What would you do...?
Discussion
Okay, I apologise in advance as this is likely to be lengthy but I need to try and explain my situation in order for you to be able to put yourself in my shoes and offer a reasoned opinion:
Basically I have the opportunity to take voluntary redundancy from my job of 17 years - now in IT environment but with little tech skill to take onward if Im honest - It doesnt really excite me. (Approx £35k redundancy should be realistic).
I am shortly to receive monies from 2 house splits to the sum of approx £35k (combined) - this will take me off both mortgages.
I run my own small removals business which has been going for about 18-20 months now (man with a van type thing) with a mate - everything 50/50.
I have recently split from my girlfriend so have no partner.
I have one dependent, a 10 year old daughter from previous relationship to whom I pay maintenance (not CSA).
My band also recently split so have no further commitments to gigs / studio time / money etc
The only outstanding money I have is the remainder of my car loan which will be cleared at the end of this month with house monies. (As well as a little top end rebuild me thinks)...
So, what should I do:
If I leave my job I cannot go and buy myself a house immediately as was the plan before voluntary redundancy came up. (Normal self cert mortgages require 3 years accounts and as my business has been very much a secondary thing its only turned over a small amount to date).
If I stay in my job the chances are I could get a payrise and some more training - and I do have all the perks of final salary pension scheme etc.
Redundancy may not be an option again after this time.
So do I take the cash and take a direction change in my life? If so what?
Do I pass up the opportunity of redundancy and hang on in the job and buy myself a cheap house and plough all the cash from the two house splits in as deposit.
If I do take the plunge what is the best way to look after £60-70k (I know its boring but ordering a new 911 is not an option, my 3.2 Carrera is plenty thanks :)).
I look forward to your comments.
Basically I have the opportunity to take voluntary redundancy from my job of 17 years - now in IT environment but with little tech skill to take onward if Im honest - It doesnt really excite me. (Approx £35k redundancy should be realistic).
I am shortly to receive monies from 2 house splits to the sum of approx £35k (combined) - this will take me off both mortgages.
I run my own small removals business which has been going for about 18-20 months now (man with a van type thing) with a mate - everything 50/50.
I have recently split from my girlfriend so have no partner.
I have one dependent, a 10 year old daughter from previous relationship to whom I pay maintenance (not CSA).
My band also recently split so have no further commitments to gigs / studio time / money etc
The only outstanding money I have is the remainder of my car loan which will be cleared at the end of this month with house monies. (As well as a little top end rebuild me thinks)...
So, what should I do:
If I leave my job I cannot go and buy myself a house immediately as was the plan before voluntary redundancy came up. (Normal self cert mortgages require 3 years accounts and as my business has been very much a secondary thing its only turned over a small amount to date).
If I stay in my job the chances are I could get a payrise and some more training - and I do have all the perks of final salary pension scheme etc.
Redundancy may not be an option again after this time.
So do I take the cash and take a direction change in my life? If so what?
Do I pass up the opportunity of redundancy and hang on in the job and buy myself a cheap house and plough all the cash from the two house splits in as deposit.
If I do take the plunge what is the best way to look after £60-70k (I know its boring but ordering a new 911 is not an option, my 3.2 Carrera is plenty thanks :)).
I look forward to your comments.
Hi
I was made redundant last December. I have been looking for IT work ever since. I have applied for hundreds of jobs around the country and so far nothing has materialised. The reason being is that I am 55 so considered too old. Why pay me £45k when employers can get a freshly out of uni bod for half that. I have sold my house and decided to tour Europe, ending up in Spain in the sun.
The final decision is yours, but remember without formal qualifications employers are less likely to pick you out of the applications they receive. Past experience counts for nothing, bits of paper is what they want regardless of whether or not you can do the job. I have a BSc and a PhD but age is against me.
I wish you well and I am sure whatever decision you make it will be right for you. At the final hurdle, that is what counts.
Dave
406
I was made redundant last December. I have been looking for IT work ever since. I have applied for hundreds of jobs around the country and so far nothing has materialised. The reason being is that I am 55 so considered too old. Why pay me £45k when employers can get a freshly out of uni bod for half that. I have sold my house and decided to tour Europe, ending up in Spain in the sun.
The final decision is yours, but remember without formal qualifications employers are less likely to pick you out of the applications they receive. Past experience counts for nothing, bits of paper is what they want regardless of whether or not you can do the job. I have a BSc and a PhD but age is against me.
I wish you well and I am sure whatever decision you make it will be right for you. At the final hurdle, that is what counts.
Dave
406
Two very different and valid views. Thanks boys!
