I have held down a pretty good job for the past 6 years. There are all kinds of red flags around my job that have been making me feel I am either getting demoted or fired imminently as our company was recently acquired by a private equity firm. This week my boss scheduled a meeting next week with no context, so I think the writing is on the wall.
I have been applying for jobs like crazy, but not really getting any bites in this market...but my point of this post is to consider what I should do financially to ride this out.
1) I dont plan on quitting if I get demoted. I would rather them fire me, so I could collect unemployment. Also, am I able to collect unemployment if my pay is significantly reduced from my original roles/job description?
2)I have about 150k in my home equity that I could probably get in profit if I sold it.
3) I have an emergency fund in a HYSA account that will cover about 12-16months of my expenses.
4) I have taken on some part time freelance work to help mitigate the hit....not sure how long it will last.
I was considering trying to scale significantly back on my expenses and selling my home to try and live off the interest in my HYSA until I got a new job. I have a bad feeling about this market and have other family members that have been looking for work for several months.
What am I missing to try and ride this out?
Submitted August 25, 2023 at 01:37AM by mgd09292007 https://ift.tt/bY3zS8e
