- June 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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Difficulty Meeting Organization’s RTO Mandate and Unemployment Situation
I (40F) have found myself in a challenging situation where I am unable to comply with my organization’s RTO mandate due to sensitive family circumstances, leading to my layoff. Despite being a high performer in the IT field and actively searching for a new role, I have yet to secure a solid opportunity. As the head of a household with four dependents, including two teens and my mother, navigating this period of turbulence is crucial.
With a total monthly expense of 7k, including mortgage, utilities, gas, school tuition, and food, my severance package of 42k and emergency fund savings of 60k provide some financial cushioning. However, with an uncertain job market and potential prolonged unemployment, I need a solid plan to manage my finances wisely.
Financial Overview and Considerations
Considering the cash on hand available, debt situation, and monthly 401k contributions, I am looking for ways to preserve my resources and make prudent financial decisions. Prioritizing essential expenses such as medication while avoiding unnecessary costs like expensive COBRA coverage is vital.
Adopting a frugal lifestyle, including strategic grocery shopping and minimizing non-essential purchases, is already in practice. However, the challenge lies in planning for the future, especially with regards to investing the 250k cash after the CD expires. With a focus on low risk and stable returns, suggestions on conservative yet smart investment strategies are greatly appreciated.
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First of all, it sounds like you are in excellent financial shape. Good job. You should be able to weather this as long as you can find a new job without taking too long.
You mentioned very low risk tolerance, I am going to assume you are looking at a short term time frame for this investment, less than 3 years. So this advice would change if you get a job and are looking at long time horizon.
If you are looking for very low risk you should not put any of the money into the S&P 500. The S&P 500 is low risk in the long run (>10 years) but high risk in the short run. If the stock market tanks in 6 months then you might not be able to pull any money out for years without incurring a loss. So if you are concerned about being able to access your investments in the short run you do not want to put them in the S&P 500.
I don’t work in finance so I am not an expert. But, since you said you want low risk investments for your extra cash it sounds like you should look into CDs or treasuries. For CDs, a lot of them are at 4-5% interest rates with time frames starting around 3 months. $250,000 at 4.5% would net you $11,250 a year and it would be pretty much as safe as you get. You could also look into treasury bills (the current 1 month t-bill is at 5.53%) which have a time frame from 1 month to 30 years and are the safest possible choice.
To my knowledge there isn’t much else that will give you a better yield while being very low risk than CDs or treasuries.
You will be ok. You will find work.you are fine for quite a while. You have an emergency fund for a reason. This is that reason.
SGOV is an interesting ETF that consist of short treasuries. There are also money market funds based on treasuries but those would depend on your brokerage for which on is best. Either is stable and easily liquidated. I use sgov for half of my emergency fund. I wouldn’t recommend the S&P if you will need the money before 10+year.
Also I wouldn’t recommend paying off such a low interest mortgage when there are higher yielding investments.
[deleted]
RTO is evil
42k severance but is that before or after tax?
Weird Q. Would recasting your mortgage with some of that money shelled away make your mortgage payment much less?
Is the money you’re saving for college for the teens?
Personally, my mortgage payment is the biggest “fear factor” I have as a risk adverse individual. I’m almost 12 months ahead on payment and have a 12 month emergency fund as well. Since on a “bare bones” budget it would be 1/2 of our spending, having it be a lower payment would put me at ease. We save 50% of our take home pay as well, so we would be saving almost 75% (I digress).
But, regardless, I do hope to either
1. Recast with about a years worth of savings for a lower payment
2. Wait until rates soften up and go down to 3.5% for a 15 year product
For context, we are only 1 year in for our mortgage but I hope to pay it off ASAP to purchase another property (“right size home”) for retirement we can rent out. So, I’ve been looking into solutions like the above.
While that money might be for your kids college, having your mortgage reduced so monthly expenses are reduced might be well worth it.
you need to file for unemployment in your state
File unemployment, try to look for a job or get more certifications AWS/Azure/GCP . Cloud is desperate for diversity hire. You dont have to be too technical. Technical sales are also good roles for u. Extra 2k a month unemployment is not much but it is something.
RTO? Required time off?
Why do you go and apply for work at a local temp agency until you find a new job?
Most temp job can become full time but the goal should be right now to make money until a job you want become available..
Hope this helps.
Best to you