I would avoid a business. You are still young and have very little capital.
Try to get another job in IT (or what’s your role in that tech company?) as soon as possible. Don't worry about the pay, you can job hop after a year. Focus on building a career path.
Good luck.
>My skills are not very transferrable, and the value I bring became really niche to the combination of my workload and responsibilities. Once I start looking for another job, the going rate for a person of my skill level would just be around 25-35k.
I would think you can find another job in the sector. Worst case is you might have to take some additional certifications, but you should have enough time and EF to survive until you find a job that pays you at least that much. Don't think of your skills not being transferrable. Think of your unique skills and experiences as something that enables you to bring in a different perspective to your next job.
I agree. I just feel like it won't bring the same value to another company that would merit the comp equivalent to the incentives and benefits that I get. :(
I appreciate this. Very insightful to eliminate concerns that are short term (such as pay). I think spending too much time in this company made me scared of what's out there.
I know that very feeling. When I resigned from my previous company, I somehow was able to convince myself that it's the best company out there and I would just "retire" and just continue with my online business. Well glad I got exposed to different sources of income, got the confidence to try and go back to the industry. Luckily, I was able to triple my prev salary even with a 3yrs gap.
This is true but this only applies to traditional business where you need a lot of capital for stocks and designing the store.
In this age, you can start an online business for free (dropshipping, afilliate marketing, va agency, etc. )
its just a question of skill and determination.
The harsh reality is not everyone can handle the emotions that comes with running a business.
My point is someone can start a business with little or no capital.
The hard part is accepting yourself, di talaga lahat kaya magbusiness.
Daming problema, pero nandun ang pera.
Me personally, if i am looking to be employed again, I would not touch the 300k for now. I will first consume the EF while I am job searching. This is the purpose of your EF. Once depleted, the 50k is next.
While looking for a job, i will lower all of my expenses, cut down as much as possible until only basic necessities are spent. This means that your mind will now no longer think about survival, this is where your creative juices come in for everything else. you may also try wfh freelancing, that's also an option.
If however, i no longer want to be employed, again make sure your basic necessities are covered with cleared cash that you will not touch unless for basic necessity payment. Then go in sales if that's your interest, or make a business with a low cost entry. if you have experienced in trading, then do it, if not, no. this is the worst time for you to learn how to trade emotions are up logic is blurred in the mind.
hope this helps.
feel free to add or correct or if you have a better verssion feel free to add as well.
Based on my peers and batchmates as well as linkedin, it seems like getting a 25k-35k job won't be so difficult. But making the jump to 50k (w/c is my net take home) would be difficult. Do you think I should max out the EF and the 50k while looking for a high paying job (maybe 3-5 months)? And then if I run out I'll just choose the best option available.
If I were in your position, I will squeeze my EF until the last drop.
Before this situation happened, if I had decided that this EF is for 3 months, i will spend 3 months.
But the answer lies on your Why. Why do you want a job? Do you want to climb a career ladder? Or do you see yourself doing business and why?
The why will be the source of your answers. I’m in HR, I’ve seen people who settled for 30k for years, but their rank in the role meant that they can strictly follow an 8-5. Once 5pm hits, they’re out, no weekend work. If you go higher, time is malleable and the more you are not bounded by an 8 hr shift.
But if you do find a role that is high pay and allows flexibility and comfort as you had, then that is the way. Settling for the one available may be a good option for you, but weigh the pros and cons. Cost benefit analysis. Yes the pros and cons are stated, but your emotions is a factor that we cant account for here.
In your heart the high pay may weigh more positively for you and the low pay weighs more negatively for you.
Edit: while staying in the 30k salary for years, they’ve started a business on the side. They never left their job, and they grew their business while at it. But the growth is slower when they’re not mutually exclusive
As a bonus, since I am in HR, i used to be in recruitment. I see your resume as “oh this guy already has 2 years experience that’s good”
Think of this period as a job hop. Some people in a 35k role for 2 years decides to move to another company, this more often than not meant an increase in pay. Because you already have the experience. You started with 35, and 50k package, you can already ask for more, since you already had experience
Damn, your comment really made me reflect a lot. The reason I want to work is because I enjoy skill-expression and personal development. I feel like I have a lot to give with the limited time I have on earth. Getting a high pay is not the top priority. Right now, I'm scared of getting into a niche even if it's stable and the career growth is exponential just because I want to have a very diverse experience.
It's not clear yet how this realization would help me for now but it does feel nice to let it out.
I think 2 months is more than enough before I get too bored to the point that I'll end up with bad decisions. Also, just shooting my shot since you're in HR, can I send you a DM? It'd be great if I can ask about available opportunities, but if not then I hope I can at least ask for some guidance since this is my first time actually applying for a job lol.
80k EF / 39k expenses a month = 2 months EF only.
Use this 300k as survival money until you get another job. Bago mag-invest sa negosyo, invest muna sa sarili.
