Post: #1

I'm sure there have been similar posts, but would appreciate your thoughts on my particular situation given the economic climate:

I'm 34, single, work in finance in new york. I don't make baller money, but enough to go out when I want, take a trip or two per year, and live an ok lifestyle in nyc. I also don't work ridiculous hours (pretty much a 9-6 gig) so have time to game, workout, and chill.

The problem I have is two fold: 1. The firm I work for is a dinosaur in terms of finance jobs and I need to make a move or risk being under-skilled in the next 10 years. and 2. I'm from SoCal and would love to move back, even if I don't make the same amount of money as nyc.

My firm currently is considering additional layoffs and I've seriously considered raising my hand to take a severance package. My thoughts are that with my severance (3 months) along with 6-7 months of unemployment, I would almost have a year to find a job. I might even take 2-3 months to travel down to SA and properly learn spanish.

Given there are talks about going back into a recession and the CA economy/jobs situation, would you take the risk if you have it relatively comfortable in nyc? My disposable income would fall in CA due to the lower incomes and still moderately high cost of living, gas, etc. I would live poorer, but be happier.

I realize some of you would disapprove of my use of unemployment, but I've had a job since I was 16 and have NEVER used the safety net/gov assistance. I've paid a LOT into the unemployment system and given the economy is shaky, I don't feel remorse drawing from a system to help me bridge the gap until I'm a productive part of society again. If things were better, I'd just save up some cash, quit and move out to CA, but there are a lot of smart and educated people out there who still can't find a job.

Thoughts?

Post: #2

(08-14-2011 12:13 PM)cellblock4 Wrote:  Thoughts?

You can bet the economy is only going to get worse. I'd start tapping into your connections, building out your professional network in places like linkedin and facebook. You can levarage these in the future when you need it. If you haven't done so, find old co-workers, business contacts, even people back from high-school college. Add everyone. Start sending out messages see how people are doing, so that later on when you start looking seriously, it wont seem like your hitting them up just for a favor.

With the economy the way it is, you want to leave all options open so leave on good terms. Volunteering to get laid off may not reflect positively. Maybe you can just have a one on one with you're hiring manager. You have a good case, maybe you can play the angle that other people who are staying longer term in NYC deserve the job more than you, you're planning on going back to Cali anyway, so you're willing to take one for the team.

Unemployment can go as long 2 years now in some states. Do your research, find out exactly how long you'll be able to collect, and what will happen when you move to Cali again? Will you be able to collect there... You can call up the unemployment offices and find out out, just be prepared to stay on hold a lot.

At the max unemployment rate you'll probably be getting around $2,000/month. That's not a lot if you're living in the city, and going out there... So take this into serious consideration.

If you do decide to collect, opt to pay taxes later, this will give you more income up front but you'll have to save up a little for the tax bill later on.

I would also just start applying for some jobs right now, even if you don't plan on taking one, just to test the market out. Put your resume out there and see how many calls you get. maybe go to a couple of interviews, ask the recruiters and hiring managers how the market has been from their end? Are there 1000s of people applying for that position? etc..

Post: #3

(08-14-2011 12:37 PM)DanDeLaCruz Wrote:  

(08-14-2011 12:13 PM)cellblock4 Wrote:  Thoughts?

You can bet the economy is only going to get worse. I'd start tapping into your connections, building out your professional network in places like linkedin and facebook. You can levarage these in the future when you need it. If you haven't done so, find old co-workers, business contacts, even people back from high-school college. Add everyone. Start sending out messages see how people are doing, so that later on when you start looking seriously, it wont seem like your hitting them up just for a favor.

With the economy the way it is, you want to leave all options open so leave on good terms. Volunteering to get laid off may not reflect positively. Maybe you can just have a one on one with you're hiring manager. You have a good case, maybe you can play the angle that other people who are staying longer term in NYC deserve the job more than you, you're planning on going back to Cali anyway, so you're willing to take one for the team.

Unemployment can go as long 2 years now in some states. Do your research, find out exactly how long you'll be able to collect, and what will happen when you move to Cali again? Will you be able to collect there... You can call up the unemployment offices and find out out, just be prepared to stay on hold a lot.

At the max unemployment rate you'll probably be getting around $2,000/month. That's not a lot if you're living in the city, and going out there... So take this into serious consideration.

If you do decide to collect, opt to pay taxes later, this will give you more income up front but you'll have to save up a little for the tax bill later on.

I would also just start applying for some jobs right now, even if you don't plan on taking one, just to test the market out. Put your resume out there and see how many calls you get. maybe go to a couple of interviews, ask the recruiters and hiring managers how the market has been from their end? Are there 1000s of people applying for that position? etc..

i have been applying to positions for the past 2 years, but the feedback i've gotten from people are "oh, you work and live in nyc right now? we don't cover relocation." i've made sure they understood that i would relocate at my own cost, but that never resonates with the dumb HR chick.

nyc unemployment is $1600/month. i'm fortunate that i wouldn't have to pay rent or have a car payment. so, still not a lot of money, but could make it work until i found a job.

good advice though. appreciate it.

Post: #4

(08-14-2011 12:13 PM)cellblock4 Wrote:  I'm sure there have been similar posts, but would appreciate your thoughts on my particular situation given the economic climate:

I'm 34, single, work in finance in new york. I don't make baller money, but enough to go out when I want, take a trip or two per year, and live an ok lifestyle in nyc. I also don't work ridiculous hours (pretty much a 9-6 gig) so have time to game, workout, and chill.

The problem I have is two fold: 1. The firm I work for is a dinosaur in terms of finance jobs and I need to make a move or risk being under-skilled in the next 10 years. and 2. I'm from SoCal and would love to move back, even if I don't make the same amount of money as nyc.

My firm currently is considering additional layoffs and I've seriously considered raising my hand to take a severance package. My thoughts are that with my severance (3 months) along with 6-7 months of unemployment, I would almost have a year to find a job. I might even take 2-3 months to travel down to SA and properly learn spanish.

Given there are talks about going back into a recession and the CA economy/jobs situation, would you take the risk if you have it relatively comfortable in nyc? My disposable income would fall in CA due to the lower incomes and still moderately high cost of living, gas, etc. I would live poorer, but be happier.

I realize some of you would disapprove of my use of unemployment, but I've had a job since I was 16 and have NEVER used the safety net/gov assistance. I've paid a LOT into the unemployment system and given the economy is shaky, I don't feel remorse drawing from a system to help me bridge the gap until I'm a productive part of society again. If things were better, I'd just save up some cash, quit and move out to CA, but there are a lot of smart and educated people out there who still can't find a job.

Thoughts?

Cant really help you out here(only 19) but i will say you should really,really think about this.You should be happy you even have a job,just saw this video of a homeless guy with 3 degrees-Ph.d in physics,masters in electrical engineering,forgot the other.But this guy is now living in the streets,moved from Cleveland to Boston.When he got to Boston they had already given the job to someone else.Also a firm he worked for went from having 30k employees to 3k.Just saying,might not be so easy to find a new job.Been homeless for 2 years i think it was.