RIFed due to COVID-19, the slate is wiped clean

[nash031]

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Originally Posted by DrRoy ... Also, be sure to control spending.

DW and I ran the monthly budget numbers again and we have identified where we can trim if need be.

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Originally Posted by someguy ...on the one hand you have all this free time but far fewer obvious ways to use that time. Running a small business is a unique and interesting experience (especially if you have others working for you) and one that can be rewarding and successful if you have the right core personality. Being a long-time athlete, IMO, indicates a lot of those traits are probably present. I believe having a clear purpose is helpful over time.

I hear you. Part of the limitation for me is I have all this time... but I don't. With a 3.5yo and 15-month old in the house, my time isn't "mine" nearly as much as I would like. Originally, I had planned to work until they started school, but now that may not pan out. I'm not sure I can be home all day, even working from home, because I get drawn into Daddy and household stuff so easily! But I am a "doer", so not "doing" is a challenge. I have to actively make myself stop before diving headlong into whatever's next before I'm ready or before I've considered my options thoroughly enough.

The other "time" factor in play is my wife is also currently furloughed, and while we think she'll return to her work, that's not guaranteed. So what right now looks like a great time to dive into starting my own business, that may not be our reality if she also gets RIFed or laid off.

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Originally Posted by friar1610 One thing I would strongly advise, however: if you had any significant security clearances while on active duty, don't let more than a year elapse before going to work for a contractor (if that's what you're forced to do) so it'll be much easier to get it reinstated.

I re-upped my clearance last year, so it's in good standing for a little bit. I have about seven more weeks in my "cooling off" period. Right before I accepted my other job, I was in contact with one contracting company where I know quite a few people, and their work is in a different line of business than what I did. My reputation carried me there, and it'd be a good company to work for long-term. The position they wanted me for was not really of interest, and I'm not sure I would rather work for them than coach. It's something I'm churning over before I go and expend that "silver bullet" by reaching out to the principal I was in contact with before.

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Originally Posted by Poopycat Welcome to the RIF’d-due-to-COVID Club. I was let go due to COVID a month ago tomorrow. It sounds like you are in good financial shape. The fact that your health care is taken care of gives you a huge advantage...I’m quite envious, as health care is the only reason I’m trying to find another job. There are roles out there. Maybe not as many, and there may be more competition, but companies are still hiring. If you want to work, start applying ASAP. I think the situation for white collar workers is going to worsen if the economy doesn’t improve, so put in as much effort now as you can before there are more layoffs. Do your best to not settle.... Since you do have health care covered, it might be a good time to come up with a business plan if you have an interest in consulting or self-employment.

I'm sorry to hear about your situation. It's tough. It's been a very tough week. Ups and downs... today is a bit of a "down", but I'm just letting it all simmer.


I hear you on the competition. I think there are going to be a few people out of work, and some of these positions aren't going to come back, which will squeeze a lot of us out.


I spent a few hours this week brainstorming business ideas and running some "start-up" and overhead financial numbers for my coaching business idea. It was good to put those thoughts down. While I don't have a full business plan, I have a firm grasp on the costs associated with it, and it's a relatively low-risk proposition. It's not something I'd get rich off of, but at this point we'll be rich or not based on duration of work and our ability to not spend down any kind of assets. We're going to be fine from that perspective however this shakes out. That is the silver lining here!


I do appreciate all the thoughts here. It's good to have a bit of an outlet with like-minded folks, even some who are going through it or have been through similar in the past! One day at a time...

[imnontrad]

First of all, since you have Tricare and over 1 million NW, decide whether you really need to go back to work. Some chose to retire from the military and just enjoy life (https://the-military-guide.com/).
If you choose to work, then decide whether you want to wait for your employer to hire you back, apply elsewhere, or whether this is a time to start your own business. If your wife decides that she enjoys working, you could transition to the stay-at-home dad role (no child care expenses) while you work on starting your business.

