I am in a high layoff risk org within Vmware and may get impacted since we are going through acquisition. I have been trying for jobs everywhere but seems hiring is slowing down and competition is fierce. Just interviewed at aws but that too went into hiring freeze today. I am starting to feel that the next 1 year is going to be hard financially. If my job at Vmware goes away, I have some severance to cover but that’s it. My spouse has a job that will stay but with my job gone, we will be impacted bad since half of our income is gone. I want to see if there are any good financial planning options we are proactively do, in order to ease the burden? Thought about investing in Airbnb but I am not sure if anyone would vacation as much in this tight market. Are there any suggestions on how to invest or utilize our savings to cover the cost of the lost income? I am not a financial expert, so please talk in more simple words 😀
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Save more, spend less 🤷. Trying to invest with uncertain job situation seems like a bad idea. How much do you make? How much do you spend? Where can you cut back? How big is your emergency fund? Do you have a brokerage (non 401k/ira) that you can pull from if needed?
If you own your home and have equity, a 2nd mortgage, to pull out cash up to 75/80% of your home's value, may buy you more time to find a job. I was able to close a 2nd mortgage before November, and I now have that cash on hand to pay bills, or fund a relocation. It's easier to cash out refinance or take a 2nd mortgage to access home equity while you're employed. I'll be using the loan proceeds to make the loan payments until I know about my job. Then, if it takes longer than my severance to find something, I won't have to take just any job. If by some miracle I am not laid off, I will have already locked in a good interest rate and can buy a 6th investment property outright. In the meantime, simple steps like having extra supplies on hand, like buying one extra of your pantry staples at the grocery store each week until you have an emergency supply for a few months of not working can also help with the stress and uncertainty.
Hey I'm really hoping the best for you! I just got an offer to join VMware and was wondering if you know how safe the Modern Application and Management business group would be to join?
I don’t know much about that business group. But I do know there is word of a significant layoff. Another Twitter type bloodbath.
I know there's nothing known for sure, but when would the expected layoffs be? A couple months or all the way to end of next year? Do you think it's worth me taking the risk and joining? It would double my TC in the same COL
I am no expert at finances but at this time I think investing time in job prep and interviews should be a priority. The critical roles still open thought sparingly. P.S. Invest in US tech stocks if you have any surplus!