tag:blogger.com,1999:blog-6587699706949333863.post313031442036754590..comments2024-03-27T23:39:33.499-05:00Comments on Passive Income Pursuit: How getting laid off was the best thing for my financesPassive Income Pursuithttp://www.blogger.com/profile/13947101854482544346noreply@blogger.comBlogger29125tag:blogger.com,1999:blog-6587699706949333863.post-1785384222488759852014-10-02T14:36:56.147-05:002014-10-02T14:36:56.147-05:00Thud,
It really can be a very emotional time. A...Thud, <br /><br />It really can be a very emotional time. Anger, sadness, frustration are abound but don't forget to take the time to realize the positive. You can take the time to figure out what you want to focus on with your next step. Take some time for yourself if you have savings set aside. Do a bit of travelling. Obviously life situations play a big part in how quick you need to get back to work but the 1.5 years I was out of work was a blessing in disguise. I realized that I didn't really enjoy the work I was doing and am now in a far more lucrative field with better opportunities. It's also allowed me to turbocharge my journey to financial independence and within a year or two I could seriously consider slowing down my work schedule without any real lifestyle changes.<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-37997826247278401332014-09-11T17:31:55.434-05:002014-09-11T17:31:55.434-05:00So glad i came across this. Officially a week into...So glad i came across this. Officially a week into my layoff (after 7 years with my first job out of college) and I've experienced many of the emotions you mentioned.. Can't wait to delve in moreThudnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-35303517428735086302013-12-09T16:30:45.717-06:002013-12-09T16:30:45.717-06:00This comment has been removed by the author.Stella Kyeshttps://www.blogger.com/profile/10542862434563344008noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-73268111394654621782013-10-07T11:17:54.311-05:002013-10-07T11:17:54.311-05:00I too, noticed that I need much less in retirement...I too, noticed that I need much less in retirement than I thought. Life is good!<br /><br />Good luck on your journey.Financial Samuraihttp://www.financialsamurai.comnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-12558369333979868132013-03-22T16:25:19.600-05:002013-03-22T16:25:19.600-05:00Anonymous,
Sorry for the delayed reply. I'v...Anonymous, <br /><br />Sorry for the delayed reply. I've been really busy between work, the blog going on the backburner when I get home, and then coming back to work. I don't think anyone would blame your for being discouraged in your situation. I know when I was laid off and went on interviews with no luck getting the job my attitude just went downhill. There's only so much constant rejection that someone can take before it's going to start affecting them in other ways. <br /><br />Without more detail to your specific situation it's hard to really comment other than to stay focused and something will come. I'm sure you've looked already but have you tried looking at other fields other than those related to your previous work? I would also say focus on any other skills that you have or need that are relevant to almost any field. There's probably a local Toastmasters group in your area that you can go to and work on your public speaking. That's just one thought. Hopefully once you do get a job you can then refocus to doing the best that you can in that position and shift your priorities towards getting rid of the debt and getting your finances back in order.<br /><br />For the ADHD, especially since you say it's supposed I would say look at your diet. I'm not a doctor nor have I been trained in anything health related but your diet can affect you in ways you wouldn't even think it could. But that's just my thought.<br /><br />Thanks for stopping by and hopefully something more permanent will come around with the economy starting to get back on more solid ground. Keep us updated.Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-51802736055575700322013-03-13T15:27:30.580-05:002013-03-13T15:27:30.580-05:00How nice, wish I could say the same. For me it is ...How nice, wish I could say the same. For me it is the opposite, the single worst thing that has happened to me. Sent into a severe depression now hooked on anti depressants & Adderall for supposed adult ADHD. I have not had a perm job since 2010, many temp jobs several I just lasted a week or even a few days and fired for very 'vague' reasons or no reason and had to dig & dig to find out a scintilla of why I get let go so suddenly and unexpectedly. I did come into some money in 2010 which I invested bought 3 FedEx Home Delivery routes in the NYC as an independent contractor. Invested close to 200K, revenue of over $7,500 a week deposited into my business account but after expenses have virtually nothing left.. I don't even have money for self employment taxes, and can barely pay rent, credit card debt, student loan debt and other expenses... I guess I am discouraged, I have probably been on close to 100 interviews since 2010 for perm jobs and never get hired for one reason or another.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-30931324308383275632013-03-12T06:42:20.114-05:002013-03-12T06:42:20.114-05:00Living Once,
