I was laid off from a tech job in October of 2024. I am 40. I was a high level IC in IT compliance, SOX, and IAM with a base + bonus of $200k. Mostly strategy and controls—not a hands on keyboard developer or admin. I was hired fully remote and been working remote since 2019. Long story short, we now live in a city away from higher-paying jobs and my DW is having some chronic health issues that are making remote work with limited travel the most important attribute in a future job for me.
We have a NW of ~$1.2MM and about $130k in cash and another $50k in an HSA. Our burn rate is around ~$5k/mo. We are thinking about going on an ACA plan in March so that may cut the burn rate a bit if my income this year is low. All that to say we have some runway but seeing the accounts only move in one direction is stressful. I have been playing around with bank bonuses/CC Bonuses/Manufactured spend to try and get a better return on my savings.
That said, I am feeling disheartened in the job search. I appear to be to the right of most employers’ paybands for similar roles as an IC and I am having trouble applying to managerial roles with limited people management experience. For the companies I have interviewed with for remote positions, I am finding the interview process much more competitive than I have ever seen in the past. I am also seeing the volume of new posting really slowing down. I also found being up front and honest about my potential travel limitations to be negative.
So that is bringing me to a few conundrum I am starting to think through:
1.At what point do I adjust my pay expectations for a future role and take a pay cut? Most of the remote positions in general for my space posted are in the $120-$135k range without bonus. I see the awkwardness of telling HR I am fine with a pay cut and the long term downside of reducing my savings rate.
2.Is there an opportunity for independent contracting that would make sense? I asked around within my network but none of them were needing anything right now. I figure it will stabilize my income to cover the bills and buy me time to find a better full time job; or I may turn out to enjoy it. Just not sure if it’s a worthwhile path.
3.Is there a more entrepreneurial path? I am not really sure of any obvious ideas in front of me. Most of what I’ve come up with involve either having to travel a great deal to get business (presenting at conferences, etc.) or risking my savings to buy a small business—both are not really thinks I see playing out right now.
We have a NW of ~$1.2MM and about $130k in cash and another $50k in an HSA. Our burn rate is around ~$5k/mo. We are thinking about going on an ACA plan in March so that may cut the burn rate a bit if my income this year is low. All that to say we have some runway but seeing the accounts only move in one direction is stressful. I have been playing around with bank bonuses/CC Bonuses/Manufactured spend to try and get a better return on my savings.
That said, I am feeling disheartened in the job search. I appear to be to the right of most employers’ paybands for similar roles as an IC and I am having trouble applying to managerial roles with limited people management experience. For the companies I have interviewed with for remote positions, I am finding the interview process much more competitive than I have ever seen in the past. I am also seeing the volume of new posting really slowing down. I also found being up front and honest about my potential travel limitations to be negative.
So that is bringing me to a few conundrum I am starting to think through:
1.At what point do I adjust my pay expectations for a future role and take a pay cut? Most of the remote positions in general for my space posted are in the $120-$135k range without bonus. I see the awkwardness of telling HR I am fine with a pay cut and the long term downside of reducing my savings rate.
2.Is there an opportunity for independent contracting that would make sense? I asked around within my network but none of them were needing anything right now. I figure it will stabilize my income to cover the bills and buy me time to find a better full time job; or I may turn out to enjoy it. Just not sure if it’s a worthwhile path.
3.Is there a more entrepreneurial path? I am not really sure of any obvious ideas in front of me. Most of what I’ve come up with involve either having to travel a great deal to get business (presenting at conferences, etc.) or risking my savings to buy a small business—both are not really thinks I see playing out right now.
Statistics: Posted by MikeZ — Sun Jan 19, 2025 3:44 pm — Replies 5 — Views 408