Withdrawal time... (before retirement)

Asset allocation, risk, diversification and rebalancing. Pros/cons of hiring a financial advisor. Seeking advice on your portfolio?
queerasmoi
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Re: Withdrawal time...

Post by queerasmoi »

Thanks everyone for your encouraging words.
brucecohen wrote: Yes indeed! Best wishes for what will hopefully be a very short job search.
Although maybe not *too* short... I'd like to enjoy some fresh air before I get sealed into a laboratory again ;-)

Having just been sprung from a workplace that offered only the legal minimum of 2 weeks' vacation, I am hoping that if I stay in BC I find a job which offers more. Otherwise I don't see any sustainable way to be a long-distance uncle to my adorable Ottawa niece while still having time set aside for my own vacations.
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Re: Withdrawal time...

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2yen wrote:Seems to me that you are a poster child for financial responsibility - especially re the emergency fund. You'll be fine. Best of luck. :thumbsup:
At the same time I recognize that someone just as financially responsible, with my education and skill set, could be in significant debt (or have no savings) in the absence of the parental backstopping I've had on several occasions over the past decade. So I still have to acknowledge that I am fortunate in this respect.
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Re: Withdrawal time...

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queerasmoi wrote:my adorable Ottawa niece
The next time you're in Ottawa, let us know, and we'll organize a beer night.

George
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Re: Withdrawal time...

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ghariton wrote:
queerasmoi wrote:my adorable Ottawa niece
The next time you're in Ottawa, let us know, and we'll organize a beer night.
For the niece? :shock:
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Re: Withdrawal time...

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Best wishes in your job hunt, queerasmoi!

I don't recall exactly what you did in that lab and the sort of job you are qualified for now/seeking. Why not post this info (a short paragraph) here in case anyone hears about a job opening and wants to PM you? It can't hurt!

Re EI: I imagine that if you peruse online listings and check your email and phone messages while you travel, it can be called an extended job search, not a vacation, especially if you log any phone calls/requests for an interview to companies in the area you travel to. In my stints on UIC (EI's more honestly-named predecessor), I was never bothered by them to prove I was job hunting. It is highly unlikely you will be.
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Re: Withdrawal time...

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Pickles wrote: I don't recall exactly what you did in that lab and the sort of job you are qualified for now/seeking. Why not post this info (a short paragraph) here in case anyone hears about a job opening and wants to PM you? It can't hurt!
I worked as an analytical chemist operating an LC-MS/MS (liquid chromatograph-mass spectrometer). I worked mainly on that and the ICP-MS (inductively coupled plasma) analyzing trace metals, pesticide residues and other trace organics in food and dietary supplements. I did method development both for instrument analysis, and also sample preparation by SPE and salt-assisted LLE.
ghariton wrote:
queerasmoi wrote:my adorable Ottawa niece
The next time you're in Ottawa, let us know, and we'll organize a beer night.

George
Sometimes I wonder though if we'd all maintain higher opinions of one another if we just avoid actually meeting in person ;)
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Re: Withdrawal time...

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queerasmoi wrote:Sometimes I wonder though if we'd all maintain higher opinions of one another if we just avoid actually meeting in person ;)
On the contrary, I've enjoyed meeting FWF denizens face-to-face. It humanizes the situation, and lowers the shock-and-awe factor.

P.S. Pickles is right about UI.
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Re: Withdrawal time...

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Oops, I was in Ottawa twice but neglected to inform you all.

Anyway - exciting news. I have just received a job offer and I'm invited to start Tuesday. The pay starts 7.5% higher than I was earning at my last job and the CEO even apologized over the phone for it being that low, as they're a small business, but would like to see it grow to fit my skill set over the next year or two.
Meeting with the CFO Tuesday morning to finalize everything.

The operating space is on a university campus which means I can actually buy lunch near work and take transit there, unlike the industrial park I previously worked in.

I am happy to report that I did not even touch my cash emergency fund during more than 6 months of EI. I had taken a roommate the month before I got my layoff notice, and although he left in June, I replaced him within a few weeks. So I kept my living expenses down and "lived like a grad student" over the course of the job search. Once I get my first paycheque I will be immediately ready to start investing new amounts again.

