I’m Officially Retired Today…



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… until I land my next job, that is.

Apparently my company has been struggling with ratcheting up their sales amid the US teetering on the official definition of a recession: 2 consecutive quarters of negative GDP growth. It also doesn’t help when a segment of our business relies on the US housing market, which as we all know, is in dire straight.

You guessed it. My pride is a little scuffed up right now, as I didn’t escape the sudden and massive round of layoffs announced today. It was pretty much straight to the managers’ office in the morning, but at least they were nice enough to not shout, “You’re fired!”

So right now, I’m sitting at home early, stunned, and wondering, “What went wrong?” Was my performance unsatisfactory? Was my pay scale too rich relative to peers? Was I not getting along with co-workers? For sure it’s a tough decision for management to axe a selected group of individuals. I don’t envy their position. We let go some pretty solid people. I also don’t envy the colleagues who have multiple mouths to feed. Finally, I don’t envy the colleagues who have enrolled and kept the company shares from the Employee Stock Purchase Plan.

The silver lining is that my severance package is 3-months pay + 2.5 weeks of accrued vacation, which presents an exciting opportunity for me to re-examine my career path. It’s still too early to say, but a few random ideas have crossed my mind to dabble with:

* Find another job in the same field — Software Engineering.
* Go back to school to pursue a career in personal finance/investment.
* Go back to school to pursue a career in photography.
* Become a full-time blogger as Financial Jungle is carrying a little momentum.
* Become a full-time investor hunting for undervalued dividend paying stocks.
* ???

Well, I guess I’ll have to sleep on it as I’m frazzled from this episode.

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Reader Comments

Comment Number:
1
Written by:
Patty
Posted on:
April 4, 2008 at 1:23 am

Best wishes during this brief retirement.

Because I did this the last time I was briefly “retired” and it changed the way I looked at the amounts I needed to save, I would recommend you live off of the amount you would have if you were finally retired, and bank the rest.

Comment Number:
2
Written by:
moneygardener
Posted on:
April 4, 2008 at 2:11 am

FJ, I’m sorry to hear that but out of every hardship there is opportunity, and it was meant to be. I’m sure you will end up doing something you like better than your old job.

Good luck with whatever you pursue.

Comment Number:
3
Written by:
WhereDoesAllMyMoneyGo
Posted on:
April 4, 2008 at 2:28 am

Hey FJ, sorry to hear the news, but it is true: every time a door closes another opens up. Good luck!

Comment Number:
4
Written by:
Dividends4Life
Posted on:
April 4, 2008 at 2:31 am

I am certainly sorry to hear this news. Here’s hoping that the circumstances works to your advantage and you find that job that best fits your desires.

Best Wishes,
D4L

Comment Number:
5
Written by:
Four Pillars
Posted on:
April 4, 2008 at 2:45 am

Sorry about the job loss, FJ.

Some career advice - stick with what you do now - nothing else pays as good!

Mike

Comment Number:
6
Written by:
George of the Financial Jungle
Posted on:
April 4, 2008 at 4:40 am

Dear Mr. Financial Jungle Guy,

I was equally shocked and saddened to hear of your departure from the company this morning. It won’t be the same without you and our fellow departed colleagues.

You mentioned about the Employee Stock Purchase Plan. I’m not really a fan of these. Purchasing stock in your company is like putting all your eggs in one basket which usually isn’t a good thing. If the company is in a volatile industry such as IT, it makes for an even worse idea. The restrictions with these plans also serve as deterrents. In my opinion, I would only recommend investing in these only if you have the extra cash to spare but certainly don’t count on it as your ticket to retirement.

Good luck in your future ventures Mr. Financial Jungle Guy. As my mentor Tarazan Dan would say, “It’s a jungle out there!” :)

Comment Number:
7
Written by:
Nancy (aka money coach)
Posted on:
April 4, 2008 at 5:36 am

ouch! Sorry to read your news. Also totally sure you’ll land solidly on your feet, and look forward to reading about that, too :). In the meantime, every good wish as you survey the land and decide what path to take.

