Laid off, need advice on where to go from here

[kysr_fist]

Hi everyone, hope you all enjoyed your holidays.

Recently I got laid off my tech job after under 2 years of being in the workforce since graduating. I’ve decided that rather than blindly jumping into another tech job, I want to pick a path that will be conducive to achieving my fast lane goals.

I wanted to consult the community to see what people’s opinions are because I want to make an informed decision I won’t regret.

My main two goals are:

1. To retire by my early 30’s via the Fastlane (i.e. FatFIRE) (currently I’m in my mid 20s)
2. To develop and foster good relationships in terms of friends, family and a life partner

In general, the way I see it is I could get a job and try to work on a business in my free hours, or I could join a startup. In terms of what job to get, I’ve broken it down further here with the pros and cons that I’ve come up with:

• Stick to my field of tech in trading firms
  • Pick a good WLB firm
    • Pros: WLB
    • Cons: Less $
  • Pick a high paying trading firm
    • Pros: More $
    • Cons: WLB
• Go to regular tech
  • Pick a startup
    • Pros: Equity can allow me to directly reach FatFIRE without having to start a business on the side
    • Cons: Usually less pay, higher risk, lack of control, potentially spending a long time and gain nothing, not sure which startup to pick
  • Join big tech
    • Pros: Potentially better WLB than trading firms
    • Cons: Currently there is a hiring freeze across most firms, and on top of that the pay is probably less than trading
  • Join regular tech (think Chase, Capital One, etc.)
    • Pros: Most likely I’d have the best WLB
    • Cons: Probably pays the least

On top of the options I have above, here are some additional things I am considering:

• In order to sustain my lifestyle, I am looking to pick a location that pays $130,000 overall to cover my rent, food and sending money to my parents
• I want to prioritize WLB so I can focus on my business (if I don’t choose the startup route) and so I can dedicate time to my social goals - but given the current economy and the fact that I was laid off, I imagine I’d need to spend at least the first year ensuring that I don’t get laid off again
• If I was to choose a startup I most probably wouldn’t pursue a business since the equity itself would become what I try to FatFIRE with. In exchange for losing control I’d gain a team of people to work with that’d make it more likely for all of us to achieve our goals
• I’m a Canadian citizen and a lot of these opportunities only exist in the US. The issue with this is that I cannot legally earn income while I am on a visa, and it’d probably take me a minimum of 3-4 years to get a green card (I literally have to win a visa lottery that happens once a year to get an h1-b and then I need to spend 3 years converting that to a green card)

So that’s all the information I have for now. I’m leaning towards either picking a startup so I can focus on that and not need to grind on a business on the side, or picking a good WLB trading firm (since I am already in trading) so that I could have time to focus on a business on the side - plus the additional money could open up more options for fast lane paths (such as acquiring a business and scaling it out).

I’d appreciate any thoughts people have on this, thanks!

 

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[kleine2]

Hi everyone, hope you all enjoyed your holidays.

Recently I got laid off my tech job after under 2 years of being in the workforce since graduating. I’ve decided that rather than blindly jumping into another tech job, I want to pick a path that will be conducive to achieving my fast lane goals.

I wanted to consult the community to see what people’s opinions are because I want to make an informed decision I won’t regret.

My main two goals are:

1. To retire by my early 30’s via the Fastlane (i.e. FatFIRE) (currently I’m in my mid 20s)
2. To develop and foster good relationships in terms of friends, family and a life partner

In general, the way I see it is I could get a job and try to work on a business in my free hours, or I could join a startup. In terms of what job to get, I’ve broken it down further here with the pros and cons that I’ve come up with:

• Stick to my field of tech in trading firms
  • Pick a good WLB firm
    • Pros: WLB
    • Cons: Less $
  • Pick a high paying trading firm
    • Pros: More $
    • Cons: WLB
• Go to regular tech
  • Pick a startup
    • Pros: Equity can allow me to directly reach FatFIRE without having to start a business on the side
    • Cons: Usually less pay, higher risk, lack of control, potentially spending a long time and gain nothing, not sure which startup to pick
  • Join big tech
    • Pros: Potentially better WLB than trading firms
    • Cons: Currently there is a hiring freeze across most firms, and on top of that the pay is probably less than trading
  • Join regular tech (think Chase, Capital One, etc.)
    • Pros: Most likely I’d have the best WLB
    • Cons: Probably pays the least

On top of the options I have above, here are some additional things I am considering:

• In order to sustain my lifestyle, I am looking to pick a location that pays $130,000 overall to cover my rent, food and sending money to my parents
• I want to prioritize WLB so I can focus on my business (if I don’t choose the startup route) and so I can dedicate time to my social goals - but given the current economy and the fact that I was laid off, I imagine I’d need to spend at least the first year ensuring that I don’t get laid off again
• If I was to choose a startup I most probably wouldn’t pursue a business since the equity itself would become what I try to FatFIRE with. In exchange for losing control I’d gain a team of people to work with that’d make it more likely for all of us to achieve our goals
• I’m a Canadian citizen and a lot of these opportunities only exist in the US. The issue with this is that I cannot legally earn income while I am on a visa, and it’d probably take me a minimum of 3-4 years to get a green card (I literally have to win a visa lottery that happens once a year to get an h1-b and then I need to spend 3 years converting that to a green card)

So that’s all the information I have for now. I’m leaning towards either picking a startup so I can focus on that and not need to grind on a business on the side, or picking a good WLB trading firm (since I am already in trading) so that I could have time to focus on a business on the side - plus the additional money could open up more options for fast lane paths (such as acquiring a business and scaling it out).