Glad you enjoyed it and found it hel...Living Once,<br /><br />Glad you enjoyed it and found it helpful and encouraging. My two main goals for the blog are to keep myself accountable and to motivate others. Sorry to hear about the layoff, but if anything this can serve to push you more towards FI. <br /><br />It's great that you had already been working towards FI. If I had, then my dividend income would have been built up more and I could have used that as a further buffer once my savings ran through. I see you're in the UK and I don't follow it that much, but hopefully the economy has gotten better there and you can transition into another job quickly. If you have the opportunity to go on your own, then I'd say do it. The longer you wait the harder it will be for you to feel comfortable in doing so.<br /><br />The comments on most blog posts/articles usually end up providing more nuggets and insight than the post itself. <br /><br />Keep it up and feel free to share your progress along the way!<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-82384285713436383392013-03-12T03:24:13.286-05:002013-03-12T03:24:13.286-05:00Great post to read and encouraging comments above....Great post to read and encouraging comments above. I got laid off yesterday from my job but I am looking at the positives in it so I can move forward. Thinking about setting up on my own for now as the role I had was essentially a sales guy in a middleman type business. <br /><br />FI was my plan before I got laid off as well so I don't want it to stop now. Income generating investments seems to be a minefield so I am glad I found this post and will trawl through the above mentioned blogs to find the nuggets of info that will be useful.<br /><br />Well done to all of you above and lets keep going towards the old FI.<br /><br />GordonLiving Oncehttps://www.blogger.com/profile/17842710135624722634noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-1669729397292582302013-03-09T12:14:20.010-06:002013-03-09T12:14:20.010-06:00Sam,
2009 sure was crazy. I hated that I got la...Sam, <br /><br />2009 sure was crazy. I hated that I got laid off but I wouldn't have changed it. Before I had my finances under control, but I never really paid attention to it. And now I'm much more focused and even without keeping track daily my expenses don't fluctuate that much. Habits sure are hard to break, whether good or bad. <br /><br />I've read several of your posts on retirement/early retirement. Well, actually just a lot of your posts in general. Once your basics are covered, spending more doesn't add as much to your happiness level. I know a few people that gross $300-400k and are so much further behind on their finances. I'm hoping to actually transition to that side of the oilfield to increase my income and widen my gap further cutting down on the time to early FI or the gap available during early retirement.<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-18172057387820903222013-03-09T10:57:32.294-06:002013-03-09T10:57:32.294-06:00PIP,
What a time 2009 was! My company went throug...PIP,<br /><br />What a time 2009 was! My company went through three rounds of layoffs that year and it was very concerning. It was so concerning I decided to start my site then.<br /><br />I write a lot about Retirement and early retirement as well that you might find interesting. I took the leap of faith last year after 13 consecutive years of work, and you're right, I don't need much to be happy at all.<br /><br />Unemployment, self-employment, early retirement is pretty nice if one is prepared.<br /><br />Best,<br /><br />SamFinancial Samuraihttp://www.financialsamurai.comnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-54932341634824175052013-03-09T10:52:54.931-06:002013-03-09T10:52:54.931-06:00DM, I'm excited to find your site. I enjoy the...DM, I'm excited to find your site. I enjoy the early retirement niche and have some related articles myself.Financial Samuraihttp://www.financialsamurai.comnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-56605366390757802942013-02-27T16:22:15.519-06:002013-02-27T16:22:15.519-06:00Scott,