As I am not actually campus staff, parking would be at "visitor rates" which can get expensive. Hence I will definitely take transit more often than not. My mother advised me to wait 6 months before deciding the fate of the car. I would be inclined to sell it as the insurance and carrying costs are not really worth the low usage I get out of it, but let's wait to see how permanent this job is. Insurance alone is $138/month which would easily pay for one weekly car sharing trip of a reasonable distance/duration. Since the parentals contributed most of the car cost, I can't complain too much about the depreciation.
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Re: Withdrawal time...

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Congratulations queerasmoi. As a valued and productive member of this forum we are happy to see you do well. Very best of luck with the new job.
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Re: Withdrawal time...

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CROCKD wrote:Congratulations queerasmoi. As a valued and productive member of this forum we are happy to see you do well. Very best of luck with the new job.
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Pickles
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Re: Withdrawal time...

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Warmest congratulations on your new job! Re: your car: you should be able to suspend the insurance for a few months (for a modest fee) if you are not going to use it at all for a while. This would allow to to keep the car without paying ongoing monthly expenses until you're sure about the job.

Do you have Zip Car or other rental service nearby where you could rent a car for weekly shopping trips, and other occasions where a car is required in town? In Toronto, this is the way to go since fuel and insurance is included in the charge. You could use this as a cheaper stop gap until you decide on your vehicle needs.

All the best, Queerasmoi. We look forward to your renewed participation in investment strategy threads (and less in the withdrawal threads!).
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Re: Withdrawal time...

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Pickles wrote:Warmest congratulations on your new job! Re: your car: you should be able to suspend the insurance for a few months (for a modest fee) if you are not going to use it at all for a while. This would allow to to keep the car without paying ongoing monthly expenses until you're sure about the job.

Do you have Zip Car or other rental service nearby where you could rent a car for weekly shopping trips, and other occasions where a car is required in town? In Toronto, this is the way to go since fuel and insurance is included in the charge. You could use this as a cheaper stop gap until you decide on your vehicle needs.

All the best, Queerasmoi. We look forward to your renewed participation in investment strategy threads (and less in the withdrawal threads!).
Yes Vancouver has 3 car sharing service and I was a member of two of them already before I got the car.

My insurance is through BCAA. They do have an "Evenings and Weekends" discount where as long as I don't use it during business hours I can pay less. I feel though like, as long as I'm paying *any* of the fixed costs, I may as well let myself have the flexibility to take the car on rainy / late / etc days. If I didn't have the car I'd probably use the car shares for such days.

Anyway I paid those expenses the whole time I was on EI and survived, so now that I'm earning almost twice as much I can certainly bear them.
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Re: Withdrawal time...

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queerasmoi wrote:My insurance is through BCAA. They do have an "Evenings and Weekends" discount where as long as I don't use it during business hours I can pay less. I feel though like, as long as I'm paying *any* of the fixed costs, I may as well let myself have the flexibility to take the car on rainy / late / etc days. If I didn't have the car I'd probably use the car shares for such days.
Assuming you can live with the potential privacy issues, you might want to consider the installation of a "black box" telemetric device. That way your premium would be based on your car usage. If the car spends most of its time parked and you drive "safely" then your premium should be reduced accordingly.
If I didn't have the car I'd probably use the car shares for such days.
How easy is it to find an available car on such days?
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Re: Withdrawal time...

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Bylo Selhi wrote:
CROCKD wrote:Congratulations queerasmoi. As a valued and productive member of this forum we are happy to see you do well. Very best of luck with the new job.
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Re: Withdrawal time...

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CROCKD wrote:Congratulations queerasmoi. As a valued and productive member of this forum we are happy to see you do well. Very best of luck with the new job.
Yes, double plus good.
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Re: Withdrawal time...

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Bylo Selhi wrote: Assuming you can live with the potential privacy issues, you might want to consider the installation of a "black box" telemetric device. That way your premium would be based on your car usage. If the car spends most of its time parked and you drive "safely" then your premium should be reduced accordingly.