As far as losing friends goes I work with the same 4/5 guys on shift so its not going to be hard to keep in touch with them - assuming Im in this country obviously. The thought had crossed my mind to buy property elsewhere. An attractive thought especially if I buy some better weather too
It does worry me that I dont have any particular 'qualifications' in my current field. But, my view is that if I had had an interest in it I would have found it easier to apply myself.
My biggest problem - I really dont know what I want to do, and at 33 Im worried Im not going to find that 'perfect' job as such.
As far as losing friends goes I work with the same 4/5 guys on shift so its not going to be hard to keep in touch with them - assuming Im in this country obviously. The thought had crossed my mind to buy property elsewhere. An attractive thought especially if I buy some better weather too
It does worry me that I dont have any particular 'qualifications' in my current field. But, my view is that if I had had an interest in it I would have found it easier to apply myself.
My biggest problem - I really dont know what I want to do, and at 33 Im worried Im not going to find that 'perfect' job as such.
los Angeles said:
Why are you worrying? It's natural to want to be productive, to have purpose, but exactly what is your end objective in that: to be successful, admired, respected? You can achieve all those things in a low paid job. What work activity or hobby gives you greatest pleasure? Does it include serving others or being isolated? It has to be work that rarely has you feeling boredom. And at your comparatively young age there's lots of time ahead to learn new skills outside a new job.
>> Edited by los Angeles on Wednesday 19th October 08:47
I suppose my main concern is my immediate lack of inspiration as to where to aim. Ive sat down and spoken to my folks about this today and to be honest I feel just as confused if not more so than last night.
I have nothing in particular in mind that I would like to do at this time, but see this as a potential opportunity to find that 'rewarding' job. The money isnt the most important criteria in my search, heres a couple of ideas that have rattled round my head thus far:
Property developing - small scale. I like the thought of being able to see and enjoy the end result of my hard work.
Expand my van business - easy to do as its already in operation. Also has the security of being a joint venture with my best pal. However, I need to look at the reality of moving van loads of stuff around in years to come...again I take a lot of satisfaction from offering the customers a service. Not ever going to earn much from this though I guess...?
Train in a particular skill eg, Plumbing / electrical etc. It doesnt really turn me on but can see the benefit of having a 'trade' such as this.
I think I want a job which isnt like a job, ie it isnt a 9 to 5, worry what the boss thinks type of environment - but I also understand that I have certain responsibilities that I need to take care of.
What about RSPCA officer. Running a pub. Buying a frachise in New Zealand. Form a tribute band getting paid to play someone elses music....etc
Is it just the easy option to stay put, get paid £25k+ for working 4 on / 4 off shifts, and have no real worries...Im worried I'll kick myself in months to come.
So given your contributions to date into your final salary scheme, what % of your current salary would you get on retirement, and if it's not too rude to ask, how far away are you from that retirement?
Your'e unlikely to get another FSS as they're few andf far between now, at least in the private sector.
Your'e unlikely to get another FSS as they're few andf far between now, at least in the private sector.
I so totally agree with what Los Angeles has said in this. What actually makes you happy has to be most important.
We all have this 'i need to be aiming for something' need....why?
What is your worst fear? that you'll have no job or no money or what? It doesnt sound like you really want to be in the sort of job you're in....so will 25K+ a year make up for that? Would you be happier on 18K and being an RSPCA officer? What do you want/need the more money for?
it's hard to say to someone elses life 'take the risk'...but i think you should....doesnt sound like you're the sort of person with no drive/ambition or ideas so doubt you'll end up twiddling your thumbs sitting on the sofa. You may not get back into the IT world, but there's many other things that at 33 you'd easily find....
We all have this 'i need to be aiming for something' need....why?
What is your worst fear? that you'll have no job or no money or what? It doesnt sound like you really want to be in the sort of job you're in....so will 25K+ a year make up for that? Would you be happier on 18K and being an RSPCA officer? What do you want/need the more money for?
it's hard to say to someone elses life 'take the risk'...but i think you should....doesnt sound like you're the sort of person with no drive/ambition or ideas so doubt you'll end up twiddling your thumbs sitting on the sofa. You may not get back into the IT world, but there's many other things that at 33 you'd easily find....
Hi Popov ..
some advice :
1 - if you want to take the redundancy don't feel you have to have decided your future direction first.
2 - why not consider travelling the World for 6 months / 1 year ( I've just done exactly that and I'm in my 40's ).... the trip may well give you some ideas and inspiration on what to do next and where to live, and you'll have a blast even if it doesn't help you sort out your future.
3- think through what you REALLY want out of life .... so many people stick in a job / career because they are conditioned to do so without actually thinking about WHY they are actually working and what really makes them happy.
4 - very few people in their dotage wish they had spent more time in the office - what things / dreams do YOU want to have done while you are still young enough to do them ?
some advice :
1 - if you want to take the redundancy don't feel you have to have decided your future direction first.