Having a spouse or kids that depend on yo...Scott, <br /><br />Having a spouse or kids that depend on you is a big game changer during a lay off. I didn't have any children but was dating my now wife during my lay off. My wife was and still is teaching so she had her own income. If I had someone that was truly dependent on my income, then I would have had no problem going and flipping burgers to have any kind of income.<br /><br />Honestly if it's at all possible I think you need to take the time out to visit family or something else. When it was rejection after rejection your spirit gets really dampened, at least mine did. My attitude completely changed when I wasn't 110% focused on finding another job.<br /><br />I agree that for some recent graduates, timing just plain sucks. While student loan debt is excusable, there's no reason for them to have any credit card debt. Another issue I have is that there's a good chunk of them that probably didn't forecast out their potential earnings for their career versus the debt load that they took on. This speaks more to the lack of any kind of financial education whether from their home or school and is unfortunately a state that we currently live in. I hope that it changes and I've even contemplated taking up teaching economics and throwing in personal finance after I reach FI. But we'll see if that happens because that would be a huge step up in my stress level. <br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-46669036959407811522013-02-27T13:18:57.266-06:002013-02-27T13:18:57.266-06:00I know from personal experience and friends that i...I know from personal experience and friends that it is much more difficult in this situation if you have a spouse and/or kids. You are probably aware of that, but the pressure is really on, not for you to discover yourself, learn more and be at peace but to simply get back on the job. That said, it does force one to really manage their time properly between flooding the job boards, cold calling and go into interviews. By putting in all of that effort there is often time and satisfaction to do some of those things like visiting family, working out, gardening, etc. <br /><br />The worst layoff though is for university and college grads. The majority are laid off the minute they graduate. They are sitting on tons of debt from student loans and credit cards and the majority of industries are not actively hiring. Those that are, are often 100% commission based. Of course, I don't feel they are entitled to anything or that they are necessarily the hardest working, but they are entering a job market rarely seen.Scott @ Youthful Investorhttp://youthfulinvestor.comnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-38754471204729139192013-02-15T14:09:39.942-06:002013-02-15T14:09:39.942-06:00Retire by 40,
I got a little bit later start tha...Retire by 40, <br /><br />I got a little bit later start than I would have liked, knowing what I know now, but I'm nowhere near in my 40s so I'm ahead of the game. I stopped checking ERE as well because he went back to work and stopped updating. I think there's a post every now and then but it's not on a very regular basis. It's still a great resource for anyone interested in early retirement/FI.<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-64531737719062630092013-02-15T10:50:50.949-06:002013-02-15T10:50:50.949-06:00Thanks for sharing your story. It's really goo...Thanks for sharing your story. It's really good that you figured it out early. A lot of people get to their 40s before finding out about the whole unemployment thing. I'm a big fan of all those sites you listed. I haven't been to ERE for a while though. He stop updating right? retireby40http://retireby40.orgnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-9270573044223935092013-02-11T16:18:58.648-06:002013-02-11T16:18:58.648-06:00Marvin,
No problem. I hope it helps to motivate...Marvin, <br /><br />No problem. I hope it helps to motivate those that find themselves in a similar situation I was in or are essentially starting from scratch. I think most people just assume that in order to invest you have to have some very difficult to execute plan, but the simplest strategies are usually the best. It doesn't take much to grasp the main concepts of anything as long as you commit to learning about it for a while. I wouldn't call myself an expert by any means, but I have no problem sharing what I've learned with anyone that's interested and point them to other resources. <br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-48280233963245185972013-02-11T14:26:37.430-06:002013-02-11T14:26:37.430-06:00Thanks for sharing your story. It should be a moti...Thanks for sharing your story. It should be a motivation to those who are just starting out in their financial education/journey. All to often I hear people make the excuse that investing is too difficult for them to understand. You have proven the exact opposite, as you said in your post all it takes is hard work, dedication, and focus. Keep up the great work!Brick By Brick Investing | Marvinhttp://www.brickbybrickinvesting.comnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-85965043356847985202013-02-11T11:01:36.476-06:002013-02-11T11:01:36.476-06:00The lack of control over my own employment really ...The lack of control over my own employment really hit home after getting laid off. Knowing that any day I could wake up and no longer have a job really hit home when I was laid off. Best of luck with getting a new job and on the marriage.<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-31313566106234864942013-02-11T10:59:20.534-06:002013-02-11T10:59:20.534-06:00CF,
