growing_older
Thinks s/he gets paid by the post
- Joined
- Jun 30, 2007
- Messages
- 2,657
I've been working my plan towards FIRE and probably have a just a few more years until I'm ready to retire (early). Maybe with the markets so down 5-6 years to go.
My employer has been in trouble with the economy and has been letting people go. I hoped to stay with them until FIRE, but have prudently been piling up cash just in case I got the axe myself. The work has been stressful and the watching people go while wondering am I next has been stressful. In fact, my recent experience with this job has been pretty unhealthy and I know I've gained weight and let myself go while picking up several bad (unhealthy) habits.
I got notice today that I will be laid off in 60 days. Poof - job gone. Many people who were laid off in previous rounds have yet to find employment and from what I'm seeing the job market is still pretty thin around here.
So I need to decide what to do. I think I have three options:
1. Start a job search asap. I've looked in tough markets before and my experience can be adapted to fit many different kinds of jobs. I also have a pretty good network of people I've worked with in the past to draw on. If I go this route I likely take something of a drop in pay, but my plan to FIRE stays close to on track and I've only got a few more years to go.
2. Start ER sooner than I expected - like now. With a tighter budget and a plan to sell my current (too large) house after last kid leaves for college I think I can squeak by, or better if Mr Market cooperates. Kids keep the continuity that the house represents at least through High School. I get an early start on ER. Finances are tight, but I can bail and go back to work if they get too horrible.
3. Take a break. My company will subsidize COBRA. I can collect unemployment while I look for a really good job. I can enjoy the summer (mostly) off and get an early taste of ER lifestyle, without committing to having no more than modest means for the rest of my life. By the end of the year, I can decide whether to ramp up the job search and revive my plan to ER in a couple years (maybe plus 1 or 2 to account for the time off), or decide to commit to staying ER and just scrap the idea of finding a new job.
I probably need some time to mull these over and make a good choice, but for now I'm leaning to #3. It will be hard for me not to launch an immediate job search. I've been unemployed for short stretches in the past when companies failed or closed divisions, but I've always moved quickly to find employment and I can feel myself starting that process in my head. I'm a little bit surprised I'm writing this before I've updated my resume and done an initial job search. Very uncharacteristic.
Anyone faced similar choices: possible ER sooner than you planned, or going back to work? Things to consider or watch out for? Pitfalls?
My employer has been in trouble with the economy and has been letting people go. I hoped to stay with them until FIRE, but have prudently been piling up cash just in case I got the axe myself. The work has been stressful and the watching people go while wondering am I next has been stressful. In fact, my recent experience with this job has been pretty unhealthy and I know I've gained weight and let myself go while picking up several bad (unhealthy) habits.
I got notice today that I will be laid off in 60 days. Poof - job gone. Many people who were laid off in previous rounds have yet to find employment and from what I'm seeing the job market is still pretty thin around here.
So I need to decide what to do. I think I have three options:
1. Start a job search asap. I've looked in tough markets before and my experience can be adapted to fit many different kinds of jobs. I also have a pretty good network of people I've worked with in the past to draw on. If I go this route I likely take something of a drop in pay, but my plan to FIRE stays close to on track and I've only got a few more years to go.
2. Start ER sooner than I expected - like now. With a tighter budget and a plan to sell my current (too large) house after last kid leaves for college I think I can squeak by, or better if Mr Market cooperates. Kids keep the continuity that the house represents at least through High School. I get an early start on ER. Finances are tight, but I can bail and go back to work if they get too horrible.
3. Take a break. My company will subsidize COBRA. I can collect unemployment while I look for a really good job. I can enjoy the summer (mostly) off and get an early taste of ER lifestyle, without committing to having no more than modest means for the rest of my life. By the end of the year, I can decide whether to ramp up the job search and revive my plan to ER in a couple years (maybe plus 1 or 2 to account for the time off), or decide to commit to staying ER and just scrap the idea of finding a new job.
I probably need some time to mull these over and make a good choice, but for now I'm leaning to #3. It will be hard for me not to launch an immediate job search. I've been unemployed for short stretches in the past when companies failed or closed divisions, but I've always moved quickly to find employment and I can feel myself starting that process in my head. I'm a little bit surprised I'm writing this before I've updated my resume and done an initial job search. Very uncharacteristic.
Anyone faced similar choices: possible ER sooner than you planned, or going back to work? Things to consider or watch out for? Pitfalls?