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Author: 401kinvestor Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308480  
Subject: some bad news Date: 2/23/2011 10:40 PM
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My p/t job terminated me tonight as I haven't worked in 90 days I managed to save $13,400 in a 401k. I'm not really sure what to do. None of the money is invested in their stock.

Debt wise: I paying off the secured stock loan Friday with my income tax refund from the state.


Credit card debt wise not alot debt on the will be paying off with refund.


Car debt: $7033 paying pmt tommorow.


I'm waiting on my review at my full time job. If I get an achieves rating I get the incentive bonus.
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Author: NoIDAtAll Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301152 of 308480
Subject: Re: some bad news Date: 2/23/2011 11:12 PM
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So, what's the bad news?

Bob * just asking... Your overall circumstances look pretty positive, to me.

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Author: 401kinvestor Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301153 of 308480
Subject: Re: some bad news Date: 2/23/2011 11:52 PM
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Bob * just asking... Your overall circumstances look pretty positive, to me.

After 15 years p/t they get get rid of me because they did not have enough sales to let me greet at the front. I'm really not sure how would I explain what happened if I were let go at full time job. As it is the trainers at full time job are not confortable allowing me to train on other harder stuff like the rest of my friends in my department. Seriously its really really slow at work they had work 3/4 of my day on just busy work Seriously I got myself into trouble being alone for a week at the house with me cc.


Now I have to get better on my stock investing to make up the revenue that I would have made working a few hours.


Overall picture:

20K invididual account schwab
23K roth ira schwab
34K 401k schwab
13k pension at full time job
1K health savings account full time job
13,400 that I want to roll over into regular Ira as I can't afford to pay the tax to convert it to roth.
12k roth ira Vanguard
7,400 annuity
4K cds
and very little saved in checking and savings.

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Author: tconi Big gold star, 5000 posts 10+ Year Anniversary! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301155 of 308480
Subject: Re: some bad news Date: 2/24/2011 5:26 AM
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Now I have to get better on my stock investing to make up the revenue that I would have made working a few hours.


can you use the extra time you now have to look for another part time gig?
If you had not worked the part time thing in 90 days, it does not seem like this is a big shift to your schedule -
or is it mostly the mental adjustment, knowing that the other job (potential income) is no longer available?


peace & second jobs
t

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Author: TicoHombre Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301156 of 308480
Subject: Re: some bad news Date: 2/24/2011 8:12 AM
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After 15 years p/t they get get rid of me because they did not have enough sales to let me greet at the front. I'm really not sure how would I explain what happened if I were let go at full time job. As it is the trainers at full time job are not confortable allowing me to train on other harder stuff like the rest of my friends in my department. Seriously its really really slow at work they had work 3/4 of my day on just busy work Seriously I got myself into trouble being alone for a week at the house with me cc.

Huh? Maybe it's just that I'm not really awake yet this morning. But I really wish I understood this paragraph.

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301157 of 308480
Subject: Re: some bad news Date: 2/24/2011 8:34 AM
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Perhaps some of your cash savings could be earmarked for your next car--so you can pay cash for it and avoid any more car payments after your current loan is paid off.

Also, if you're afraid to be home alone with your credit cards, maybe you want to do that freeze them in a bowl of water trick to keep them out of sight?

Your savings are looking good, maybe even very good, depending on your age.

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Author: NoIDAtAll Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301158 of 308480
Subject: Re: some bad news Date: 2/24/2011 8:41 AM
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I got myself into trouble being alone for a week at the house with me cc.

That's not good. Try going through you stuff and see what you no longer need or particularly want and hold a yard sale. Obviously, you have some experience greeting people and seem to like doing so. (let me greet at the front.) Put your strengths and experience to work while you're looking for a replacement supplemental job. Use your spare time to do some jogging, or maybe some fishing and gardening - some of my, personal, favorite pastimes, plus they put fresh food on my table and help me avoid shopping online and "Mall Air".

Now I have to get better on my stock investing to make up the revenue that I would have made working a few hours.

Personally, I'd go a little slow with that - A key word in your comment is "have to". The SPY is up pretty strongly, even though, as you noted, the economy is still pretty sluggish. There are some fairly decent buys around, but I wouldn't anticipate many quick pops and almost certainly not on a consistent basis.

Take the opportunity you have to do some things that you like that you didn't have as much time to do when you were working 2 jobs. Take it easy on yourself and recharge your batteries w/o running up your bills. You have a reasonable "nest egg", depending on your necessary cost of living. Cut your thermostat down and get yourself some sweats over your clothing to help keep you warmer. Stop you cable TV and subscribe to Netflix. If you have a home phone and a cell phone, cut the home phone - You don't really need both. Check the throwaway ads for discounts on food and be selective - Don't overstock. Buying a meal or 2 at a time assures that you won't waste food and funds. You won't believe what you can almost always find just relaxing. A few months ago I picked up 2 fresh decent size bacon wrapped Fillet Mignon steaks for under $6 - the basis for 2 decent meals. I can't buy a Quarter Pounder at MickeyD's for under $3. Do you have a food processor or meat grinder - Grind your own meat. You can probably pick a handjob meat grinder up for $10 or under, if you look. Why pay a butcher to grind meat for you, when you have more time on your hands, and need to relieve some stress - Get creative.

Best regards,

Bob

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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301159 of 308480
Subject: Re: some bad news Date: 2/24/2011 9:24 AM
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Now I have to get better on my stock investing to make up the revenue that I would have made working a few hours.

I'm seeing a big disconnect with this statement and the fact that you said My p/t job terminated me tonight as I haven't worked in 90 days in your first post.

If you haven't worked for 90 days in your P/T job, there hasn't been any money coming, not even for 'a few hours'. So, there is no 'revenue to make up' with your investing. You've lived without the income for at least 90 days. Don't change your stock investing just because of the loss of income from your P/T job 90 days ago.

AJ

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Author: Windowseat Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301160 of 308480
Subject: Re: some bad news Date: 2/24/2011 9:41 AM
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After 15 years p/t they get get rid of me because they did not have enough sales to let me greet at the front. I'm really not sure how would I explain what happened if I were let go at full time job. As it is the trainers at full time job are not confortable allowing me to train on other harder stuff like the rest of my friends in my department. Seriously its really really slow at work they had work 3/4 of my day on just busy work Seriously I got myself into trouble being alone for a week at the house with me cc.

Why is this hard to explain?

"The company was not getting enough business, and they decided to let some people go. I was one of the unlucky ones."

Now, if you were being let go because you and a couple of coworkers were bouncing balls off the wall, and one landed in your manager's coffee cup, that might be difficult to explain. But being let go because not enough income was coming in? Every hiring manager in the country has heard that one a dozen times over. You just don't go into details about what the trainers said. And you can bet that your company won't mention it either.

Nancy

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Author: legalwordwarrior Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 301168 of 308480
Subject: Re: some bad news Date: 2/24/2011 3:52 PM
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As it is the trainers at full time job are not confortable allowing me to train on other harder stuff like the rest of my friends in my department.

Okay, I gotta ask: what kind of "harder stuff"? What exactly are your friends in the department doing that the "trainers" don't want to let you do?

Also, is the $7,400 annuity the base amount, or are you making $7400 a year in income from the account?

and very little saved in checking and savings.

You currently have over $115K tied up in various retirement funds. Maybe you should consider setting up an e-fund or a new car fund instead of putting every available cent into retirement savings? That way, if an emergency comes along, you'd have resources for it that would not involve taking a tax hit if you had to access the funds?

LWW

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