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  #1  
Old 12-17-2014, 01:15 AM
Kachad Male Kachad is offline
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Default Position Eliminated - Time for a Change?

Howdy All -

Last week I was notified that due to a business unit restructuring, my position was eliminated. I will be employed until 1-31, which I actually really appreciate, since I receive a bonus after year end.

Not sure about extended health care benefits or what the exit package will be, but looks like I have a couple choices for future employment:

1: Back into the corporate world. It's been good to me, the money is really good, but it is all about travel.

2: Independent Consulting + Hobbies for Money
a: Independent consulting - I have a company that I can consult for, which will bring in a live-able income. It would be lucrative part time work, and I should be able to find other clients as well. This would be an income loss, but would allow me more time to develop the homestead.
b: Hobbies for Money - I can bring in some additional income at the farmers market by converting a couple of hobbies into a low income small business.

I'm thinking about going route 2, as I'm getting a bit tired of having all my eggs in one corporate basket.

Kind of scary thinking about leaving the corporate world, but I think the time is right.
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Old 12-17-2014, 01:34 AM
Selena Selena is offline
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Does option 2a require travel? If so, it *might* limit your options when it comes to livestock and/or other farm animals.

Insurance is the challenge with option 2. Medical is the biggie, dental depends on the "condition" of your teeth. An HSA allows you build up cash and if you do opt for an HDHP (high deductible health plan), you have until Apr 15, 2015 to fund 2014 at the full amount. Business liability is something else you'd need.

Some companies will not hire a self-employed (1099-NEC/schedule C) subcontractor. You might have to be an S or C corp. Regardless of what option, income/expense tasks have to be done.

Before you sign your separation agreement is the time to negotiate a better package (if need be). If you can maintain your insurance at employee rates for a few more months, that keeps money in your pocket. Worse thing they can say is no.

Additional thought - any opportunity to work on the Super Bowl in MN project?
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  #3  
Old 12-17-2014, 09:59 AM
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TheMonolith Male TheMonolith is offline
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Normally I would say I was sorry to hear about you losing your job, but it sounds like a opportunity has presented itself in your favor.
Good luck.
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Old 12-17-2014, 10:04 AM
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Your choices depend a lot on your age and financial situation.

Number 1 rule is happiness > money
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Old 12-17-2014, 03:54 PM
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Originally Posted by coaltrain View Post

Number 1 rule is happiness > money
Exactly. Time is much more valuable than money. Does your happiness depend on how much money you make, or on how much time you have for the activities that makes you happy? Only you can determine the right balance.
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Old 12-17-2014, 04:38 PM
CountryMom22 Female CountryMom22 is offline
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It is great that you can see the upside. Many people are so afraid of the unknown they miss the opportunities presented by this situation. I agree with Doc. If you value your time/freedom more than the money, this could be the time, especially if you have a part time income stream already in place. Good luck, let us know what you decide.
Sue
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  #7  
Old 12-19-2014, 07:35 PM
Kachad Male Kachad is offline
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Originally Posted by coaltrain View Post
Your choices depend a lot on your age and financial situation.

Number 1 rule is happiness > money
This is something that I'm trying to get my grip on. I've always enjoyed my job, love my career field - but have usually gone for money vs happiness.
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Old 01-24-2015, 03:44 AM
Kachad Male Kachad is offline
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Just a bit of an update.

I have one week of employment left, then I will be riding on a month of severance and a bonus from 2014.

I'm 75% decided that I will go the independent consulting route.

Health Insurance shouldn't be a problem, as I think I will be getting married - probably in early October. Best month in MN, and plan on hitching myself up on our property when the full colors are in bloom. The GF is 20 year retired military, so I would be covered by Tricare.

I've had several companies contact me for potential positions, but instead of considering a standard employment, have pitched the consulting option to them. Responses have been very positive, so I think I can land projects pretty quickly.

During Feb, when I still have income from the severance, I'll incorporate and complete all my marketing work to present a professional image.

