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Investing/Strategies / Redundancy Package Investing
|Subject: planning a strategy||Date: 5/9/2009 11:04 AM|
|Author: Kapri20||Number: 2 of 2|
I wondered if people facing redundnacy or in it would like to share some strategies for best use of redundancy packages in a situtation where the timing of the next job is a variable.
I am in line to be made redundant on June 1st with an anticipated package of around $80 k I will look for a new role immediately in the current climate want to use the money wisely in order to be open to a delay in finding a new position.
I should add that I am UK based and have had difficulty working out how to create a new board over there (!) + would value some advice with American oomph. I am not looking for products so much as translatable principles - our economies are similar.
At the moment I plan to pay myself a monthly salary from a high interest account of around $1,800. I have mortage payment insurance so I will not attempt to reduce the principle on my $114 k mortage with a one off payment until the insurance cover is used up (one year) with a one off payment. I will stash away money in a tax free cash savings account - but that is a small proportion of the whole.
Should I also try to trickle money into some sort of investment portfolio (high dividend yield) given the uncertain length of my unemployed status? I would love to be creating an income flow not just using up my capital.
Many thanks for any thoughts, and please forgive the UK intrusion,
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