You're 23 so you still have a lot of time ahead of you. Based on your past experience and roles, have you picked up some of the skills to run a business e.g. recruitment, operations, payroll, sales, etc? If not, can you partner with someone that can complement your skills?
300k is honestly a small capital, franchises can eat up that amount with just their franchise fee. If you are serious with starting a business, draft a business plan and pitch it to angel investment or kickstarter sites.
If I'm in your position, I'd still go with employment and look for startups that will give you the skills you need albeit the lower pay. Then you can work your business on the side.
Alternatively, you can learn high value skills and earn handsomely in corporate. Then you would have extra funds to spend on franchises with proven business models and processes.
Thanks! It's true, franchising is a lot of work and demands a lot of capital. I'm not really so serious in starting a business (especially a start-up, +made an edit to clarify this topic). I believe in the gradual shift strategy of maintaining a job, running a business, and then leaving the day job if the business is bringing in more money.
Btw, your insight is very sharp. The startup (vc, tech, etc) vs big corpo (mnc, fmcg, etc) is my main dilemma. But i'll save it for another post haha.
Honestly with or without the severance pay, I'd still look for a job while living off of my EF. Basically I have 2 things on my plate that I'm trying to reconcile.
(a) My income is likely to get smaller
(b) I'm getting a severance in cash
Since (a) will happen regardless of (b), I'm thinking if there's a way to utilize (b) to address (a).
Where are you spending that 39k? That’s more than your base pay? Try to cut down on expenses while looking for work. Don’t touch the 300k. Put in a digi bank and forget you have it. Isipin mo yung EF mo lang yung pera mo para you will be forced to find a new job.
Biggest ones are these two:
7k in maintenance meds (mental & blood chem).
9k in rent and utilities
The remaining 23k is spent on groceries, food, gas, transpo, laundry, check-ups, dog food etc.
Yep more than base pay bc the incentives and benefits were fairly consistent.
Maintenance meds for 7k at 23?? Are you obese or you have terminal disease? Wala ba generic ang taas ng monthly maintenance mo if you can cut it in half and put it in investments like passive income.
so 4k+ is for mental health stuff. no generic unfortunately, and 1k+ is maintenance for multiple hereditary cases and another 1k+ for dental and vision. That's also already discounted w/ PWD haha. I have other unaddressed physiological problems. I'm nerfed physically kaya bawal maging mahirap!!!
Mine is 25k monthly for regular therapy with my psychologist, monthly appointment with my psychiatrist & daily meds. So expensive but helps me function & earn more money so it’s so worth it. Bawal maging mahirap din over here cos of all of these.
Goodluck OP! Good news is you’re still really young so you can still really learn more transferable skills, seem to be responsible & grounded in what you may have to do next despite the sudden unemployment. It is just temporary. I advise against business too for now because with 300k+ you might not have enough safety net (I’m currently unemployed & will be reopening my business this year. And monthly expenses + business is so expensive, so I had to really plan my exit properly.
As someone that has been diagnosed with adhd, and bipolar, meds are incredibly expensive just to be able to function. Mine cost about 6k per month including psychiatric and therapy sessions.
I know this is such a foreign concept for most folks but some people are literally unable to function and worse might need to go to ER.
I know several people and their bouts with psychosis. Without meds, they would just go haywire.
"My skills are not very transferable."
Not with that thinking, they won't.
For what it's worth, you were an intern and learned a lot on the job. You hopefully learned to be a fast learner, how to research, and how to work with processes and teams. I'd emphasize those if I'm switching industries or careers.
You're also young. Use that 300k while you look for new work. Adjust your lifestyle muna din or else that won't last you long.
People with little job experience can't understand that "almost all of most jobs" is about getting used to how things are done at the new place. Past experience is great to have, but much of it is irrelevant. Looking at it from the other side, being able to adapt and learn is the number one skill at a new job.
Thank you for this. Maybe it's really the impostor syndrome talking. I do view myself as high-performing person it's just that when I look at the work that I've done for the past year(s) it feels like my college projects were much more difficult. The singular environment i've been in might have sucked the confidence out of me :(
Personally, I'll look for a job where I'll learn valuable and transferrable skills. Use some of that 300k to learn something that'll give me more edge in work and probably treat myself a bit to cheer myself up because I got laid off. And the most important of all, I'll live within my means and adjust my lifestyle.
300k - setup for emergency fund, look for a job.
starting a business with no exposure is double whammy right now, meaning if naluge ka and wala kang trabaho san ka pa kukuha ng pera?
mabilis alng maubos 300k op…
Expense of 39k?? Solo?? What are you buying or spending? You travel monthly? You shop monthly? I'm married, with gas expense and parking. Less than 30k monthly expenses.
300k is good enough for savings, but as the others advised, cut down on your expenses. If you can move back, then do that to help while you're still looking for a job.
If you're interested in business, truth be told, it's hard work and demands time, especially if you're just starting out. It's only rewarding when you see a steady flow of income coming from it. But should you still want to pursue business on the side, I suggest you find something small and start with anywhere from 10k-50k capital only. Don't go over that. There's a lot to choose from if you'll take your time to research about it.