Now to decide on a name. I'm thinking:

BRIC Inc.
Powder Coating Specialists

BRIC would stand for: Bigfork Research, Investigating, and Consulting.

The Bigfork part is based on the river that I will be living on in the future. Figure that if I include that, that will reinforce the reason why I'm doing this.

To Coal - I will be taking a hit on the income side at first and probably for the duration. But I've been thinking about what you said - embracing the happiness side. I'm kind of a Geek, and love problem solving and managing complex projects. I never liked the political and complex structures of corporations. If I lend my expertise to these businesses, I can concentrate on pure fact and progress, without playing games. That will make me happy, and thank you for reinforcing that aspect.
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  #9  
Old 04-06-2015, 01:32 AM
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Jjr Male Jjr is offline
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Quote:
Originally Posted by Kachad View Post
This is something that I'm trying to get my grip on. I've always enjoyed my job, love my career field - but have usually gone for money vs happiness.
You have already made your decision as previously reported, but I thought you might find the following story interesting.

Back a few years now, I found myself in need of a Consulting Forester, and although timber is big industry in this state, and there are a lot of foresters employed here, finding a "Consulting Forester" that was convenient was not that simple. But I did find one.

While out with the Consulting Forester, we stopped for a cold bottle of water and breather. I asked the forester how he got into the consulting business.

He related it was largely by accident. Like many of his friends after graduation he went to work for a large timber company. A few years down the road married with a wife and child, timber prices were falling and the company decided to cut its work force. Being one of the newer professional foresters working for the company, he was on the list of employees laid off. He said he thought is was the worst day in his life at the time, but now looking back, he said it was really the best thing that ever happened in his life. [Sometimes opportunity is cloaked in many disguises!]

The forester continued to keep a little income while looking for employment, he did just about anything forestry related. He surveyed timber for property owners considering a timber sale or thinning giving them an evaluation of their timbers worth, surveyed timbered property for banks considering a loan, surveyed timbered property for those considering a land with timber acquisition, etc., etc, working from a bedroom converted to an office. He said in the beginning he barely met expenses some months, but the family never went hungry either, but as time and his reputation grew, so did the business. Then when he found a short course related to land/timber appraising or relating to forestry consulting work and he could afford the time and/or expense he would take the course.

A number of years down the road he said the business had out grown the home based office, so he rented a small office in the local community and he found it difficult to be in two places at once, (pre-cell phone days) so a secretary/office manager was required mainly to answer the phone, but to also type his clients reports and appraisals. Maybe not in real rapid succession, but not long after opening the office, he hired a recent forestry graduate and began teaching him the business, then a third forester and a second office in the nearest major metro area to their location was opened. Then the original office gave way to a larger office and today, he related employing five graduate foresters doing consulting work.

But summing it all up he said, had I not been fired, I would probably still be working for that same company that fired me, never realizing the potential all around me. So getting into the consulting business was purely by accident on my part, he concluded.

I wish you well and hope your saga when finished has an equally happy ending. And congratulation on your engagement and upcoming marriage also.
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  #10  
Old 12-19-2014, 07:34 PM
Kachad Male Kachad is offline
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Quote:
Originally Posted by Selena View Post
Does option 2a require travel? If so, it *might* limit your options when it comes to livestock and/or other farm animals.

Insurance is the challenge with option 2. Medical is the biggie, dental depends on the "condition" of your teeth. An HSA allows you build up cash and if you do opt for an HDHP (high deductible health plan), you have until Apr 15, 2015 to fund 2014 at the full amount. Business liability is something else you'd need.

Some companies will not hire a self-employed (1099-NEC/schedule C) subcontractor. You might have to be an S or C corp. Regardless of what option, income/expense tasks have to be done.

Before you sign your separation agreement is the time to negotiate a better package (if need be). If you can maintain your insurance at employee rates for a few more months, that keeps money in your pocket. Worse thing they can say is no.

Additional thought - any opportunity to work on the Super Bowl in MN project?
Thanks for the Info, Selena. Appreciate it!

No super bowl work for me
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