That insurance product is not offered in BC and no similar one is available here.
Bylo Selhi wrote: How easy is it to find an available car on such days?
There's about 5 in my neighbourhood from the co-op, moderate chance of a last minute booking. There is also the no-reservation car2go service (the little Smart cars), and car2go has a number of designated parking spots on campus. The risk with car2go is, the time charge is high so the longer I spend looking for parking, the more money they get. If I happen to arrive when there are zero allowable places to end the booking, I would have to shell out a lot more to keep the rental active all day.
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Re: Withdrawal time...

Post by gsp_ »

Congrats on the new job QAM! Nice pay increase too. :thumbsup:

Glad you found a job in your field during EI.
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Re: Withdrawal time...

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Spoke too soon. It's over already. I was laid off today with pay through the end of the week. Turns out they do not need someone with my skills for 6-12 months, and they'd jumped the gun, and did not want to underutilize me. I had no agency in the matter - the cheque was already printed when the CEO called me into his office.

Fortunately I did not go splurging on any big ticket items or investments during that brief period. I bought a small chest freezer but that was to replace one that had gotten a warranty refund, and only cost $40 more than the refund.
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Re: Withdrawal time...

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And so it goes. Sigh. You've got more than average smarts. What's more, you use them. Lots of folks don't. You have the advantage. Best of luck in the future.
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Re: Withdrawal time...

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queerasmoi wrote:Spoke too soon. It's over already. I was laid off today with pay through the end of the week. Turns out they do not need someone with my skills for 6-12 months, and they'd jumped the gun, and did not want to underutilize me.
Drat!

What sort of severance payment are offering you? IANAL, etc. but ISTM you may have claim for compensation for issues like these:
1. Opportunity costs from giving up an existing job to take this one. Usually that's not contestable but when someone hires you and then dismisses you soon after because "they do not need someone with my skills for 6-12 months, and they'd jumped the gun" they're liable.
2. Moving related costs, perhaps even in both directions if you may be able to get your old job back.
You should consult a lawyer before signing or accepting any offer.
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Re: Withdrawal time...

Post by Shakespeare »

Tough luck. Hope another analytical opportunity comes along. :thumbsup:
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Re: Withdrawal time...

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Bylo Selhi wrote:
queerasmoi wrote:Spoke too soon. It's over already. I was laid off today with pay through the end of the week. Turns out they do not need someone with my skills for 6-12 months, and they'd jumped the gun, and did not want to underutilize me.
Drat!

What sort of severance payment are offering you? IANAL, etc. but ISTM you may have claim for compensation for issues like these:
1. Opportunity costs from giving up an existing job to take this one. Usually that's not contestable but when someone hires you and then dismisses you soon after because "they do not need someone with my skills for 6-12 months, and they'd jumped the gun" they're liable.
2. Moving related costs, perhaps even in both directions if you may be able to get your old job back.
You should consult a lawyer before signing or accepting any offer.
None of the above are applicable. I was on probation so no severance or even working notice was legally due, especially not after only 2 weeks of work. Pay through the end of the week is more than they had to give me. If you would care to read a few posts upthread you would see I had no old job. I had been unemployed since the end of April and on EI. I will be resuming my existing EI claim which should last now till late February. I did not move to take this job either.
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Re: Withdrawal time...

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queerasmoi wrote:I did not move to take this job either.
That was less than clear based on your reference upthread to Ottawa and subsequent discussion about car sharing in Vancouver. In any case, had you been employed, enticed to move to take on a new job, then soon let go without cause, you'd have had a claim. That's why I raised the issue. Too bad this doesn't apply.
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Re: Withdrawal time...

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Bylo Selhi wrote:
queerasmoi wrote:I did not move to take this job either.
That was less than clear based on your reference upthread to Ottawa and subsequent discussion about car sharing in Vancouver. In any case, had you been employed, enticed to move to take on a new job, then soon let go without cause, you'd have had a claim. That's why I raised the issue. Too bad this doesn't apply.
Ah I see. Yeah my family lives in Toronto and Ottawa so I was visiting them. The reference to Ottawa was because someone said I should have a meetup when I'm there.

If I move to Ontario for a job I'll make damn well sure that it's for real.
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Re: Withdrawal time...

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One step forward, one step back. Hard on the spirits especially when you're starting to make plans for your future.

Be gracious and then push for an exemplary letter of reference from them. At this time of year, you might be able to pick up some casual pt time work to supplement EI, while you regroup.

All the best, queerasmoi.
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