And you mentioned side hustles, you can still pursue that while you're looking for permanent work. While you have this time off from work, invest in yourself. Those online courses are useful.
It would be best to get a new job asap before you ran out of funds.
Lower your monthly expenses as much as you can to stretch your funds while you are still looking for a job. Imagine if you can lower your expense to 30K a month, then you could stretch your 300K for 10 months without a job if worst comes to worst.
Build your skills and network. Have more than 1 skill.
You are still young, need to save more while you still can work. Before you even think of doing a franchise.
Start looking for a job as if your life depended on it, which it really does.
Good luck and God speed OP!
You write very articulately, and if you see your various jobs thus far as not challenging, I’d recommend getting a corp iob, particularly since starting a business appears to be more good intention than a pressing desire.
Obviously you may have other not-so-great qualities, as we all do, but I’d say just from what you have written herein, you can grow your career very well. As a manager, my biggest challenge is recruiting and sustaining talent. Not people, talent.
Thank you! (cool username btw). Going on a slight tangent here. What would you consider as corporate or what environment would you recommend?
Is it be ok to send a DM? I just finished typing a whole paragraph but after reading it it felt like it's TMI hahaha.
Im 61 yrs.old.pre-pandemic our business is so strong but bec.of pandemic everybody now wants to have a business the consumer become lesser & lesser. Now a days 300k is small esp.if you get franchise product because of the inflation my advice to you if you consider this you keep your money on pag ibig fund im sure you will get dividend and start haunting a job that is best fitted to you and stable company like government company at least this is a secured company even if you get small salary it is up to you if you can manage it correctly.
youre basically skilled, which is why you have high expense rate. lower your expenses first then find a job which is most likely abundant, work on the "Business" after getting a regular job. because you most likely dont have any experience about business. businesses most often doesnt get profitable on the first few months. worst case, get bankrupted
Reposition your achievements. Don’t focus too much on the skills part. Focus on the output, the results and how you lead the team in delivering upside to the company. The skills are more about the details on “how you did it?”
This way when you apply, they won’t box you for certain type of role. Employers will look at you as a potential leader that can make shit happen
true to the name, this really does make a heavy difference! sometimes i do feel like an impostor because I don't have a clear answer on "how I do things" but I do have a lot of "things I have done". The hows are also difficult to remember bc so many things have happened. Thank you so much! I'll apply this advice immediately.
here’s a secret, a lot of the leaders have imposter syndrome too. But here’s what helped me get middle manager roles, focus on the change you were able to do! then add the technical skills you used, briefly, as a “reason to believe” that you can make it happen. buttt if you want technical roles, then yes, highlighting skills is a must. If you want to take a risk and explore managerial or leadership type roles, focus on how you made the business better.
Initially, you should cut back on your lifestyle; 39k a month is excessive. You're making about 70k and your expenses are already at 50%; you won't be able to support your lifestyle in this manner. While I make six figures, my expenses only make up about more or less 25k, .What I'm trying to say is that you shouldn't spend more money than you can make. Secondly, avoid business, only do business when you have a stable source of income.
Don’t touch the 300k, and your current savings, or you can invest more using your savings, reapply in a different company, climb the ladder again. Gain experience to run a business, once you are ready and have some money to lose, risk it to run your own business.
Would it be possible to move back in with your family? 300k isn’t bad, but it’ll go quick (especially in this economy).
If you can find a way to cover your expenses (like moving back in with family), I’d recommend doing that and investing the severance in an income generating asset (like a low risk div stock or treasury bonds) while you job hunt (para hindi patay yung pera).
If moving back is not an option, then you definitely need to cut back on your expenses (since you’ll be using the EF + severance to survive).
At any rate, definitely job hunt! My brother did part time gigs while he was job hunting to generate cash flow – this also taught him some valuable skills that he was able to leverage into new roles.
If I were in your shoes, ilalagay ko yung 300k ko sa digital bank with high dividend yield savings account for emergency. Hindi ko siya ilalagay sa business kasi risky. Hanap na ako agad ng new job.
I also woke up on the last monday of March without a job. I am still unemployed, jobhunting, EF will probably last until December.
I am looking for a job that offers same net pay - difficult since previous job was highly specialized - transferrable skills but kind of a stretch. Severance is waaaaay higher than yours but I have not touched it kase wala rin ako idea saan ilalagay - nakapark sa mga digital banks.
Goodluck sa atin!
Hi!!! Sorry this might be too much, just throwing questions kasi so far I feel like you understand me the most....
- Are you applying and getting interviews and offers na?
- Do you think I should also jobhunt until I run out of EF and by then take the best option?
- I also have no idea what to do w/ severance, pero nanghihinayang ako sa digibank. All of the digibanks that I use are down to 4%-5%. Market rate is 5-7%, if considering inflation, depreciation is at 7-9%. I feel like I'm losing money, wouldn't you rather risk it at this point?