Comment Number:
8
Written by:
Luc
Posted on:
April 4, 2008 at 5:42 am

Being an SE myself I can feel you. I have considered in the past switching career lanes but I didn’t have the courage. This may be a good opportunity for you, being pushed in the right direction. It may pay well in the software industry, but it’s a stressfull profession with no job security.

Good luck and keep sharing your opinions!

Comment Number:
9
Written by:
Canadian Capitalist
Posted on:
April 4, 2008 at 10:59 am

FJ: Really sorry to hear about your job loss. Keep looking and I’m pretty sure you’ll find another position. Good luck and keep us posted.

Comment Number:
10
Written by:
Million Dollar Journey
Posted on:
April 4, 2008 at 11:56 am

FJ, maybe it’s a blessing in disguise! Everything happens for a reason my friend, and perhaps this is your opportunity to find something that you truly enjoy.

Comment Number:
11
Written by:
dividenddollar
Posted on:
April 4, 2008 at 3:54 pm

Sorry to hear that. I’m in the same boat right now, although i will hopefully be going back to work relatively soon.

Best of luck,
DD

Comment Number:
12
Written by:
Financial Jungle Guy
Posted on:
April 4, 2008 at 4:57 pm

Wow. Thank you for all the support and good wishes. You guys/gals are the best.

Based on Patty’s recommendation, I’ll attempt to tighted the belt this month. I.e. less eating out, and more coupon cutting. A quick math reveals that my severance package should last us 1.5 year, since my wife income is nearly enough to cover our monthly expenses, although I don’t expect to remain unemployed for that long since BC is wrestling with labour shortage.

Looks like there’ll be no lavishing adventures to Asia or Europe this year. Very well. I guess I’m not like George Costanza who needs to take a vacation from a vacation. :D

Comment Number:
13
Written by:
Canadian Dream
Posted on:
April 4, 2008 at 6:16 pm

Well that sucks! It’s nice to hear that your cash will last you a while. It certainly makes things a lot easier to look for a job when you’ve got some time on your hands.

Might I suggest taking a week to just let it all settle in. Relax and decompress from the job. It will also help you to determine what you like/hated from your last job and what to look for in the new one.

Best of luck,
Tim

Comment Number:
14
Written by:
AJC @ 7million7years
Posted on:
April 4, 2008 at 9:03 pm

Me too … well on Monday … and, I don’t need a next job (ever). Well done!

Comment Number:
15
Written by:
Ahmed
Posted on:
April 5, 2008 at 12:01 am

I’m a system analyst and work for one of the big 3 insurance companies in Canada. We’re always looking for talented IT people who have knowlege of finance. We have a really good SPP. Let me know if you’re interested.

Comment Number:
16
Written by:
Leslie Raymond
Posted on:
April 5, 2008 at 7:57 am

I’m so sorry to read that you got laid off! Thank goodness they’re offering you a severance package, lots of folks don’t get that lucky — I’ve worked for lots of little startups in the magic age of the 90’s that just went belly up. You showed up for work one day, and the office was locked and empty. THOSE days sure were fun!

Take advantage of this excellent opportunity you’ve been given to re-think your career. Best of luck, and keep us updated on your blog of your progress!!

Comment Number:
17
Written by:
James
Posted on:
April 5, 2008 at 3:46 pm

I work in the computer industry, and I can honestly say that each time I have left a job (either voluntarily, or if the company implodes) it has been a fantastic opportunity for growth.

Each position I move to is a world of improvement. This includes the development of new skills, starting a successful consulting business on my own, and being a part of two startups.

Good luck in your search!

Comment Number:
18
Written by:
Nurseb911
Posted on:
April 5, 2008 at 4:04 pm

Think of all the recent successes you’ve found over the past five years: your family, blog, investments, friends. This might seem over the short-term as something very negative, but you’ve got a helluva lot going for you JG! This gives you the unique opportunity to choose to do something that you love if it’s not a SG. You can work part-time & go back to school, look into a different area of your recent career or even start your own business. Hell….I know more than a few of us that would probably LOVE a fancy new layout/template for our blogs on blogspot (MG, Mike, MCM, Me)…hint hint, lol?

