Hi all,
I have been told my role will be made redundant at the end of July.
I currently earn circa 70k, She earns circa 27k.
I have a mortgage with monthly payments around 1,400
I am married but no kids within this marraige (My son is almost 15, we see each other a lot, so no probs there)
I have a car & motorbike (Combined value of around 10k),
I'm in my mid-30's,
I am almost debt free apart from the mortgage (3k C Card bill & a personal loan due to end in October)
4 years of max pension AVC's with company contributions.
The redundancy package will be in the reigon of 70k after tax.
As I see it, I have three options;
- Work hard to try to find another internal role (I work in a multinational firm), Everything continues as is (This level of payment will probably not be offered again)
-I take the payout, work my head off trying to find another job in Dublin / Wicklow in the same kind of role (Project management / Sales management)
-I take the payout, Rent the house out to a friend (Already interested) for 2/3rds of the mortgage, and myself and the missus go see the world (India, Thailand, Vietnam, China, Oz, And perhaps some random stops) for 8 - 10 months.
I do have a sideline business that could earn me /500 - 800 per month that I could pick up when I get back (DJ'ing)
She has a sideline business that could return 500 per month that she could pick up when we get back (Yoga instructor)
I would plan on leaving 45k here to take care of mortgage shortfall and a safety net for our return, budget 20k for our trip.
I know the last option is the least financially sound one, but.........................
The real fear is that we come back, can't find employment and the memory of our experience quickly turns to remorse.
What do you think, random internet people?
Anyone done it?
I know what I want to do, But scared that this may be a huge mistake.
I have been told my role will be made redundant at the end of July.
I currently earn circa 70k, She earns circa 27k.
I have a mortgage with monthly payments around 1,400
I am married but no kids within this marraige (My son is almost 15, we see each other a lot, so no probs there)
I have a car & motorbike (Combined value of around 10k),
I'm in my mid-30's,
I am almost debt free apart from the mortgage (3k C Card bill & a personal loan due to end in October)
4 years of max pension AVC's with company contributions.
The redundancy package will be in the reigon of 70k after tax.
As I see it, I have three options;
- Work hard to try to find another internal role (I work in a multinational firm), Everything continues as is (This level of payment will probably not be offered again)
-I take the payout, work my head off trying to find another job in Dublin / Wicklow in the same kind of role (Project management / Sales management)
-I take the payout, Rent the house out to a friend (Already interested) for 2/3rds of the mortgage, and myself and the missus go see the world (India, Thailand, Vietnam, China, Oz, And perhaps some random stops) for 8 - 10 months.
I do have a sideline business that could earn me /500 - 800 per month that I could pick up when I get back (DJ'ing)
She has a sideline business that could return 500 per month that she could pick up when we get back (Yoga instructor)
I would plan on leaving 45k here to take care of mortgage shortfall and a safety net for our return, budget 20k for our trip.
I know the last option is the least financially sound one, but.........................
The real fear is that we come back, can't find employment and the memory of our experience quickly turns to remorse.
What do you think, random internet people?
Anyone done it?
I know what I want to do, But scared that this may be a huge mistake.