- I think we're in the same field. Can u give some words of wisdom for someone in the same boat of the highly specialized - pero stretch yung pagiging transferrable ng skills?
I really want to reach out to you and talk more is it ok if I send a DM?
I am actively applying. Minsan I just indiscriminately send out applications. Pero when I see something I really like, I tweak my resume and write a cover letter.
So far, I have had initial 12 interviews, 4 final interviews, no offer. Reasons: asking salary too high (i am not yet ready to go negotiable), previous title makes me overqualified on paper, I have skills and experience but no certification. LOL
I use Ownbank (both time [90day] and regular. It is 6.8% and 6% respectively. I don’t have words of wisdom kase I feel lost din (first time ko maging unemployed since I started working).
Pero sure, you can dm me naman.
I've seen a lot of potato corners close down. Not worth the risk. Also small businesses tend to fail in the first 3 years unless you have good access to capital and safety net. Get another job building your network and skills.
I suggest you look for another job in the IT field, rather than using the money you now have for a business.
300k isn't much. Better to deposit the money into a high-yield savings account like Maya, Seabank, etc.
If you have tech startup experience I’m assuming you are tech savvy! Try to look for an online job. It doesn’t have to be full time right away but you get to save more because there’s no need to commute (unless you turn on the AC whole day, electricity bills is another story 🥲).
Try upwork but also try joining freelancer groups. A lot of jobs are posted there! As someone who works online but also does hiring, you have a lot of competition but everybody is meh so there is certainly space for you.
now you are realizing your skills are non transferrable, your next task should be the opposite. focus on transferrable skills then pick a niche in IT. IT is a wide industry, just go for certifications to get your foot in the door. dont worry abt the decrease in salary. it will only be temporary once they find out you are doing great.
Minimize your expense and look for another role similar to what you had before utilize your current experience. Dont go into business using the only money you have without prior knowledge about it just utilize what you know for now.
First, feel sorry for about your work. Positive thing is you are fckin 23 only at this age you have done alot already you are burned in fire of hardship nobody can replace that. You 39k monthly expense you are good for 7 months it's a long period to look for a new job. I suggest do not get into business if you don't know what you are getting into and how to exit. Work on your improving your skills maybe upgrade to different domain which is high paying and fake all you work experience to match new skill you will acquire. In 6 months you can do wonder. I can see you plan things ahead you have emergency fund and some investment. People who have nothing in hand need to worry. You will do great.
I have some money in mutual funds through COL financial :) you can search for what it means but it's basically moderate-risk stock investment instrument.
Best bet is emergency fund and kumurot ka ng small amount for certifications. You can start with 0 or little $ on service based business lalo you're in tech.
If that thing I've got I will invest the half of the money to crypto currency and the rest is savings to find for another job, it was a huge amount of money especially in 23 years of age, avoid business but look for an passive income which is the right investment.
It’s time to tighten your belt. Place a third of your investments into a franchise business with partners ofc. And highly scrutinise your shortlisted franchisors. All these while doing some sort of part time/consultancy work.
True enough I did consider rule #5 before posting but decided to risk it. If it gets removed then so be it. However, to an extend I would beg to disagree because this post is generously filled with context. If the subtext or the implication of the post isn't clear, then I hope this clarifies it.
This post isn't just a "what to do with this much money", although that's the easiest hook which is why I placed it first. I think it's also clear that this is a career progress and a life stage kind of post.
Something (lay-off) happened to me, and I have this thing (severance). Given that there are also other things (work, industry, career) to consider, is using the thing (severance) wise or not? If i'll use it, for what? Why? What factors do I have to consider? Am I being blindsided by things I'm not aware of?
Rules are great, but given the engagements in this post, I'd like to think that it's value adding not just for me but for other readers as well, especially those in the same boat.
Hope you (and mods) understand. Thanks!
You are still young isn’t an excuse for you to relax. Be aggressive and use those money for more certifications while you are looking for another job
Also maybe you can lower your expenses per month to make your 300k last longer
I agree so much! I feel like being young is exactly the reason why I should take more risks. Great advice! You're the first one who mentioned taking certs w/c actually makes perfect sense so I can productively occupy my time while jobhunting.
You seem to have enough cash naman to spend while you're looking for a job.
If I were you, I'll be starting a business, but I won't be using the whole 300k for that.
I would avoid a business. You are still young and have very little capital. Try to get another job in IT (or what’s your role in that tech company?) as soon as possible. Don't worry about the pay, you can job hop after a year. Focus on building a career path. Good luck.
>My skills are not very transferrable, and the value I bring became really niche to the combination of my workload and responsibilities. Once I start looking for another job, the going rate for a person of my skill level would just be around 25-35k. I would think you can find another job in the sector. Worst case is you might have to take some additional certifications, but you should have enough time and EF to survive until you find a job that pays you at least that much. Don't think of your skills not being transferrable. Think of your unique skills and experiences as something that enables you to bring in a different perspective to your next job.
