May 172018
 

It’s natural to be upset about losing one’s job. But sometimes being laid off is not so bad. When my company unexpectedly downsized in February I became unemployed for the first time in 10 years. Actually I was still working part time, so technically I was just under-employed. I didn’t have any other jobs lined up at the time. But instead of feeling worried or sad I was happy. That’s partly because I have the resources to last me years before having to work full time again. But I also had a pretty good feeling that this change in my career was for the better. That’s why I was optimistic in my earlier post about losing my job.

I received a big payout worth more than 3 months of my salary. But I managed to find permanent full time work before 3 months. So from a financial point of view I didn’t lose any money. In fact, my income situation has actually improved because my new job pays more than my old job. Hurray! I can become financially independent a little sooner now. πŸ™‚ Furthermore the job I’m currently at is more fun and rewarding than my old job. I also had fun working temporary at Amazon for awhile. But what I enjoyed the most about this whole situation is taking some time off to relax and experience a small taste of early retirement. πŸ˜€

And to add icing on the cake I recently received a letter in the mail from Great West Life, an insurance company, asking what I want to do with my previous job’s matching RRSP fund. I’ve been paying into this retirement program for the last 7 years. I couldn’t access it or use the money in any way while I was employed. Since I couldn’t touch the money, I didn’t think it was worth including in my net worth statements. But now that I’m no longer working there, they have to give me my money, lol. It’s a typical 4% employer matching plan so the sum is not that much compared to the 25% or more I typically save and invest personally, but it’s another benefit to look forward to.

 

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Random Useless Fact:

You know your country is in trouble when the national currency is worth less than the paper it’s printed on.

 

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10 Comments on "Losing my job was a blessing in disguise"

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Tim
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Tim

I’m waiting on that blessing… in my case if / when it ever happens… I’m taking a year off to travel… I have a sizable portfolio and it is not a concern of mine… Probably have enough cash in the bank to last 2 years… it would be a good problem… I can’t get enough vacation time.

P C
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You always have a positive outlook in life that’s what is great about you. It’s a blessing in your situation, but not all are so fortunate to find a replacement job in the same field with higher pay. Have all your ex-coworkers found jobs yet? I haven’t been laid off before, but I know my time will come when my controller retires. I don’t think I’ll be able to find another job that pays the same or higher given my lack of education in the industry >_<

Paul N
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Paul N

I just wanted to add 2 things:

A chicken has greater earnings potential then a human at a minimum wage job in Venezuela. Each egg is worth 50,000 bolivars. A monthly min wage is about 400,000 bolivars. Do the math.

If you have a locked in workplace pension plan with GWL, I implore you to look at all your options + the conditions of your pension. GWL does not like people leaving and sometimes builds in some time limits to make choices, before your locked in paying them fees forever. Usually fund fees are astronomical with GWL, and you do have options to move your plan elsewhere in kind to another locked in P.plan with another provider. It’s worth doing a review and you may possibly thank me later…

I’m glad to hear your Job loss turned into a positive. As someone who hires ( I also head the Group P.Plan where I work) we are finding, to fill vacated positions companies have to pay more. For now it can be a good time to job jump. However it is not a guarantee that the new job will be around in 6 months or you will be happy after a change.

Jean
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Interesting. The last time I thought of quitting was when In was under performing because I had a financial crisis. But if I look at it this way, then it’s time to under perform a little more. LOL. But I’m sure my organization is not as pragmatic or cool as yours.