Just Told "My Services Wouldn't be Needed Anymore"

[Bankerwithabrain]

Another job gone.

30 years old, single, and $600K of mostly liquid net worth.

What is the next step in life?

--- edit ---
title should have said "your services..." as "my services..." in quotes wouldn't make any sense...

 

[Sarah in SC]

Damn, banker. That sucks. Looks like a good time to do one of those "what would I do if I had the time to do whatever I wanted?" kind of brainstorming sessions.
I know my answer would be to take a month or so off for some travel, at the very least, but everyone is different.

 

[ziggy29]

Another job gone.

30 years old, single, and $600K of mostly liquid net worth.

What is the next step in life?

There is no single "next step". While I'd worry about burning through most of a $600K cushion (would take a long time), that's still enough of a cushion that the one thing you should *not* do, IMO, is panic and rush into something else. It can buy you enough time (literally!) -- months, maybe even a few years, to take a break, a sabbatical if you prefer, decide what you want the next chapter in your life and (if applicable) career should be. Maybe you'll decide to more or less stay in your current field. After a month or two of recharging the batteries, maybe you'll be geared up to go again.

Maybe you'll think about it and decide you want your life to go into a much different direction. You're young enough and have enough cash on hand to pursue that as well, even if it took a couple more years of study.

Maybe you'll decide you want to think about becoming your own boss, working as much (or as little) as you feel like it.

At 30, the future is still wide open for you. And perhaps the best thing to do first is take a little time and clear your head in order to free it to make the best decision as to where you go from here. Best of luck!

 

[David1961]

I'm sorry to hear about that. There is no one answer to your question. Fortunately, you do have some savings and could go train for another career if you'd like. Did you like your job? You are still very young and great job in accumulating $600k!

 

[daylatedollarshort]

Sorry to hear that. I hope this leads eventually to a better new job or career.

On the plus side, it is great you have the savings you do and now with the ACA you can easily get health insurance, maybe even with subsidized premiums.

 

[Walt34]

No one likes to hear that at any time but being single and not responsible for anyone but yourself, and with liquid assets that gives you a lot of options and the time to explore them.

 

[rodi]

You're in a good place, financially. You don't need to take just any "job"... you can hold out for a good match. That's been the goal of hubby and me our entire careers - have enough savings to say NO to jobs that weren't a good fit.

Take time to evaluate what you want from your next job, then plan out how to get that job.

Sorry the timing wasn't your choice. Did you get a severance package to ease the sting?

 

[Elbata]

Sounds to me you're doing just fine. Keep up the good work and enjoy a bit of free time.

 

[MichaelB]

BWaB, sorry to hear that. You can see from this thread that you are not alone. This has happened to many of us. http://www.early-retirement.org/forums/f30/how-many-layoffs-you-got-68619.html

 

[Bankerwithabrain]

Thanks for all the comforting words.

This forum is actually one of the first places I went to for comfort as I knew I could count on the good people of ER.

I've had a few hours today to think about it some and thankfully am doing pretty well. It was a job I actually did like and one that I didn't yearn for FIRE while doing. It gives me hope that I can hopefully find another job that I'm happy doing rather than trying to retire tomorrow.

It sucks to be out there looking for a new job (especially in finance in this economy) but overall things could definitely be worse. I guess this is why we amass these savings in order to cushion these unexpected blows.

Obamacare will actually be nice now. (Just not sure what the care will be like.)

 

[Texas Proud]

Hey, it happened to me a few weeks back....

I hope that you get a nice package as that can take away some of the sting... it takes awhile to find the right fit... since you are young, you will have fewer problems than us older farts...

Just let the different feelings work their way through.... even with having enough money to live for awhile, you still will go through the stages of grief... you will probably lose some sleep and question what happened.... but in the end it really does not matter...

You will move on and look back at this time as a bump in the road... no long lasting problems....

 

[samclem]

Sorry to hear the news, but glad to read that you are taking it in stride. I'd echo the ideas put forward by others--take some time to let the emotions settle down and then think, in a deliberate and broad way, about what you'd like to do next. Unfortunately, you'll probably feel a bit of self-induced pressure not to let the gap in your resume grow too large.
Best of luck.

 

[Birdie Num Nums]

Man! Today, at age 59, I wish I was a 30-year-old with $600k in liquid assets, and no wife, kids, or stressful job responsibilities to worry about! Dang! The "world's your oyster," as they say. Well done!