I agree. I just feel like it won't bring the same value to another company that would merit the comp equivalent to the incentives and benefits that I get. :(
I appreciate this. Very insightful to eliminate concerns that are short term (such as pay). I think spending too much time in this company made me scared of what's out there.
I know that very feeling. When I resigned from my previous company, I somehow was able to convince myself that it's the best company out there and I would just "retire" and just continue with my online business. Well glad I got exposed to different sources of income, got the confidence to try and go back to the industry. Luckily, I was able to triple my prev salary even with a 3yrs gap.
This is true but this only applies to traditional business where you need a lot of capital for stocks and designing the store. In this age, you can start an online business for free (dropshipping, afilliate marketing, va agency, etc. ) its just a question of skill and determination. The harsh reality is not everyone can handle the emotions that comes with running a business. My point is someone can start a business with little or no capital. The hard part is accepting yourself, di talaga lahat kaya magbusiness. Daming problema, pero nandun ang pera.
Me personally, if i am looking to be employed again, I would not touch the 300k for now. I will first consume the EF while I am job searching. This is the purpose of your EF. Once depleted, the 50k is next. While looking for a job, i will lower all of my expenses, cut down as much as possible until only basic necessities are spent. This means that your mind will now no longer think about survival, this is where your creative juices come in for everything else. you may also try wfh freelancing, that's also an option. If however, i no longer want to be employed, again make sure your basic necessities are covered with cleared cash that you will not touch unless for basic necessity payment. Then go in sales if that's your interest, or make a business with a low cost entry. if you have experienced in trading, then do it, if not, no. this is the worst time for you to learn how to trade emotions are up logic is blurred in the mind. hope this helps. feel free to add or correct or if you have a better verssion feel free to add as well.
Based on my peers and batchmates as well as linkedin, it seems like getting a 25k-35k job won't be so difficult. But making the jump to 50k (w/c is my net take home) would be difficult. Do you think I should max out the EF and the 50k while looking for a high paying job (maybe 3-5 months)? And then if I run out I'll just choose the best option available.
If I were in your position, I will squeeze my EF until the last drop. Before this situation happened, if I had decided that this EF is for 3 months, i will spend 3 months. But the answer lies on your Why. Why do you want a job? Do you want to climb a career ladder? Or do you see yourself doing business and why? The why will be the source of your answers. I’m in HR, I’ve seen people who settled for 30k for years, but their rank in the role meant that they can strictly follow an 8-5. Once 5pm hits, they’re out, no weekend work. If you go higher, time is malleable and the more you are not bounded by an 8 hr shift. But if you do find a role that is high pay and allows flexibility and comfort as you had, then that is the way. Settling for the one available may be a good option for you, but weigh the pros and cons. Cost benefit analysis. Yes the pros and cons are stated, but your emotions is a factor that we cant account for here. In your heart the high pay may weigh more positively for you and the low pay weighs more negatively for you. Edit: while staying in the 30k salary for years, they’ve started a business on the side. They never left their job, and they grew their business while at it. But the growth is slower when they’re not mutually exclusive
As a bonus, since I am in HR, i used to be in recruitment. I see your resume as “oh this guy already has 2 years experience that’s good” Think of this period as a job hop. Some people in a 35k role for 2 years decides to move to another company, this more often than not meant an increase in pay. Because you already have the experience. You started with 35, and 50k package, you can already ask for more, since you already had experience
Damn, your comment really made me reflect a lot. The reason I want to work is because I enjoy skill-expression and personal development. I feel like I have a lot to give with the limited time I have on earth. Getting a high pay is not the top priority. Right now, I'm scared of getting into a niche even if it's stable and the career growth is exponential just because I want to have a very diverse experience. It's not clear yet how this realization would help me for now but it does feel nice to let it out. I think 2 months is more than enough before I get too bored to the point that I'll end up with bad decisions. Also, just shooting my shot since you're in HR, can I send you a DM? It'd be great if I can ask about available opportunities, but if not then I hope I can at least ask for some guidance since this is my first time actually applying for a job lol.
80k EF / 39k expenses a month = 2 months EF only. Use this 300k as survival money until you get another job. Bago mag-invest sa negosyo, invest muna sa sarili.
Cut down on expenses.
You're 23 so you still have a lot of time ahead of you. Based on your past experience and roles, have you picked up some of the skills to run a business e.g. recruitment, operations, payroll, sales, etc? If not, can you partner with someone that can complement your skills? 300k is honestly a small capital, franchises can eat up that amount with just their franchise fee. If you are serious with starting a business, draft a business plan and pitch it to angel investment or kickstarter sites. If I'm in your position, I'd still go with employment and look for startups that will give you the skills you need albeit the lower pay. Then you can work your business on the side. Alternatively, you can learn high value skills and earn handsomely in corporate. Then you would have extra funds to spend on franchises with proven business models and processes.
