Best use of 3 Years Redundancy ££ - VOTE
26 November 2003, 11:10 PM
#1
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Ah well.
It's happened before and I'm sure it'll happen again.
Got to just make the best of it - eh !!
Good news is that I'll get a stomping £260 for each full year worked. So as I've worked 3 years and 9 months that adds up to a Whale choking £780.00 tax free.....
(Note - this time was from an IT Managed services company
a previous redundo 8 years ago from a pharmaceutical company was £9000 - after just short of 3 years employment)
So the vote is on how to spend the £760.00
Options so far.
1. Save it (so the dhs tell me to live on it for a year)
2. Pay off part of my overdraft
3. Pay off part of my credit card bill
4. Buy a 1st Class Flight to Bangalore and find a job
5. Spunk it all up on Lucky Dips on the lottery
6. Get Royally p155ed over Xmas
7. Waste the money
Anyone got any bright ideas ???
It's happened before and I'm sure it'll happen again.
Got to just make the best of it - eh !!
Good news is that I'll get a stomping £260 for each full year worked. So as I've worked 3 years and 9 months that adds up to a Whale choking £780.00 tax free.....
(Note - this time was from an IT Managed services company
a previous redundo 8 years ago from a pharmaceutical company was £9000 - after just short of 3 years employment)
So the vote is on how to spend the £760.00
Options so far.
1. Save it (so the dhs tell me to live on it for a year)
2. Pay off part of my overdraft
3. Pay off part of my credit card bill
4. Buy a 1st Class Flight to Bangalore and find a job
5. Spunk it all up on Lucky Dips on the lottery
6. Get Royally p155ed over Xmas
7. Waste the money
Anyone got any bright ideas ???
27 November 2003, 12:04 AM
#4
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The logical, sensible thing is to pay off credit card bills as the interest saved would be worth a few pints a month for life.
Therefore, I'd go option 6.
Therefore, I'd go option 6.
27 November 2003, 12:22 AM
#5
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Smash all the windows in your EX-company and then use it to pay off the resulting fine? [img]images/smilies/mad.gif[/img]
Or maybe buy some ink-jet printer cartridges for printing out all the job application letters and CV's?
Or maybe buy some ink-jet printer cartridges for printing out all the job application letters and CV's?
27 November 2003, 05:53 AM
#6
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The sensible thing is to pay off debts. I just got a whiplash payout of 2.5k. It all went on paying debts, and I am now totally in the black. No O/D, no loans, no credit card bills.
However, I didn't feel the sense of relief I expected. Wish I had either pissd it up the wall, or spent loads on my car (then i'd be single though:O )
However, I didn't feel the sense of relief I expected. Wish I had either pissd it up the wall, or spent loads on my car (then i'd be single though:O )
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27 November 2003, 07:48 AM
#8
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Invest the money. Split it in half putting one half in a high interest account and one half in something more risky. Attempt to return 10% a year on this money. Compund the gains, and add to it with 10% of your salary every month.
Put this on a spreadsheet and see what you have stashed in a few years time with minimal effort
Or blow it on some new togs - always makes you feel good
Put this on a spreadsheet and see what you have stashed in a few years time with minimal effort
Or blow it on some new togs - always makes you feel good
27 November 2003, 08:22 AM
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Butkis that might be cunning if you have no debts but credit cards will be nearly 20% more than likely if you can show me an account or even sumin relatively risky that gets that then i'm game
So personally i'd pay off a healthy amount of yer debts first leaving enough to maybe get mildly sozzled
Si
So personally i'd pay off a healthy amount of yer debts first leaving enough to maybe get mildly sozzled
Si
27 November 2003, 08:50 AM
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scooby_si,
Yes, I agree that paying off the debts first is the way to go.
To get to the 10% return you'd definitely have to be looking at the stockmarket, which is more risky than the bank. But if you use just a half or even a third of your money at least you give yourself some protection.
There are some fairly basic option strategies that you can use to increase your return, and they involve only the same risk as holding the stock itself. Writing covered calls is something worth trying. It's relatively straightforward - you limit your upside in the stock itself, but you take in a healthy option premium for your troubles. These can sometimes be over 10% of the stocks value, and the option expires in just a month. People are often scared by the term 'options' as they think they're risky, but they can in fact be used to limit your risk.
[Edited by Butkus - 11/27/2003 8:53:52 AM]
Yes, I agree that paying off the debts first is the way to go.
To get to the 10% return you'd definitely have to be looking at the stockmarket, which is more risky than the bank. But if you use just a half or even a third of your money at least you give yourself some protection.
There are some fairly basic option strategies that you can use to increase your return, and they involve only the same risk as holding the stock itself. Writing covered calls is something worth trying. It's relatively straightforward - you limit your upside in the stock itself, but you take in a healthy option premium for your troubles. These can sometimes be over 10% of the stocks value, and the option expires in just a month. People are often scared by the term 'options' as they think they're risky, but they can in fact be used to limit your risk.
[Edited by Butkus - 11/27/2003 8:53:52 AM]
27 November 2003, 12:14 PM
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I just have got made redunadat have been with the company about same time as you. They did give us a loyalty bouns though so I got 3K which was not to bad. Still need to find another job though 
27 November 2003, 12:36 PM
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Stat Minimum is one weeks pay per year's service or £260, which ever is LOWER !
Crap I know...........Happened to me 3 years ago....
[Edited by Scooby_simon - 11/27/2003 12:37:28 PM]
Crap I know...........Happened to me 3 years ago....
[Edited by Scooby_simon - 11/27/2003 12:37:28 PM]
27 November 2003, 03:01 PM
#20
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Do what I did buddy: got 10K and have spent the last six/seven months doin **** all. Its been great, but I'm sh1ttin bricks now cos there is hardly anythin left!!
Do a course that might help u get a job in somethin completely different just as a back up.
Dougie
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