When I was 30, I barely had $10k saved. (I just checked my financial notes. I later had about $30k saved when I was 35, and about $150k at age 40, etc., until I had saved enough to FIRE at age 55. Saving and saving $, time, and compounding were very good to me.)

Like others have suggested: I'd sit back and enjoy a quieter life, taking your leisurely time to figure out "What's next?"

 

[ER Eddie]

Yeah, at 30 I had no net worth to speak of and was headed into deep student loan debt. You're in a really good financial position, compared to me, compared to most people, even compared to most people who are retirement age.

Sorry to hear you lost your job. Even when it's not personal and just budget-related, it stings. Everyone has already pretty much said everything I'd say, so I won't repeat it, but I hope this doesn't knock you down too long.

 

[Walt34]

Yeah, at 30 I had no net worth to speak of and was headed into deep student loan debt. You're in a really good financial position, compared to me, compared to most people, even compared to most people who are retirement age.

At 30 I would have been absolutely terrified. At 35 when the dust settled on the divorce in 1985 I had a NW of about 8K (better than a lot, I know) and I too was thinking "where do I go from here?" But I did have a steady job (police officer) that was immune from layoffs. That was the only thing that gave me some optimism. The physical risks I just didn't think about and got lucky (no other word to describe it) and was never seriously injured.

But with $600k? You have got some wiggle room! Good job saving that.

 

[daylatedollarshort]

600K for one person with no spouse and kids to support is an amazing amount of savings for 30 years old. You could live for a long time in a low cost of living area on that, and now even with health insurance.

It sucks to lose a job, but really you have a lot of choices in life - travel for awhile, take some time off, look for a new job, go back to school, etc.

What have you always wanted to do?

I just saw a special on TV about a researcher studying baboons in Africa. I thought wow, what a cool job. I have the time and money to go back to school and do something like that. DH is more interested in kicking back and joining bridge and hiking groups, so realistically that is probably what I'll actually end up doing.

But at your age and your savings level you can do anything you want

 

[brett]

I hope that you got a reasonable severance package. Don't be afraid to ask for more!

Take some time to think about you next steps. Travel, enjoy yourself a little.

 

[MDJO]

Been there several times. Hard to believe, but it could be the best thing that ever happened to you. It was every time that it happened to me. I either found something that was more fun or more money each time. I was fortunate that the severance packages were generous most of the time.

They may have done you a favor, perhaps launched you in a new direction you would not have considered. Good luck!

 

[Bestwifeever]

You are in a good position to work at a startup, bwithab, the extreme opposite of megacorp.

 

[explanade]

Good luck to you.

There are some bullish forecasts on the economy next year -- of course, there have been some in the last couple of years too.

There's a great temptation to move to a low-cost area. Heard on the WSJ podcast that the median home price in the Atlanta area is like $150k, which is incredible, as there seems to be some very affluent suburbs nearby.

But it sounds like you want to find another job in the field since you liked the job. So that might mean trying to stay around higher COL areas.

 

[haha]

I think the worst thing a talented young person can do is head for the hills. OP is obviously good at what he does. He should stay with the big time and just roll 'em once more. If he only does a few iterations at $600k/pop, he is still OK. And he may strike paydirt at any time. This is way less likely in Nowhere, USA.

Ha

 

[citrine]

Sorry to hear that Banker...but maybe you will look back one day and see that it was a blessing in disguise. WTG on the 600K, take some time for yourself and see what happens next.
As for the comment that 30 is too young to head for the hills....I did it at age 35 and have not looked back But it is all dependent on what you want from this one life that you have.

 

[explanade]

Well, bankers are very well paid but their value to society relative to their compensation is dubious.

 

[samclem]

Well, bankers are very well paid but their value to society relative to their compensation is dubious.

Very nice. Your opinion is noted, but the market has spoken.

 

[imoldernu]

Time to take a good look at the financial industry... and the future. At your age, plenty of time. I'd take a look into the educational system to wee where the long term money is looking for employment... major. masters and phd program growth in places like Harvard or UCLA... and to see if there's a fit.
To do as well as you have already, shows the ability is there... If you can match that with the right employment, it's a marriage made in heaven.
Might take a look at this to see the direction education emphasis is taking.
Doesn't mean ya have to go back to school, but an indication of the disciplines where planners see future needs.

nsf.gov - S&E Indicators 2012 - Chapter 2. Higher Education in Science and Engineering - Undergraduate Education, Enrollment, and Degrees in the United States - US National Science Foundation (NSF)