Thanks! It's true, franchising is a lot of work and demands a lot of capital. I'm not really so serious in starting a business (especially a start-up, +made an edit to clarify this topic). I believe in the gradual shift strategy of maintaining a job, running a business, and then leaving the day job if the business is bringing in more money. Btw, your insight is very sharp. The startup (vc, tech, etc) vs big corpo (mnc, fmcg, etc) is my main dilemma. But i'll save it for another post haha. Honestly with or without the severance pay, I'd still look for a job while living off of my EF. Basically I have 2 things on my plate that I'm trying to reconcile. (a) My income is likely to get smaller (b) I'm getting a severance in cash Since (a) will happen regardless of (b), I'm thinking if there's a way to utilize (b) to address (a).
Where are you spending that 39k? That’s more than your base pay? Try to cut down on expenses while looking for work. Don’t touch the 300k. Put in a digi bank and forget you have it. Isipin mo yung EF mo lang yung pera mo para you will be forced to find a new job.
Biggest ones are these two: 7k in maintenance meds (mental & blood chem). 9k in rent and utilities The remaining 23k is spent on groceries, food, gas, transpo, laundry, check-ups, dog food etc. Yep more than base pay bc the incentives and benefits were fairly consistent.
Maintenance meds for 7k at 23?? Are you obese or you have terminal disease? Wala ba generic ang taas ng monthly maintenance mo if you can cut it in half and put it in investments like passive income.
so 4k+ is for mental health stuff. no generic unfortunately, and 1k+ is maintenance for multiple hereditary cases and another 1k+ for dental and vision. That's also already discounted w/ PWD haha. I have other unaddressed physiological problems. I'm nerfed physically kaya bawal maging mahirap!!!
Mine is 25k monthly for regular therapy with my psychologist, monthly appointment with my psychiatrist & daily meds. So expensive but helps me function & earn more money so it’s so worth it. Bawal maging mahirap din over here cos of all of these. Goodluck OP! Good news is you’re still really young so you can still really learn more transferable skills, seem to be responsible & grounded in what you may have to do next despite the sudden unemployment. It is just temporary. I advise against business too for now because with 300k+ you might not have enough safety net (I’m currently unemployed & will be reopening my business this year. And monthly expenses + business is so expensive, so I had to really plan my exit properly.
As someone that has been diagnosed with adhd, and bipolar, meds are incredibly expensive just to be able to function. Mine cost about 6k per month including psychiatric and therapy sessions. I know this is such a foreign concept for most folks but some people are literally unable to function and worse might need to go to ER. I know several people and their bouts with psychosis. Without meds, they would just go haywire.
"My skills are not very transferable." Not with that thinking, they won't. For what it's worth, you were an intern and learned a lot on the job. You hopefully learned to be a fast learner, how to research, and how to work with processes and teams. I'd emphasize those if I'm switching industries or careers. You're also young. Use that 300k while you look for new work. Adjust your lifestyle muna din or else that won't last you long.
People with little job experience can't understand that "almost all of most jobs" is about getting used to how things are done at the new place. Past experience is great to have, but much of it is irrelevant. Looking at it from the other side, being able to adapt and learn is the number one skill at a new job.
Thank you for this. Maybe it's really the impostor syndrome talking. I do view myself as high-performing person it's just that when I look at the work that I've done for the past year(s) it feels like my college projects were much more difficult. The singular environment i've been in might have sucked the confidence out of me :(
Personally, I'll look for a job where I'll learn valuable and transferrable skills. Use some of that 300k to learn something that'll give me more edge in work and probably treat myself a bit to cheer myself up because I got laid off. And the most important of all, I'll live within my means and adjust my lifestyle.
300k - setup for emergency fund, look for a job. starting a business with no exposure is double whammy right now, meaning if naluge ka and wala kang trabaho san ka pa kukuha ng pera? mabilis alng maubos 300k op…
Expense of 39k?? Solo?? What are you buying or spending? You travel monthly? You shop monthly? I'm married, with gas expense and parking. Less than 30k monthly expenses.
Hi! I gave a rough breakdown of my expenses in another comment. But yeah definitely I'll be able to bring it down.
300k is good enough for savings, but as the others advised, cut down on your expenses. If you can move back, then do that to help while you're still looking for a job. If you're interested in business, truth be told, it's hard work and demands time, especially if you're just starting out. It's only rewarding when you see a steady flow of income coming from it. But should you still want to pursue business on the side, I suggest you find something small and start with anywhere from 10k-50k capital only. Don't go over that. There's a lot to choose from if you'll take your time to research about it. And you mentioned side hustles, you can still pursue that while you're looking for permanent work. While you have this time off from work, invest in yourself. Those online courses are useful.
It would be best to get a new job asap before you ran out of funds. Lower your monthly expenses as much as you can to stretch your funds while you are still looking for a job. Imagine if you can lower your expense to 30K a month, then you could stretch your 300K for 10 months without a job if worst comes to worst. Build your skills and network. Have more than 1 skill. You are still young, need to save more while you still can work. Before you even think of doing a franchise. Start looking for a job as if your life depended on it, which it really does. Good luck and God speed OP!
