the plan in place so that a layoff is not seeming to cause you too much trouble.
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Old 08-29-2013, 03:12 PM   #25
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I'm not sure I would care about calling myself a "stay at home dad", but then again since it would likely be by choice it would be less sensitive.
You can always just say you work at home, which is really true whether you get a paycheck or not. We really do work at home and hardly anyone ever asks us any details. Most people seem pretty happy to talk more about themselves.
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Old 08-29-2013, 03:24 PM   #26
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Luckily I didn't move for this job. I started the job roughly 2.5 years ago.

I'm not sure if I will qualify for unemployment but I plan on applying if my former employer will ever tell me what my final vacation pay will be. They fired the HR person a long time ago so questions like these often go unanswered for long periods of time.
Sorry about your job loss. You have skill sets that are in demand and apparantly a smart guy with 2 degrees. I would not wait on HR. Call the 800 number or visit the web site for your state and file. Get the ball rolling and let the state unemployment agency decide if you qualify for benefits. Good luck, stay positive, and execute your plans.
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Old 08-29-2013, 07:00 PM   #27
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Good luck on whatever path you choose. However, I must point out the above inconsistency. If $8k plus DW's salary matches living expenses, then continuing to save 40% of her salary will no longer be an option or living expenses have to drop significantly.
I'm not sure there is an inconsistency. DW's take home salary is after deductions for 401k and HSA. She won't change the withholding for either (they will still be maxed out). So her take home pay (which will remain the same) plus $8k/yr in divs will meet our cash flow needs for expenses.

The 8k/yr dividends is technically a withdrawal from our portfolio so that 40% may overstate what the net we are saving will be. In any event, we'll still be saving a lot of money each year.
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Old 08-29-2013, 07:09 PM   #28
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Sorry about your job loss. You have skill sets that are in demand and apparantly a smart guy with 2 degrees. I would not wait on HR. Call the 800 number or visit the web site for your state and file. Get the ball rolling and let the state unemployment agency decide if you qualify for benefits. Good luck, stay positive, and execute your plans.
I think I'm going to do that. There is a box you fill in for vacation leave payouts, which I don't know yet. There is also a box where you can explain things. Someone else told me you just report the vacation payout whenever you get it and it excludes you from eligibility for that week. I'm new to all this, and don't want to get hit with any fraud allegations for misreporting.
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Old 08-29-2013, 07:16 PM   #29
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I had a doctor's appointment today to use my health insurance while it is still available. After this month (or maybe next month - HR doesn't know) my health insurance goes away and I'm on DW's high deductible plan.

Blood pressure is down significantly and I may be off the meds completely soon. I imagine it is two factors causing this sudden change: less stress from dealing with work issues, and getting more exercise every day.
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Old 08-29-2013, 07:42 PM   #30
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Wow, Fuego, that's a shock! Thank goodness you and DW have been LBYM. You will be able to make lemonade out of this lemon better than most. I'm sure this is a temporary hiatus for you, so be positive and enjoy it!
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Old 08-29-2013, 08:09 PM   #31
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...The 8k/yr dividends is technically a withdrawal from our portfolio so that 40% may overstate what the net we are saving will be. In any event, we'll still be saving a lot of money each year.
Sorry to hear of your job loss but you are FI and well prepared that allows you to have options as to what to do. Nice place to be given the cards you have been dealt.

I would say the $8k a year is NOT a withdrawal. It is income that you previously reinvested but are now deciding to spend instead of reinvesting.
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Old 08-30-2013, 07:20 AM   #32
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Hey FUEGO,

Just read through this thread. Sorry the jerks did this to you, but happy for your future.

As somebody else said, having your helpmate home taking care of the house and kids while you work is HUGE. My last year of work, DH was retired and took care of all the cleaning, laundry and most of the cooking. I found that I wanted to cook some great meals on the weekends when i was not having to cook.

And also as somebody else said (no original thoughts here), it is great that you hit the ground running. You know you will soon look back and be so happy it worked out like this and you did not stay with that place a day longer. You may wish you had quit but, hey, it's the end result that counts.
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Old 08-30-2013, 08:23 AM   #33
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Sorry to hear about this, its sucks. Stay positive, file for your unemployment, and start you job search/networking ASAP and I'm sure good things will happen.
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Old 08-30-2013, 09:28 AM   #34
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I think I'm going to do that. There is a box you fill in for vacation leave payouts, which I don't know yet. There is also a box where you can explain things. Someone else told me you just report the vacation payout whenever you get it and it excludes you from eligibility for that week. I'm new to all this, and don't want to get hit with any fraud allegations for misreporting.

When I got let go from mega a number of years back.... I got severance pay.... but for reporting purposes for unemployment it did not count (don't know why)....

When filling out the info, they asked if you were getting money for WORKING... they even asked the last day you did actual work for the company... IOW, the day they escorted you out the door.... not the last day they paid you.

