I was just offered a severance package from my company going through downsizing. It's substantial and I'm thankful for that. I'm in my late 40s and am considering what to do with it. Between my emergency fund and the severance, I have enough to pay off my mortgage completely. (I have no other debt. )
I hesitate because that would leave me completely drained of ANY cash reserves, but would allow me to reduce my monthly expenses by a substantial amount (forever basically) since this is my forever home.
If I do that, I would basically have to take something - anything - for work -in order to pay my monthly bills. I don't love that idea. But it might be worth it in the big scheme of things.
The other option would be to take my time and either find something I love to do - or maybe even start my own business. The severance and my reserves would allow me to effectively live off of them for the next 7 years if I had to.
Feels like this might be a once-in-a-lifetime opportunity either way. Any help or insights would be greatly appreciated. If anyone has gone through something like this, I could really use some input on what happened to you or what you learned.
Submitted January 18, 2021 at 08:16PM by FiddyWall https://ift.tt/38Xg5kN