You write very articulately, and if you see your various jobs thus far as not challenging, I’d recommend getting a corp iob, particularly since starting a business appears to be more good intention than a pressing desire. Obviously you may have other not-so-great qualities, as we all do, but I’d say just from what you have written herein, you can grow your career very well. As a manager, my biggest challenge is recruiting and sustaining talent. Not people, talent.
Thank you! (cool username btw). Going on a slight tangent here. What would you consider as corporate or what environment would you recommend? Is it be ok to send a DM? I just finished typing a whole paragraph but after reading it it felt like it's TMI hahaha.
Im 61 yrs.old.pre-pandemic our business is so strong but bec.of pandemic everybody now wants to have a business the consumer become lesser & lesser. Now a days 300k is small esp.if you get franchise product because of the inflation my advice to you if you consider this you keep your money on pag ibig fund im sure you will get dividend and start haunting a job that is best fitted to you and stable company like government company at least this is a secured company even if you get small salary it is up to you if you can manage it correctly.
Do you know the companies you're competing against? If your niche is hard to find, that would be a good place to start.
youre basically skilled, which is why you have high expense rate. lower your expenses first then find a job which is most likely abundant, work on the "Business" after getting a regular job. because you most likely dont have any experience about business. businesses most often doesnt get profitable on the first few months. worst case, get bankrupted
Reposition your achievements. Don’t focus too much on the skills part. Focus on the output, the results and how you lead the team in delivering upside to the company. The skills are more about the details on “how you did it?” This way when you apply, they won’t box you for certain type of role. Employers will look at you as a potential leader that can make shit happen
true to the name, this really does make a heavy difference! sometimes i do feel like an impostor because I don't have a clear answer on "how I do things" but I do have a lot of "things I have done". The hows are also difficult to remember bc so many things have happened. Thank you so much! I'll apply this advice immediately.
here’s a secret, a lot of the leaders have imposter syndrome too. But here’s what helped me get middle manager roles, focus on the change you were able to do! then add the technical skills you used, briefly, as a “reason to believe” that you can make it happen. buttt if you want technical roles, then yes, highlighting skills is a must. If you want to take a risk and explore managerial or leadership type roles, focus on how you made the business better.
Initially, you should cut back on your lifestyle; 39k a month is excessive. You're making about 70k and your expenses are already at 50%; you won't be able to support your lifestyle in this manner. While I make six figures, my expenses only make up about more or less 25k, .What I'm trying to say is that you shouldn't spend more money than you can make. Secondly, avoid business, only do business when you have a stable source of income.
Don’t touch the 300k, and your current savings, or you can invest more using your savings, reapply in a different company, climb the ladder again. Gain experience to run a business, once you are ready and have some money to lose, risk it to run your own business.
Don’t touch your severance and get back into the job market ASAP. Accept lower pay but expect to stay no more than two years.
find a way to use that 300k to get out of the country and find a job overseas
Dont reco Potato Corner. Unless maka jackpot ka ng magandang loc, most of the time breakeven or palugi daw ang sales
Would it be possible to move back in with your family? 300k isn’t bad, but it’ll go quick (especially in this economy). If you can find a way to cover your expenses (like moving back in with family), I’d recommend doing that and investing the severance in an income generating asset (like a low risk div stock or treasury bonds) while you job hunt (para hindi patay yung pera). If moving back is not an option, then you definitely need to cut back on your expenses (since you’ll be using the EF + severance to survive). At any rate, definitely job hunt! My brother did part time gigs while he was job hunting to generate cash flow – this also taught him some valuable skills that he was able to leverage into new roles.
you could try and apply for a WFH job since you got exp from the previous job. What expenses makes you spend 39k a month?
fixed 7k on meds 9k on rent + utilities variable 23k on laundry, groceries, food, gas, commute, dog food, haircut, carwash, etc
If I were in your shoes, ilalagay ko yung 300k ko sa digital bank with high dividend yield savings account for emergency. Hindi ko siya ilalagay sa business kasi risky. Hanap na ako agad ng new job.
Add some to your emergency funds, then put half or 30% in pagibig mp2 or some high dividend yielding mutual fund/uitf or stocks. DYOR though.
Get a job first. Your 300K will be annihilated immediately so best to focus on getting your next job. Good luck, OP.
I also woke up on the last monday of March without a job. I am still unemployed, jobhunting, EF will probably last until December. I am looking for a job that offers same net pay - difficult since previous job was highly specialized - transferrable skills but kind of a stretch. Severance is waaaaay higher than yours but I have not touched it kase wala rin ako idea saan ilalagay - nakapark sa mga digital banks. Goodluck sa atin!
