May need to get rid of my F150L

[RLXXI]

To my dismay, I may have no choice but to get rid of F150L soon since I am losing my job in a few months. I know I can extend the FMC loan, and I have done that before, but I don’t want to do that anymore. The trade-in value of this truck is not the best so I will be seriously upside down. So I really not sure what to do anymore. Any suggestions?

https://about.usps.com/careers/welcome.htm They are always hiring. Don't know if there's any IT openings but get your application in and you never know what might turn up. If you have the aptitude, they may hire then train for a specific job.

My mom retired from them years ago, my brother would have retired but cancer got him 1st, I'll be retiring soon my self. Pay might be lower to begin with but it doesn't take long before you're at the top of the scale.

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[FloridaMan655321]

I worked in IT for almost 20 years and certainly didn't starve as the pay is great......but the stress sucks. With this said, I quit one day after over 10 years at the company. Not a rage quit, but wasn't happy quit and put in a proper notice. My plan was to re-certify on some of the certs that had expired, then hit up for a new job. But as I started to really think about my age and how close I was to retirement, I realized I could probably make it with a less stress shit job and supplement with my savings. I ended up going this route and I can tell that the organization I'm with now really likes me (nothing IT related, but they are used to idiots working there). If you are working in IT you're probably not dumb, so there are a lot of companies that would love to have you.

So take this time to see where you really are in life. If you worked in IT for a long time, you should have a bit of savings. If you maxed your 401k (which I did for the last few years), then maybe it's time to find a less stress (lower pay) job at your County or City. This way you can have your 401k and also a pension when you retire.

Maybe you are too young to be at this level. Well in that case you still have quite a lot of energy to prepare and kill it in the interview process. There are a lot of companies that want good IT people, but are having to deal with scammers just as you will. Hopefully the recent changes to H1B will also help you.

 

[FloridaMan655321]

https://about.usps.com/careers/welcome.htm They are always hiring.

When I quit IT, I almost did this. I went through the whole process with fingerprinting and background checks. They hired me, but before I was going to start another offer came through that was about the same pay, but I felt I would like it more. Glad I did, but I think I would have also enjoyed USPS - especially the route I was going to have (relatively rural). This is a great option for op if he can make it work financially.

 

[MaintGrl]

I worked in IT for almost 20 years and certainly didn't starve as the pay is great......but the stress sucks. With this said, I quit one day after over 10 years at the company. Not a rage quit, but wasn't happy quit and put in a proper notice. My plan was to re-certify on some of the certs that had expired, then hit up for a new job. But as I started to really think about my age and how close I was to retirement, I realized I could probably make it with a less stress shit job and supplement with my savings. I ended up going this route and I can tell that the organization I'm with now really likes me (nothing IT related, but they are used to idiots working there). If you are working in IT you're probably not dumb, so there are a lot of companies that would love to have you.

So take this time to see where you really are in life. If you worked in IT for a long time, you should have a bit of savings. If you maxed your 401k (which I did for the last few years), then maybe it's time to find a less stress (lower pay) job at your County or City. This way you can have your 401k and also a pension when you retire.

Maybe you are too young to be at this level. Well in that case you still have quite a lot of energy to prepare and kill it in the interview process. There are a lot of companies that want good IT people, but are having to deal with scammers just as you will. Hopefully the recent changes to H1B will also help you.

Well said....!

 

[trev5150]

I got riffed off in March. Take the job you need until you find the job you want. An IT person is only unemployed in 2025 if he wants to be.

 

[Newton]

I’m sorry. The only advice I have is that it is a lot cheaper to turn the truck into the bank than have it repossessed, and that any truck payments you make now are house/grocery payments in the future. Get it taken care of while you still have income, you will be treated a lot better.

 

[RickLightning]

Options:

1) get a new job
2) cut expenses
3) sell vehicle

#1 of course should be the main focus, but many people are clueless about their total spending. Track every penny spent, using software like Quicken. How much are you spending monthly on internet/tv/streaming? Prepared food/dinners? Eating out? Stopping for a cup of coffee?

I had an employee come to me years ago and say they needed a raise because money was tight. I observed that she always had a cup of Starbucks coffee in her hand. Many days she and others had breakfast delivered. Every day she went and bought lunch. I brought coffee from home, and then refilled at the office. I never ordered breakfast. I usually brown bagged it. A cup of coffee at $5 every day is $5 x $1,250 per year assuming 2 weeks of vacation. Assuming a combined 33% tax rate, you have to earn $1,866 per year to feed that habit. Now put that into a compounded interest calculator at 3% a year for 40 years adding funds monthly. ~$144,000... Even if that coffee is $3.50, it still comes to ~$100,000.

What subscription services can you cancel?

Cut expenses even if you get a new job. In 1994, I got a new job with higher compensation. Our level of spending never exceeded that level, despite increases in compensation. Then read this book (try library) - https://amzn.to/46zg17h

Do you have an emergency fund? If not, once reemployed you should maintain at minimum a 6 month emergency fund.

Best wishes on your job search.

 

[SmoothJ]

Thank you all for your help, encouragement and support in this. It really means a lot.

 

[Brent@ANParts]

I've been in a similar situation, and in my case it was a lot better to stick with the payments because the new car I had was fairly underwater on. The cost to just walk away was more than 9 months of payments, and since I needed a car anyhow I chose to stick with it. If you were really close to not being underwater I might advise differently. Regardless you'll get through this!

 

[astrand1]

While I am being optimistic that I can find another IT job, I know a number of ex colleagues who are still looking for a job from another RIF. While unemployment does help, it won’t pay enough for everything else we have.

So I am trying to be proactive as possible.

What’s RIF?

 

[K6CCC]

What’s RIF?

Reduction In Forces. Often the formal name for layoffs.

 

[flyct]

What’s RIF?

RIF = Reduction In Force (Aka Layoff)
VRIF = Voluntary Reduction in Force, usually there are financial incentives to accept a VRIF like salary continuance for a period of time or a one time buyout
IRIF = Involuntary Reduction in Force. No choice Layoff and possibly some severance money.

I took a VRIF 15 years ago which included 1 year of continuous pay and benefits. After that time expired I retired, one month before my 65th birthday.

My wife as a RN supervisor chief nurse was IRIF’d about 30 years ago during Reagan era when they cut Medicare benefits. She landed a better job with more benefits.

 

[RickLightning]

A layoff is temporary.
A RIF is permanent.

 

[Scott Libre]

I did VRIP at 57 and retired from my 25 year IT network/security engineering position. Paid off my house and Mach e. Still owe a little on my Lightning. I don't miss being on call 24/7. The stress of dealing with telco companies. Don't get me started about IT management. Good luck in your journey. Hope you get to keep your ride.

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