2 - why not consider travelling the World for 6 months / 1 year ( I've just done exactly that and I'm in my 40's ).... the trip may well give you some ideas and inspiration on what to do next and where to live, and you'll have a blast even if it doesn't help you sort out your future.
3- think through what you REALLY want out of life .... so many people stick in a job / career because they are conditioned to do so without actually thinking about WHY they are actually working and what really makes them happy.
4 - very few people in their dotage wish they had spent more time in the office - what things / dreams do YOU want to have done while you are still young enough to do them ?
IM 33 so ive got a way to go. Im not sure how much of a pension I will have accrued so far. This I think is part of the problem with making a decision - I dont have any facts and figures from my employer to show me what 'the package' is...
I appreciate that its an important consideration re pension etc - but I cant help thinking that maybe I should try to get some satisfaction now and worry about my retirement later (is that just being naive?).
PS - Cheers Rico, shame re the band as we had more stuff coming up but Im afraid theres only so long you can put up with a singer whos sole purpose in life is to TAKE from friends and give only to his (
)g/f. Sad!!!
I appreciate that its an important consideration re pension etc - but I cant help thinking that maybe I should try to get some satisfaction now and worry about my retirement later (is that just being naive?).
PS - Cheers Rico, shame re the band as we had more stuff coming up but Im afraid theres only so long you can put up with a singer whos sole purpose in life is to TAKE from friends and give only to his (
)g/f. Sad!!!Okay, so what would you guys and gals be doing given the option:
Are you happy in your job?
A) What is it about your job that makes you happy - Financial reward or Satisfaction of providing your 'product'.
B) At what stage in your life did you know what you wanted to do?
C) What other job/career would you really like to be doing if you could?
D) Do you worry about your retirement / long term future now, or worry about it later?
Dom
Are you happy in your job?
A) What is it about your job that makes you happy - Financial reward or Satisfaction of providing your 'product'.
B) At what stage in your life did you know what you wanted to do?
C) What other job/career would you really like to be doing if you could?
D) Do you worry about your retirement / long term future now, or worry about it later?
Dom
popov123 said:
(Normal self cert mortgages require 3 years accounts and as my business has been very much a secondary thing its only turned over a small amount to date).
no they don't
edit: I should point out that you need to show accounts to your FA, and that includes P&L, plus bank statements to establish your actual income situation
>> Edited by minimax on Wednesday 19th October 20:50
Have you asked your daughter what she would like you to do ?
I was in a similar position to yourself a couple of years ago, and I was actually working abroad, before separating from my wife.
I could easily have stayed overseas.
What brought me back was my young son, who I could never bear to be parted from for more than a week or so.
Sometimes it helps to focus on someone else and their needs to put some direction back in your life.
I was in a similar position to yourself a couple of years ago, and I was actually working abroad, before separating from my wife.
I could easily have stayed overseas.
What brought me back was my young son, who I could never bear to be parted from for more than a week or so.
Sometimes it helps to focus on someone else and their needs to put some direction back in your life.
I think a good job to get yourself into these days is plumbing. You can never get one, they are always busy, when you do, they charge the earth.
Dont think the training course is all that long, or expensive, a friend of mine got a franchise on a sort of dyno rod type company, never been out of work since, those buggers charge 50 quid to answer the phone.................
Dont think the training course is all that long, or expensive, a friend of mine got a franchise on a sort of dyno rod type company, never been out of work since, those buggers charge 50 quid to answer the phone.................
Valid points again...
I havent consulted my daughter as I dont live with her. Thats another tale of being in a situation where I wasnt happy. Took a hell of a lot to move on and leave but was def for the best. I still see Zoe (10) when I can and we get on great, shes a top class kid - which I appreciate is a testament to her mums dedication to her!
Life is indeed not a dress rehearsal - thats why I think I should move on from something which does not inspire me or even satisfy me other than financially.
Plumbing is something that my stepdad keeps mentioning to me. I cant say that it particularly excites me either to be honest although I can see the obvious attraction of being own boss and charging the earth for a necessary service. No offence to plumbers intended
I havent consulted my daughter as I dont live with her. Thats another tale of being in a situation where I wasnt happy. Took a hell of a lot to move on and leave but was def for the best. I still see Zoe (10) when I can and we get on great, shes a top class kid - which I appreciate is a testament to her mums dedication to her!
Life is indeed not a dress rehearsal - thats why I think I should move on from something which does not inspire me or even satisfy me other than financially.
Plumbing is something that my stepdad keeps mentioning to me. I cant say that it particularly excites me either to be honest although I can see the obvious attraction of being own boss and charging the earth for a necessary service. No offence to plumbers intended
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