tough times....lost job

[NSXrebel]

I don't know if anyone has mentioned it yet, but have you filed for unemployment insurance yet? I recently got out of the military after 12 yrs and I'm collecting unemployment checks while I'm in school. It's not a lot, but it helps with the bills. You should check with your state's Employment office and look into it. I believe there's a time frame for you to file, otherwise those benefits go away.

 

[NsXMas]

Wow, this is an amazing and inspirational story. Thank you for sharing!! It is very powerful.

I am extremely lucky to have a very successful career as an employee, but I think being self-employed is probably the best option for those who are motivated, business savvy, and can stomach the risk for doing something on their own.

I thought I would share a little bit of my personal history both for you who
have lost your job and those who might. It was May 9th 1983 @ 4:35pm
I was called into a high tech firm in Silicon Valley and told by the President of the company that I (Director of Mfctr and the VP were being let go). It was a sleazy move made by the President to appease the bank. It was the worse period of my life. My home was destroyed by a mudslide a month earlier.
The month before that my longterm girlfriend left to live in L.A.. That same month the engine blew on my RX-7. That same week I had to take my dog into the vet as someone (we never found out who) shot him. Tyhe above sounds like the making of a country song.

I decided that I would never work for anyone again. I would take this as a sign to change my life and use the hardship as the catalyst to make those changes. I had been toying with the idea of working for myself, but had never made the commitment. Within 5 years of that time I had developed
a chain of 16 retail stores spanning all of CA. The most money I had ever made working for someone else was in 1982 and it was $62K. In 1988
I made over $2MM.

My point, look at these times as opportunities to re-evaulate what you are doing. Do not get tunnel vision about having to scurry around and find the same position. Perhaps, now is the time to make some HUGE changes in your life and life is telling you as such.

Best of luck!

 

[Steven Allen]

I hear ya Steve. Trying to make a go at 3D printing as a business(Rapid Prototyping). Sucks not having paid benefits though since I have a family.

Being self-employed is not for everyone. You have to be willing to be self-disciplined, put in the hours and sometimes go without ANY compensation until it makes sense to pay yourself. However, a MAJOR benefit is that you have more control of your world. I was always terrible at corporate politics.
I just look for the best results and do not have any interest striving to undermine fellow employees to get ahead. I have had my ups and downs in the world I have created for myself. However, with all that in-mind I have been running my world for 30 years and I am proud of that.

 

[Nefarious]

Steven, I appreciate the response. I have said since I was in college in the mid 90's that I want to own my own business. I just have never been able to commit to a specific type of business. I often think about my hobbies as I know I would enjoy the work, but at the same time I look at the economy and see how many people are having to cut out extras which results in a failing business....if it were retail based. My wife and I have talked about buying into a franchise like subway and seeing where it takes us, then later open up something else we have more personal interest in, but the financial risk of putting our home up as collateral for an SBA loan scares us away. I know you have to take a risk as nothing is a sure thing, otherwise everyone would be doing it. Now could be that time if I can commit to a type of business.

NSXrebel, I filed for unemployment the day I was let go. I'm still waiting on their investigation to complete and decision to be made. I am however still processing my weekly claims so that once approved I'll get paid for the time. You are right that it is very little, but it is better than nothing.

 

[NSXrebel]

NSXrebel, I filed for unemployment the day I was let go. I'm still waiting on their investigation to complete and decision to be made. I am however still processing my weekly claims so that once approved I'll get paid for the time. You are right that it is very little, but it is better than nothing.

Dealing with CA EDD is a pain, specially having worked with the govt, everything has to be done through snail mail. I got denied when I first applied right when i got discharged. I appealed, and had to continue submitting my weekly claims. Even after I won my appeal it still took several weeks to finally get paid, but when I did, I got paid for the previous 2 months, which sucked because I had no income whatsoever and I had drained my savings.

 

[myw]

nefarious i am sorry to read about your story.

however in the end it may not be a bad thing; brighter days are indeed ahead.

mr steven allen; incredible story sir. thank you for sharing.

 

[myw]

+1 be prepared to give up all your time, have next to no life for the first few years; and get used to watching the sunrise every other morning while working away on your computer.

of course you get to pay your self only at the very very very VERY end, after you pay your contractors/employees in full first; even if you may have been compensated in by your own clients.

with all that said i would not have it any other way as come too from the other side of the world; where in a different lifetime i worked for an education, landed what i thought was my lifelong dreamjob; only to constantly wonder if there was more to life out there.

congrats mr allen.