A routine was definitely what got me through...CF, <br /><br />A routine was definitely what got me through. The first several months it was filled with applications and fine tuning the resume. After that I started focusing on my health with cooking and exercising. My attitude and happiness improved so much once I stopped focusing on finding the next job, especially since that was a huge source of frustration for me due to the constant rejection.<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-71818439414350754682013-02-10T12:14:55.812-06:002013-02-10T12:14:55.812-06:00Wow that's a great story. I've never been...Wow that's a great story. I've never been laid off, but whenever I've been unemployed, I've found it helpful to stick to some kind of routine, whether it is job applications or working out and taking care of yourself and your family, as you did.<br /><br />Great job so far, looking forward to hearing more!CF @ OutlierModelhttp://www.outliermodel.comnoreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-196609791901264802013-02-09T12:32:00.873-06:002013-02-09T12:32:00.873-06:00After reviewing all the comments above, it seems l...After reviewing all the comments above, it seems like most of the people get laid off in 2009 just like me. I used to work in multinational company but for last 2 months I am unemployed. I have given my 10 years to this company and I have learned my lessons. Anyway, I am planning to get married after getting a good job, see if is changes anything. I am glad that you shared your knowledge. Austin car accident lawyerhttp://colley-law.com/noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-64239201475706355192013-02-09T09:50:35.745-06:002013-02-09T09:50:35.745-06:00DM,
I didn't really like the idea of withdra...DM, <br /><br />I didn't really like the idea of withdrawing 4% and adjusting for inflation. Something just didn't jive with that because the markets are anything but steady. Once I happened to find your blog and DGI it finally clicked on how to go about this. <br /><br />It's a shame that we had to go through a layoff to find this path, but I wouldn't change it except for maybe a shorter unemployment so my savings didn't get used up. Other than that, I'm not complaining about the layoff. <br /><br />I hope to be able to continue on the path and reach FI in my mid-30's but there's a lot of changes that will be coming that will alter our spending. For one, my wife and I are probably going to start trying to have a child this summer and once the baby comes along priorities get shifted. I'm still not sure whether I'd rather be mortgage free or not before calling it quits, so it might be an extra year of working to pay for a house with cash or at least a good portion of the house.<br /><br />Thanks for stopping by and keep up the great work yourself!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-44143209353607349842013-02-09T07:56:31.026-06:002013-02-09T07:56:31.026-06:00MFIJ,
That's exactly how I was. I was savin...MFIJ, <br /><br />That's exactly how I was. I was saving a good amount towards retirement, if I remember correctly between 17% and 25% to the 401k including the company match. But I never really had an idea about getting out earlier until I was laid off. <br /><br />Reaching FI will be a great day. I might still work but it won't be at the job that I currently have. Once we get closer to FI, my wife and I will have to figure out what kind of cushion we want and how much extra spending money above our expenses we're comfortable with. From the conversations we've already had, she'll probably still work. She works at a Title 1 (low economic) school and just loves the kids because she came from that background and feels that she can do so much good there. <br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-21077710365499408532013-02-09T07:47:26.544-06:002013-02-09T07:47:26.544-06:001st Million,
Thanks. Late 2008 and 2009 was a h...1st Million, <br /><br />Thanks. Late 2008 and 2009 was a horrible time but I wouldn't change what happened because I'll be free so much earlier than where I was planning before. It's strange how not having to go to work, we were both much happier. I had so much time to be able to enjoy things. The only thing I wish I had done more was volunteer, but that will be a bigger part of my life after I reach FI.<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.comtag:blogger.com,1999:blog-6587699706949333863.post-77358387152104243072013-02-09T07:44:24.091-06:002013-02-09T07:44:24.091-06:00The progress is usually so quick at first. The re...The progress is usually so quick at first. The real test is after a year or two and you're just kind of grinding away at it. Being laid off and having an extended unemployment period really was a great motivator to strive to reach early financial independence. Best of luck on your own path!<br /><br />Thanks for stopping by!Passive Income Pursuithttps://www.blogger.com/profile/13947101854482544346noreply@blogger.com