Comment Number:
19
Written by:
Financial Jungle Guy
Posted on:
April 5, 2008 at 9:20 pm

Leslie - You’re right many alumni didn’t even receive a severance package after years of service. For the rest of us, we should be counting our blessings.

James - I’d be interested to learn what you ended up doing each time you left your job.

Nurse/Brad911 - Tentatively I’m considering splitting my time between blogging and finding short-term contract work. My blog’s feed count is reaching 400. I wonder how many I need to earn $1,000/month. Million Dollar Journey and Canadian Capitalist seem to be doing quite well with 2,000+ readers. Something tells me Million Dollar Journey (FrugalTrader) is earning serious money from his blog.

Comment Number:
20
Written by:
scomac
Posted on:
April 5, 2008 at 10:15 pm

FJ, sorry to hear of your news. I’m quite sure that you will end up solidly on both feet within short order. As other have said, you never know what new opportunity lurks around the next corner. Good luck with your future endeavours.

Scott

Comment Number:
21
Written by:
CanadianInvestor
Posted on:
April 6, 2008 at 12:27 am

Having been there and had it done to me several times myself, I sympathize and wish you all the best. If you like doing the software stuff, there’s no reason not to continue in that line, however, it is also an opportune time to make a switch. I’m sure you will end up doing something worthwhile and satisfying. Jean

Comment Number:
22
Written by:
dropby
Posted on:
April 6, 2008 at 6:41 am

Sorry to hear that. As a fellow SE in Vancouver, I know the job market right now is still quite hot. If you still want to work as SE, I am sure you will find another position soon and most likely with a raise.

Best luck.

Comment Number:
23
Written by:
Financial Jungle Guy
Posted on:
April 6, 2008 at 6:47 am

Thank you Scott, Jean and dropby for your encouragements. I neither hate nor love the software stuff. On a scale from 1 to 10, I’d rate computer programming as 7. What I’ll miss the most are my colleagues. I believe this is consistent with common experience; your love for a job lives and dies with your work relationships.

Just a quick update, I went to Costco to replenish my contact lens supply before the company benefits expire, the optometrist referred me to her friend who runs a gaming company. There’s a lead from reader Ahmed, plus 4 more from other sources. Things are looking promising, and I just might come out of retirement a little early.

[Edit]

Comment Number:
24
Written by:
MillionDollarJourney
Posted on:
April 6, 2008 at 12:46 pm

FJ, if you want to talk about blog monetization, shoot me an email sometime, I’ll help out where I can.

Comment Number:
25
Written by:
Shogun56
Posted on:
April 7, 2008 at 2:44 pm

Sorry to hear about this. I’m sure you’ll bounce back quickly.

Comment Number:
26
Written by:
D
Posted on:
April 7, 2008 at 4:38 pm

Don’t Worry, FJ
I am sure you will find new career very soon!since you got the skills and experiences!

later
d

Comment Number:
27
Written by:
ricoletto
Posted on:
April 7, 2008 at 5:27 pm

I’d ask a lawyer if you got enough severance. I’d expect more than 3 months.

Seriously.

Comment Number:
28
Written by:
James
Posted on:
April 8, 2008 at 5:26 am

By far, the best tool I had was my personal network of friends and associates.

The only job I ever found by applying out of the blue was my first out of school.

Since then, every position, whether contract or full-time has been through a friend (or friend of a friend, etc…).

Brush up your resume, and reach out to this fantastic networking/marketing tool you have here. I’ve even called up previous bosses, and been successful at wringing a contract or two out of them.

I’m a long time reader, and definitely look forward to hearing where you end up.

I also live in Vancouver, and can appreciate the job climate here!

Comment Number:
29
Written by:
I’m Officially Retired Today… | Financial Solution News
Posted on:
April 8, 2008 at 5:29 am

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