Being self-employed is not for everyone. You have to be willing to be self-disciplined, put in the hours and sometimes go without ANY compensation until it makes sense to pay yourself. However, a MAJOR benefit is that you have more control of your world. I was always terrible at corporate politics.
I just look for the best results and do not have any interest striving to undermine fellow employees to get ahead. I have had my ups and downs in the world I have created for myself. However, with all that in-mind I have been running my world for 30 years and I am proud of that.

 

[jond]

My wife and I have talked about buying into a franchise like subway and seeing where it takes us, then later open up something else we have more personal interest in, but the financial risk of putting our home up as collateral for an SBA loan scares us away.

Buy used....
For not much more than the price of a used NSX, you can buy a franchise like a pizza shop, sub shop, gas station, etc.
There's probably 100 'gotchas', one of which is if you don't make profit year one, you need capital to lean back on.

 

[nsxotic911]

Buy used....
For not much more than the price of a used NSX, you can buy a franchise like a pizza shop, sub shop, gas station, etc.
There's probably 100 'gotchas', one of which is if you don't make profit year one, you need capital to lean back on.

Just a thought - I personally believe and have seen that an 'education' provides the most bang for the buck for not all, but 90%+ of the people. This is particularly true in the mid and especially the long term.

While going to school for 2 - 4 years (whether it's a bachelors or masters) seems like a long time, that time will 'go by anyway' and that 10K, 20K, 30K more per year over decades makes it very worthwhile. It gives you that slight edge over someone that does not.

I know this is easier said than done, but this is the time to think about that. When I 'almost' lost my job... I was studying heavily in brushing up my knowledge and skill set and it got me planning start a Masters. ... which I will apply for ... soon

 

[Aaron94T]

Just a thought - I personally believe and have seen that an 'education' provides the most bang for the buck for not all, but 90%+ of the people. This is particularly true in the mid and especially the long term.

I am not sure I agree with this. Education has become very expensive and the ROI is terrible IMHO. Undergrad educations costing $40k per year when kids come out making $40k a year are ridiculous. Some industries require a Masters or Doctorate but they are no the majority. Education is a noble pursuit but I do not believe it should be looked at as a way to make more money.

 

[robr]

I am not sure I agree with this. Education has become very expensive and the ROI is terrible IMHO. Undergrad educations costing $40k per year when kids come out making $40k a year are ridiculous. Some industries require a Masters or Doctorate but they are no the majority. Education is a noble pursuit but I do not believe it should be looked at as a way to make more money.

I have to agree. I see education as a way to open more doors, there are companies that require it and if you apply online for a job and say NO to a degree, your resume will never make it to a human. But will it pay for itself in the end? I guess it depends on the line of work you go into. If you're a tech guy, I don't think it will, I think where it's most valuable is if you're on the business side of things. You'll almost never see someone become a CXO of a decent sized company (500+) without an MBA unless he is one of the founders. CTO may possibly be an exception to that. But if you don't aspire to that kind of role, and are more of a tech guy, then you might be better off with industry certifications rather than a degree (ie PMP, CCNE, etc).

 

[shawn110975]

well atleast apply for unemployment. you may be denied for the 10,000 reason why you cant get it. but its retroactive so
if and when your accepted you get back pay.

so you lost your job 1 year ago, but applied for unemployment but was denied then your finally accepted a year later you get a check in the mail for 50-60K depending on your status etc.

so apply now. so you can get the back pay when you do get it.

this is what I have been told by a few people. knowledge is everything.

goodluck

 

[PoohBEAR]

really?

well atleast apply for unemployment. you may be denied for the 10,000 reason why you cant get it. but its retroactive so
if and when your accepted you get back pay.

so you lost your job 1 year ago, but applied for unemployment but was denied then your finally accepted a year later you get a check in the mail for 50-60K depending on your status etc.

so apply now. so you can get the back pay when you do get it.

this is what I have been told by a few people. knowledge is everything.

goodluck

 

[NSXrebel]

really?

yes, really. I got denied, and got back pay for the previous 2 months I wasn't receiving pay. You MUST apply asap of course, and continue to submit your weekly claims, otherwise you lose out.

 

[Nefarious]

I submitted for my unemployment 3 weeks ago and it is still pending approval. I have kept up with submitting claims weekly. Hoping the approval comes through soon.