Stay or go - WWYD

[WWYD]

Any thoughts/observations/advice gratefully received.

A bit of background about my situation : Good bits first - currently employed full-time by a nationwide Logistics company in a reasonably secure job, been here 17-odd years, it's a reasonable company, good package (c.£65k) and the office is on my doorstep (though I do travel out to customers around the UK from time to time).

Bad bits - high pressure, long hours, tough stressful environment to work in and not a very satisfying place to be. Get shouted at by customers a lot. Stuck in the office all day. Feels like my job owns my life and leaves me with very little energy left over for family/enjoyment.

I've got about £18k in savings and a £47.5k mortgage and a £7k car loan. No other debts. Married (wife not currently working but is actively looking for employment) and have two boys of primary school age.

I've been offered a voluntary redundancy package of around £43k (all-in, after tax) to leave the company. One option is to leave, pay off the mortgage* & car loan and that leaves about £6.5k to live on until I find another job. Our minimum outgoings/living costs (assuming no mortgage/car payments as these would be paid off) are around £1500 a month so I'd have around 4 months worth of savings before the wolves are at the door.

• actually I probably wouldn't actually pay off the mortgage as I could match (or slightly better) the mortgage interest rate (paying 1.5%) by putting the money in a savings account, - thus giving us a backup option in case we didn't find alternative employment - so on that basis we'd have around £58k sat in savings and minimum outgoings a month would be £1900 with the mortgage payments so 30 months worth of living expense.

I'm at the point in life that I know I need to do something different - and I am willing to take a pay cut in return for a fulfilling job that I enjoy, but problem is I don't know WHAT. I quite fancy self-employment, but again don't know WHAT.... but can't help feeling that this is a good opportunity for me to make that change.

It's been a long time since I was in the job market and going for interviews etc - so don't really know how tough getting a job will be. I've got good experience in general Business Management / Project Management - but as I said, I fancy doing something different so wouldn't particularly want to go back into the same field - especially as I'd take probably a pay drop.

The other option is to stay put and continue the dull slog of life in Logistics........ :-/

[CaptainSlow]

Go for it.

[Fittster]

I don't tend to recommend staying in a job you don't like for the money. Life's just too short.

I'd try and take some time off (ideally away from the wife and kids so you get some thinking time) and ask yourself what you want to do with your life.

[Porkbrain]

Everything that you have posted says - do it.

I had a similar job, great pay, awful hours and hassle.

I took early retirement just to get out of there a couple of years ago and the stress just disappeared.

Getting shot of the mortgage would be great but £6.5k would just make you worry if you didn't find something else soon, so it definitely would make sense to pay off the car loan but keep the mortgage running with the cash stashed away for a while until you find something else.

Enjoy being with the wife and kids while working out what you want to do.

Good luck!

[Slurms]

How easy would it be for you - with your skill set to find something else?

I know the standard answer involves measuring the length of string but it's a realistic question to be asking - if you've got transferrable skills which are in demand then go for it.

But the job market is brutal at present and I know a couple of people who made exactly this decision but had over estimated their ability to find something new and now 6 - 8 months later its starting to get tight.

[blindswelledrat]

Put it like this: If you don't take the package then you will always think "what if" and hence regret it.
If you do take the package and seek new employment then you may regret it or you may spend the next 25 years much happier.

Only you know but Id definitely take it. If there are redundancies then there probably isn't any career progression left and you may be forced out in due course anyway

[STW2010]

I would be off. Based on what you have written, I would struggle to justify staying.

In terms of what to do next, your wife is looking for work and so if she gets a decent job then you would really only need a job which brings in a household income of £1,500 between the pair of you (assuming the mortgage and car loan is gone). Imagine the sorts of low stress jobs can deliver this! Neither of you would need to work full time to manage that.

Otherwise, if you want a bit more of a challenge, you could spend a year doing a full time masters degree or equivalent, which would open a few doors in a new area.

[WWYD]

Thanks for the replies all - some more spreadsheet crunching to be done but I promise I'll be back to report on the decision once it's made.

[anonymous-user]

Remember it's not a big step from voluntary to compulsory redundancy, if you're in the sights maybe best to make the move sooner rather than later.

[whoami]

REALIST123 said:

Remember it's not a big step from voluntary to compulsory redundancy, if you're in the sights maybe best to make the move sooner rather than later.

Best advice on the thread.

[Muzzer79]

I work in logistics. I feel your pain to an extent.

With that package, you must be quite senior?

With that amount of cash on offer and that low mortgage, take it.

I suspect that you are concerned about having been in one place for so long and your skills being transferrable. Don't be.

Take the deal, go to an agency, change to another company. Logistics is a many-branch tree that can be quite different from place to place.

[AndyClockwise]

I'd take the money and leave.

I wouldn't pay all of the debt off immediately but would look for contract jobs using the pay off as a buffer for the periods inbetween contracts

[Sir Bagalot]

All very well if the job market was good.

But it isn't. It's completely ste at the moment.

[whoami]

Sir Bagalot said:

All very well if the job market was good.

But it isn't. It's completely ste at the moment.

Depends on what you are looking for.