Notorious Lurker

Been offered a half-tidy sum for voluntary redundancy. Not that I want to go just yet!
It's enough to keep the bills paid for the next 6 months (high teens)

However, I'm wondering if this crisis (tbh, it is at the moment, even though it's voluntary) can be turned into an opportunity.....

Any (sensible!) suggestions on how to either invest the money, or put into something to create a better (more affluent) life?

Thanks NL (No, I'm not PSL! )

Notorious Lurker

nobody in this situation? Surely in this economic climate, I can't be the only one.

Steve vRS

I was made redundant 5 years ago. I spent mine on relocating to get a better job.

Not very exciting...sorry.

Steve

Notorious Lurker

thanks for the reply - not really an option for me. Kids are settled (and doing well) in school, and wifey has a have decent job.

Steve vRS

Hookers, fast cars and cocaine then

prodriverules

iTrader: (52)

modify the car then if the misis is earning well lol,seriously though if you cant think of anything else then go the c the old bank manager and invest in something safe not aventure that could back fire

Notorious Lurker

should really add that I'm going to need to sort out an income too! - another job. Looking at different options really....

TonyBurns

iTrader: (3)

Invest in BP shares, they cant go down much further

Tony

Chip

I am , finishing of my own choice from National Grid next March.

Chip

Leslie

If you can find another job, do the old fashioned thing and save it somewhere worthwhile. You never know when you mind need some cash fast.

Les

Terminator X

iTrader: (7)

Fast cars & call girls

TX.

petethemeat

iTrader: (6)

well you need to secure another income before you can think about investing the redundancy ( i was made redundant in Nov 2008) as you may end up using it to live off to an extent.. sort the day job and then see where you stand once secure again

mart360

PTM has got it virtually spot on, its not a fund to look at long term, its

your survival for the next xx months.

The trick is to look at it as a commodity that's being eaten up by bills etc.

your challenge is to secure employment before that fund runs out.

believe me 6 months can go in the blink of an eye.

If you have anything thats covered by insurance, let the insurance cover the payments, dont pay

them off, otherwise what was the point of insurance in the first place!!

If you secure employment before your day to day expenses wipe out the

fund, then its a bonus, and can then be invested/card payed off

Mart

zs_phil

iTrader: (1)

I thought if u took voluntary then insurances wont pay ie mortgages and things like that

jaytc2003

iTrader: (1)

I have just been made redundant so in a similar position (over 2 months). My advice is to keep hold of the money until you find another job. It is so easy to think, ooh I want that I can afford that etc it is quite difficult to even get interviews at the moment, never mind jobs.
If the money goes you will probably find that there is no help out there for mortgage payments (if you get jobseekers and are on the contributions type then you wont get help with the mortgage)

PaulC72

Budget budget budget. When I was made redundant last year (June) we took my redundancy money and what we already had in the bank and then sat down and worked out what we pay out every month, including fuel, food, spends etc to see how long the money would last.
We also then looked at what we didn't need anymore, got rid of the second car and so on as these only draw on your money, we found it was cheaper for me to take my missus to work and pick her up (15 miles each way) than it was to be paying out on the second car, so if I needed it I would take her to work and goto any interviews etc and if we got really stuck we would ask the inlaws if they could collect her from work instead.

Once we worked all that out we knew exactly how long we could survive for without me working, immediately the pressure was off as we had a plan. I did get another job but it ended after 5 months but luckily as we had already done the calculations we knew where we were already, 2 1/2 months after that I took a long term temporary position to keep money coming in until I find something else.

The whole point of my story is that even if you think it may be easy to find a job so go and spend the redundancy money it may not be that easy and until you have had a decent period of time in a new role you won't know if it is going to last or not.

While oyu are out of work if you can find a job to tide you over while you are trying to find somehting in your current proffession then that will hopefully enable you then to decide what to do with the moeny left over, providing you have some left when you get your next job.

Good luck from someone who has been there.

Notorious Lurker

Thanks for the info (both humorous and otherwise!)

Just enduring the wait at the moment. Got a week or so until I'll know either way.

In the meantime, I've got to sort out my CV and get it out into the big wide world, as it were.

Horrible wait now

pslewis

A mate got voluntary from our place, he took his £225,000 and paid off his mortgage - and his wife .... I've not seen him smile so much.

Another mate got voluntary, as he is over 50 he could take his as an annual compensation payment of £25,000 a year for the next 10 years, then his enhanced Pension kicks in ... he, of course, also got a £30,000 tax free lump sum to leave.

Needless to say I have added my name to the list of hopefuls ................. been told I have no chance

LeeMac

iTrader: (1)

Depends how materialistic you are

I took vol rendundancy 7 years ago age 33, took 20k
not worked since
bought and sold a few houses in France to tide us over for the last 7 years

no debts at all now, no massive house, no silly tvs

cant just go out and buy anything now (only when a house sells) tho but i'm not one to buy just anything cos next door has

Happier?
Probably but if I had any debt my head would be in bits

DARB

are you red or blue??

The Zohan

With respect and the current interest rate 30k will not genertate much in the short term. If i may sit on the money (not literally) have a good look around at options, there is a magazine aimed at those who are looking to do something with thier money http://www.franchiseworld.co.uk/ - i am sure 99% of it is rubbish but it is all in the spotting of the 1% that is a real opportunity.

Leslie

Pretty accurate post I'd say.

Les

Dingdongler

What do you do all day?????????