We have had the state call us up for some people who were let go where I work..... they asked questions like "did they get severance", "did they have to sign anything to get the severance".... so they will get with the company to find out any extra info they need....
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Old 08-30-2013, 09:55 AM   #35
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We have had the state call us up for some people who were let go where I work..... they asked questions like "did they get severance", "did they have to sign anything to get the severance".... so they will get with the company to find out any extra info they need....
Part of my last severance agreement was that I don't apply for unemployment. Since I got six months of pay, it was worth several years of unemployment insurance. I had gotten laid off before with severance and was reemployed immediately -- never missed a day of income and got to pocket the severance. Unfortunately, I was without meaningful income for almost 16 months. That was a long time ago when UE insurance was 26 weeks.
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Old 08-30-2013, 10:04 AM   #36
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I had a doctor's appointment today to use my health insurance while it is still available. After this month (or maybe next month - HR doesn't know) my health insurance goes away and I'm on DW's high deductible plan.

Blood pressure is down significantly and I may be off the meds completely soon. I imagine it is two factors causing this sudden change: less stress from dealing with work issues, and getting more exercise every day.
Legally, your health insurance and other benefits end at the end of the month your employment ends. I doubt you will get an extension; and if you appear to get one, you'll probably have the claim denied retroactively.

Your vacation payout should be on your last check unless they are complete idiots in your former payroll group. A layoff should be well orchestrated and everything should be clean. It might be different if you were fired suddenly. Your vacation pay should not effect your unemployment claim but it's worth asking the UE office about. Your state's laws may be different than Texas.

Representing people with traffic tickets? That's got to be damn close to the bottom of the legal profession. We paid $100 (I think) for one my DW got and that attorney had 3 or 4 people each traffic court session. We had to go to traffic court 4 times. He wasn't making much per hour from what I saw.
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Old 08-30-2013, 10:05 AM   #37
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Congratulations! No. not congratulations on getting laid off but congratulations for having the plan in place so that a layoff is not seeming to cause you too much trouble.
That's where I'm coming down on this - it's great that you can deal with this as a temporary setback rather than a crisis.

Enjoy your time off!
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Old 08-30-2013, 10:16 AM   #38
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Legally, your health insurance and other benefits end at the end of the month your employment ends. I doubt you will get an extension; and if you appear to get one, you'll probably have the claim denied retroactively.
I don't plan on using the health insurance after Aug 31, since I assume they will cut it off then. My last day was either Aug 23 or 26, I'm not sure (verbally the 26th, the letter says 23rd ??). I can't believe this organization of 20000 employees with a whole floor dedicated to HR can't get a simple termination processed correctly and communicate in a timely manner what will happen (they had a week internally to figure it out). Oh wait I can believe it! Funny that the last place I worked (with only 18 employees and no full time HR staff) was on the ball with only 4 days notice from me, had everything put together in a nice package and it was clear what I was receiving and when I would receive it.

Quote:
Your vacation payout should be on your last check unless they are complete idiots in your former payroll group. A layoff should be well orchestrated and everything should be clean. It might be different if you were fired suddenly. Your vacation pay should not effect your unemployment claim but it's worth asking the UE office about. Your state's laws may be different than Texas.
I'm going to finish my unemployment application today with the information I have available and see what happens. If I wait on the bozos at former employer to get their act together it could be 2 more weeks, or 4 or 6 or...

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Representing people with traffic tickets? That's got to be damn close to the bottom of the legal profession. We paid $100 (I think) for one my DW got and that attorney had 3 or 4 people each traffic court session. We had to go to traffic court 4 times. He wasn't making much per hour from what I saw.
Re: traffic court - that's plan D or E at this point! Local guys net around $80-100/ticket for speeding tickets, more for aggravated speeding (school zone, work zone, etc). 2-3 speeding cases per week would go a long way toward paying our bare bones expenses. That's probably 5 hrs per week max plus whatever effort I spend on marketing and getting business. Not huge money but not horrible either based on what I was making previously (albeit a guaranteed 40 hrs with crappy benefits).
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Old 08-30-2013, 10:17 AM   #39
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I'm so sorry you were let go. Even if finances are ok this will be a trying time. Each state is different for unemployment and there have been some changes in the last few years. If you have specific questions, I recommend you post them to this City Data Unemployment Forum. There are a few people that monitor that forum that are very helpful. You will probably need to wait to file until your last vacation payment, but after than sooner is better than later.

I think that once the dust has cleared, you may find this is a blessing in disguise, but it will be difficult for the next few weeks. Please take care and make sure you do thoroughly think out any choices you make. For example, you don't want to accept the wrong job offer.
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Old 08-30-2013, 10:26 AM   #40
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I'm so sorry you were let go. Even if finances are ok this will be a trying time. Each state is different for unemployment and there have been some changes in the last few years. If you have specific questions, I recommend you post them to this City Data Unemployment Forum. There are a few people that monitor that forum that are very helpful. You will probably need to wait to file until your last vacation payment, but after than sooner is better than later.

I think that once the dust has cleared, you may find this is a blessing in disguise, but it will be difficult for the next few weeks. Please take care and make sure you do thoroughly think out any choices you make. For example, you don't want to accept the wrong job offer.
I'll check that link out, thanks.

I'm definitely on board with the "don't accept the wrong job offer". I have the resources to wait for a reasonable job with reasonable pay and reasonable benefits.
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