[ExFlyBoy5]

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Originally Posted by imnontrad First of all, since you have Tricare and over 1 million NW, decide whether you really need to go back to work. Some chose to retire from the military and just enjoy life (https://the-military-guide.com/).

I can agree with this, 100% I think Nash would like to continue to w*rk, unlike me.

[steveark]

Your situation mirrors mine. You have plenty of money/ income. So now you only have to figure out what keeps you happy. In my case I've done light consulting, one day a week on average, but it really makes a difference in my attitude. I have a friend, he's 68, a real rocket scientist. He commutes from Utah to Arkansas to build missiles, and we play tennis when he is here. Same kind of thing. I'm guessing you need some work, but not full time. In your area of expertise it is available. And thanks for your service, my dad lost a couple or three body parts in the navy in WW2. I know freedom isn't free for men like you. God bless you my friend.

[samcat]

We set up an S Corp through Legalzoom 15 years ago. It was super easy. California taxes most entities an $800 minimum tax. Keep that in mind when you think about setting up an entity.

[Hermit]

When my kids were the age of yours private school was not on the radar. Less than 10 years later, they were in private school and we paid a boat load of money to keep them there through high school graduation. My only point is that limiting your income can also limit some choices that may not even be in your sight when it comes to children and their expenses.

Good luck with your tough decisions.

[nash031]

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Originally Posted by imnontrad If you choose to work, then decide whether you want to wait for your employer to hire you back, apply elsewhere, or whether this is a time to start your own business. If your wife decides that she enjoys working, you could transition to the stay-at-home dad role (no child care expenses) while you work on starting your business.

Part of the "starting my own business" would be to do what I enjoy: coaching athletes (and being one myself). I don't think it would amount to as much work as contracting in terms of hours spent at w*rk and commuting (ick)... the idea appeals to me, and it's what I want to do, but there are other considerations, income being one. Stay-at-home dad at this point would make me crazy! Maybe when they're both school-aged that will be realistic. I'll lose my mind trying that right now!

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Originally Posted by steveark Your situation mirrors mine. You have plenty of money/ income. So now you only have to figure out what keeps you happy. In my case I've done light consulting, one day a week on average, but it really makes a difference in my attitude. I have a friend, he's 68, a real rocket scientist. He commutes from Utah to Arkansas to build missiles, and we play tennis when he is here. Same kind of thing. I'm guessing you need some work, but not full time. In your area of expertise it is available. And thanks for your service, my dad lost a couple or three body parts in the navy in WW2. I know freedom isn't free for men like you. God bless you my friend.

Funny! I have my coffee mug that says "Rocket Scientist" as I was an aerospace engineering major in college... and my business name will likely incorporate "rocket" in it because of that.

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Originally Posted by samcat We set up an S Corp through Legalzoom 15 years ago. It was super easy. California taxes most entities an $800 minimum tax. Keep that in mind when you think about setting up an entity.

Appreciate the insight. Based on what I've learned, I will start out as a sole-proprietorship and carry liability insurance as it's a requirement in coaching athletes anyway. If things get big or I bring on assistant coaches/nutritionists/PTs, etc., I would probably go LLC or S-corp depending on the situation. But Sole Proprietorship is the way to go for now in a relatively low-risk business situation.

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Originally Posted by Hermit When my kids were the age of yours private school was not on the radar. Less than 10 years later, they were in private school and we paid a boat load of money to keep them there through high school graduation. My only point is that limiting your income can also limit some choices that may not even be in your sight when it comes to children and their expenses.

Thanks! My wife and I furthered our discussion this morning. I told her what I wanted to do, and she said, "Go do it then." I said, "Well, we're adults with kids... we can't just always follow our dreams at every turn... yet!"

I'm pretty well made up: if DW gets the call back to work, I will start my coaching business. I've run all the numbers and the initial investment would be paid back (or absorbed) very easily, and I could probably become profitable this year. It won't be a lot, but it'll be enough to cover the gap in our child care costs until they start elementary school. Eventually, I'd love for it to cover my bike habit.