I’d appreciate any thoughts people have on this, thanks!

One method for making a decision like this is weighting \ scoring. You create the criteria in your case $, WLB etc. Then assign each criteria a weight between 1-10. Then create the list of options (which you've already done). Then rate each option on each criteria. The sum up the scores for each option. You might want to add another criteria for something like excitement, how excited am I to choose this option. Because the "smartest" option might be one that you really don't feel like doing.

 

[kysr_fist]

One method for making a decision like this is weighting \ scoring. You create the criteria in your case $, WLB etc. Then assign each criteria a weight between 1-10. Then create the list of options (which you've already done). Then rate each option on each criteria. The sum up the scores for each option. You might want to add another criteria for something like excitement, how excited am I to choose this option. Because the "smartest" option might be one that you really don't feel like doing.

Thank you for the advice.

I made a list using the criteria: $, WLB, time taken to achieve goals, probability of reaching FatFIRE and social life. I was about to add excitement when I realized that it was pretty much just tied to whether I could achieve my goal or not. The main conclusion I came to was that I definitely don't want a high paying trading job because it'll lock me into golden handcuffs that will pay less than a business, and that I probably don't want a regular tech job either because there's no guarantee about WLB but the pay probably will be lower.

What I'm left with is big tech, a good wlb trading firm and startups. I don't mind applying to the first two provided they're hiring, but the startup is something I'll contact a friend who is in the space to talk about more with.

I was curious to know what people think about startups here. From what I gather the risk is quite high and often time it's only leadership and early executives/investors that can make $$ if it becomes successful, so you need to do a lot of due diligence to figure out whether a startup is right or not (especially in this economy).

I also wanted to know what opinions people have about staying in the US vs going back to Canada. People say the US is better to grow wealth but why is that the case? Easier access to a larger market?

 

[Val Okafor]

The first thing to ask yourself could be why you were laid off. You mention that you are in tech. What do you do in tech?

I am in Southern California, and many years ago, there was a complete power outage in the middle of a workday. I work in tech. And the company sent all non-essential workers home, including me.

I vowed never to be in a position again that is considered non-essential.

Fast forward to today. Last week, my current company laid off about 30% of its workforce due to the coming recession, including my boss! They only kept the people that are essential to the business's survival, including me.

The gist of that story is always to ensure that you have skills that are highly valuable in the marketplace. For me, that means being a top-producing Android Engineer. I do not just work in tech, I create Android apps that drive business success. For you, it could be something else.

My suggestion would be, get a job, one that pays and provides a learning opportunity. Expand your skill set, and then find ways to monetize that skill set through a product or service.

 

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[kysr_fist]

The first thing to ask yourself could be why you were laid off. You mention that you are in tech. What do you do in tech?

I am in Southern California, and many years ago, there was a complete power outage in the middle of a workday. I work in tech. And the company sent all non-essential workers home, including me.

I vowed never to be in a position again that is considered non-essential.

Fast forward to today. Last week, my current company laid off about 30% of its workforce due to the coming recession, including my boss! They only kept the people that are essential to the business's survival, including me.

The gist of that story is always to ensure that you have skills that are highly valuable in the marketplace. For me, that means being a top-producing Android Engineer. I do not just work in tech, I create Android apps that drive business success. For you, it could be something else.

My suggestion would be, get a job, one that pays and provides a learning opportunity. Expand your skill set, and then find ways to monetize that skill set through a product or service.

Thank you for the reply.

I've done a lot of evaluation as to why this happened and ultimately I chalk it down to three things:
1. Quiet quitting due to this idea that I need more time and "mental energy" to build something on the side. It's funny how this exact thread describes my situation: GOLD! - MINDSET - Why Quiet Quitting Is Holding You Back in Life
2. Not being in my manager's goodbooks
3. Being perceived as the lower end of the stack ranking

I plan on making several changes in my new job to make sure nothing like this (hopefully) happens again.

One question I had for you: Now that you're a top-producing Android Engineer, how do you plan on using those skills to make a product or service?

 

[Val Okafor]

Thank you for the reply.

I've done a lot of evaluation as to why this happened and ultimately I chalk it down to three things:
1. Quiet quitting due to this idea that I need more time and "mental energy" to build something on the side. It's funny how this exact thread describes my situation: GOLD! - MINDSET - Why Quiet Quitting Is Holding You Back in Life
2. Not being in my manager's goodbooks
3. Being perceived as the lower end of the stack ranking

I plan on making several changes in my new job to make sure nothing like this (hopefully) happens again.

One question I had for you: Now that you're a top-producing Android Engineer, how do you plan on using those skills to make a product or service?

I am creating my own product(s). Specifically my own mobile app(s).

I have experimented with other things with some modest success, including

• Teaching others to code via Udemy courses and eBooks
• Freelancing - Upwork
• Mini agency aka Corp to Corp consulting

However, I am now focused on Software products. Takes time, like forever.

Here are my Work in progress

• Pronto Invoice
• Okason Contractor App

 

[Ing]

One idea comes into my head : When I started my current job 30 years ago, I had had 2 businesses at that time. I signed them off when starting the job and was never allowed to start one again because of conflict of interest.

So When you are to get a job again in your field, I would suggest to register a business in that field first.
When you get a job, no one can forbid you to make that as a side hustle, when you had the business befor starting the job.
And maybe you have arguments to be hired, when you have a business allready.

 

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