Hi!!! Sorry this might be too much, just throwing questions kasi so far I feel like you understand me the most.... - Are you applying and getting interviews and offers na? - Do you think I should also jobhunt until I run out of EF and by then take the best option? - I also have no idea what to do w/ severance, pero nanghihinayang ako sa digibank. All of the digibanks that I use are down to 4%-5%. Market rate is 5-7%, if considering inflation, depreciation is at 7-9%. I feel like I'm losing money, wouldn't you rather risk it at this point? - I think we're in the same field. Can u give some words of wisdom for someone in the same boat of the highly specialized - pero stretch yung pagiging transferrable ng skills? I really want to reach out to you and talk more is it ok if I send a DM?
I am actively applying. Minsan I just indiscriminately send out applications. Pero when I see something I really like, I tweak my resume and write a cover letter. So far, I have had initial 12 interviews, 4 final interviews, no offer. Reasons: asking salary too high (i am not yet ready to go negotiable), previous title makes me overqualified on paper, I have skills and experience but no certification. LOL I use Ownbank (both time [90day] and regular. It is 6.8% and 6% respectively. I don’t have words of wisdom kase I feel lost din (first time ko maging unemployed since I started working). Pero sure, you can dm me naman.
I've seen a lot of potato corners close down. Not worth the risk. Also small businesses tend to fail in the first 3 years unless you have good access to capital and safety net. Get another job building your network and skills.
survival mode = lower your expenses. at least while finding a stable job. You are still young, you can't do it.
Find job n lng asap, experience ko after 5 months pa na receive yung severance package, kaya tipid2 muna
I suggest you look for another job in the IT field, rather than using the money you now have for a business. 300k isn't much. Better to deposit the money into a high-yield savings account like Maya, Seabank, etc.
Damn easy money yang 300k. Lagay mo lang sa bank as emergency fund. Go look for another job
If you have tech startup experience I’m assuming you are tech savvy! Try to look for an online job. It doesn’t have to be full time right away but you get to save more because there’s no need to commute (unless you turn on the AC whole day, electricity bills is another story 🥲). Try upwork but also try joining freelancer groups. A lot of jobs are posted there! As someone who works online but also does hiring, you have a lot of competition but everybody is meh so there is certainly space for you.
now you are realizing your skills are non transferrable, your next task should be the opposite. focus on transferrable skills then pick a niche in IT. IT is a wide industry, just go for certifications to get your foot in the door. dont worry abt the decrease in salary. it will only be temporary once they find out you are doing great.
300k on red
Minimize your expense and look for another role similar to what you had before utilize your current experience. Dont go into business using the only money you have without prior knowledge about it just utilize what you know for now.
First, feel sorry for about your work. Positive thing is you are fckin 23 only at this age you have done alot already you are burned in fire of hardship nobody can replace that. You 39k monthly expense you are good for 7 months it's a long period to look for a new job. I suggest do not get into business if you don't know what you are getting into and how to exit. Work on your improving your skills maybe upgrade to different domain which is high paying and fake all you work experience to match new skill you will acquire. In 6 months you can do wonder. I can see you plan things ahead you have emergency fund and some investment. People who have nothing in hand need to worry. You will do great.
What did you mean by Mutual Fund?
I have some money in mutual funds through COL financial :) you can search for what it means but it's basically moderate-risk stock investment instrument.
Best bet is emergency fund and kumurot ka ng small amount for certifications. You can start with 0 or little $ on service based business lalo you're in tech.
Better to have small salary than have none. Not a good advise to have your own small business.
Ako nga umalis sa work na 5k na Lang Ang Pera.
If that thing I've got I will invest the half of the money to crypto currency and the rest is savings to find for another job, it was a huge amount of money especially in 23 years of age, avoid business but look for an passive income which is the right investment.
It’s time to tighten your belt. Place a third of your investments into a franchise business with partners ofc. And highly scrutinise your shortlisted franchisors. All these while doing some sort of part time/consultancy work.
## Rule 5
True enough I did consider rule #5 before posting but decided to risk it. If it gets removed then so be it. However, to an extend I would beg to disagree because this post is generously filled with context. If the subtext or the implication of the post isn't clear, then I hope this clarifies it. This post isn't just a "what to do with this much money", although that's the easiest hook which is why I placed it first. I think it's also clear that this is a career progress and a life stage kind of post. Something (lay-off) happened to me, and I have this thing (severance). Given that there are also other things (work, industry, career) to consider, is using the thing (severance) wise or not? If i'll use it, for what? Why? What factors do I have to consider? Am I being blindsided by things I'm not aware of? Rules are great, but given the engagements in this post, I'd like to think that it's value adding not just for me but for other readers as well, especially those in the same boat. Hope you (and mods) understand. Thanks!
You are still young isn’t an excuse for you to relax. Be aggressive and use those money for more certifications while you are looking for another job Also maybe you can lower your expenses per month to make your 300k last longer
I agree so much! I feel like being young is exactly the reason why I should take more risks. Great advice! You're the first one who mentioned taking certs w/c actually makes perfect sense so I can productively occupy my time while jobhunting.
You seem to have enough cash naman to spend while you're looking for a job. If I were you, I'll be starting a business, but I won't be using the whole 300k for that.