If DW doesn't get the call back - she gets RIFed - then all bets are off. I'm keeping ears open to DOD contractors and others, along with the remote possibility that the previous employer calls me back... I just know I'm not going to take something I'm not 90% happy with until her situation squares itself away, hopefully in June.
For now, we wait. Patience is not a virtue I am tremendously blessed with....
We are blessed that we have the savings we have, and if we let it sit untouched for another 8-10 years, we can dream big again even if we don't add another dime...

[nash031]

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Originally Posted by ExFlyBoy5 I can agree with this, 100% I think Nash would like to continue to w*rk, unlike me.

Eh... I don't want to w*rk like people typically do... but my own business is appealing. So long as DW gets called back from her furlough, my days of w*rking for "The Man" - in uniform or out! - are likely over. (fingers crossed)

[outdoorgirl02]

Congrats on thinking ahead and setting up your financial independence. And thank you for your service to our country.

I don’t know your business plan for coaching but wanted to mention that it’s ideal to have online coaching programs, online courses, and downloadable training guides for sale in addition to whatever you offer in-person. Passive income from those is a wonderful thing and you aren’t limited to training local athletes.

[nash031]

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Originally Posted by outdoorgirl02 Congrats on thinking ahead and setting up your financial independence. And thank you for your service to our country. I don’t know your business plan for coaching but wanted to mention that it’s ideal to have online coaching programs, online courses, and downloadable training guides for sale in addition to whatever you offer in-person. Passive income from those is a wonderful thing and you aren’t limited to training local athletes.

Thanks! I actually have one up already and it’s part of the long term plan. Wheels are in motion for another contracting position which would allow me to build my business on the side with less pressure. Here’s hoping it works out!

[nash031]

Just a quick update here:

A lucrative contracting position literally fell into my lap late last week, and I accepted the offer this morning. It's an hourly position, meaning I'm capped at 40hrs/week, unlike my prior job where I was exempt and frequently had things to do on weekends, phone calls in the evening, etc. The work itself interests me - it was one of the two things I wanted to do when I left the service, the other being running a business - yet the responsibility is far less.

Thank you to all who chimed in regarding starting the small business. That is still something I very much want to pursue. This will allow me to build that on the side while continuing to provide for the family and put the finishing touches on FI.

[cathy63]

Congrats! It's always nice to hear a success story.

[38Chevy454]

Good news on the new contract position. Glad that worked out for you.
Just remember the contract position can end per their control before your plan ending date. I assume the position is supporting some government work, and you know how budgets can be jerked around.

[target2019]

If the customer loves what you do they'll go to bat for you.
Good luck.

[nash031]

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Originally Posted by 38Chevy454 Good news on the new contract position. Glad that worked out for you. Just remember the contract position can end per their control before your plan ending date. I assume the position is supporting some government work, and you know how budgets can be jerked around.

For sure. I mean, now I've got experience with the rug being jerked out anyway, so...
This contract employs a very specific skillset for which there are few available people, so even if the contract shifts companies, there's a good chance I and my fellow co-workers would be retained by the government anyway since it's extremely difficult to find people qualified for this particular work. We'll see. Hopefully it's enjoyable and lasts long enough!

[daylatedollarshort]

Good luck on the new job. I hope you enjoy it!

[Milton]

Congratulations on the new position!

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Originally Posted by bloom2708 Get on LinkedIn.

Probably no real harm to it, but IMO it’s pretty useless.

Certainly LinkedIn is no panacea, and should not be more than a small part of any job search.

[nwsteve]

I got fed up with the mega-corp bureaucracy by 40, and I basically was self-employed thereafter for the next 25 years. One thing I learned was to stay focused on work that leverages your strengths and passions.
With your skills and passion for coaching have you considered offering coaching knowledge to other coaches? A coach for coaches. Either small group and/or one-on-one--perhaps connect with youth select organizations where many of the coaches are volunteers and often have little access to professional coaching skills.