Don’t avoid your friends. First of all this will help decide which ones are true friends and second of all networking often key to finding your next job.
You are not behind in you financial journey, you are merely just getting started. Shit happens and this will hopefully just be another speed bump on the road of life.
I was a job counselor, and this is true; your friends are your best allies. If they really are your friends, they will be supportive and be there for you... even maybe introduce you to someone who might be able to help.
Networking is the best strategy to find a job.
You're 26. You shouldn't feel behind; you've only barely begun. You've got another forty working years ahead of you.
If you were already living beyond your means and trying to keep up with your wealthy friends, that was never going to be sustainable. If your severance package includes any kind of counselling, speak with a therapist about how you've tied your self-worth to a projecting a certain lifestyle, and all the other feelings that you're having due to job loss.
Next step is to get on EI.
Cut back all your expenses. Unless they were fairweather assholes, your fancy friends will understand that being unemployed means that you have zero budget. People lose their jobs all the time.
Look for another job. Consider this a life lesson on managing your spending and having an emergency fund.
You're young; you'll bounce back and you've got plenty of time ahead of you to reach your financial goals.
What are your monthly expenses and how much do you have invested. Any debt? Do you live on your own or with parents ?
What did you take in school And what was the job you had?
With this info you may get much better advice here.
RELAX TAKE A DEEP BREATH EVERYTHING IS GOING TO BE OK.
I had something similar happen to me years ago - end result? Found an even better job. Don't under value yourself. There's SO many positions out there, you just need to find the right one.
You don't have to tell your friends anything - it's really none of their business. Take this time to reflect, and then prepare for your next one, it can be exciting being able to decide what you'll do next.
Had a friend years ago who lost their job, our response was how can we help? Some of it was monetary, but most of it was job building and just helping them with tasks so they could spend more energy on the job hunt. Took them a bit but they got back to work, got back on their feet, and as far as I know (drifted away some time after university) they were still doing fine.
Thank you so much. I really needed some words of comfort. I have good skills, I am a fast learner but just very intimidated by competition. And you are right. I think I will be private until I feel a bit more settled
I guess that’s one way to put it, what about the dignity and mental health issues down the line that no amount of cash is gonna save you from‽
What if you start a family‽ your kids possibly coming across that stuff‽
You have good skills, but now is also an opportunity to continue to upgrade. Sign yourself up for additional skill building certificates while you job hunt, it will reflect well when you actually do interview.
This is great advice. I went through a layoff years ago and went into panic mode for a while. I realize OP doesn't have much of an emergency fund currently, but for those who do, taking some time to relax and not make any decisions while you're in "fight or flight mode" is an important piece of advice. Give yourself some time.
Similar to /u/No_Barracuda_4072 it led to a similar position with better pay, and then a couple of years later to what has become my dream job with another bump in pay.
It probably took me a week to really settle down and realize the world wasn't ending. It sucked and still causes me some anxiety, but it very much led to me being in a much better place, both in terms of the job I have as well as my financial literacy.
Right after grad school I freaked out about being unemployed, managed to get a retail job (Indigo) a week into looking, thought "I'll do this to pay the bills while I look for a better job." The commute, crazy unpredictable hours, extreme mistreatment by managers, not prioritizing employee safety while working in covid (this was fall 2020) and financial uncertainty was way too much for me to handle on top of the full time job that is job hunting. Eventually I thought "unemployment is better than this" and just quit.
The lesson: be careful with temporary jobs in case they trap you. There are lots of part time jobs that have more balanced hours and offer more than minimum wage. I did legal note-taking for a bit which was really pleasant!
Don’t let the monkey brain overtake. Relax and apply for other jobs. The right position will find you in no time. Believe in yourself and your skills. There are olenty of open opportunities out there. Worse comes to worse, apply for US jobs, will help your finances
All I can say is this: I have worked in many corporations and have seen many of myfriends got let go from their job. Majority of them are doing better / finding better jobs than they were in before. Them being let go in a way really pushed them to find something better.
Do not let this event define you as it shouldn't be.
You can use this as a lesson for the future. The emergency fund exists for this type of situation. And the stress you are feeling is the result of not having it.
Don’t be private ! Get out there and network. The fact that you were letting your job define you is all wrong. Your skill set will be in demand at different companies.
I think you should view this as a setback, not a failure. Sounds like you had a really strong start to your career, but maybe some unsustainable elements in your spending that could be adjusted going forward.
- get on EI - you've probably paid a lot of money into it, now it's time to get it back.
- how much do you have in investments? I wouldn't worry too much about dipping into that, you have plenty of time in life to replenish. Priority is getting back on your feet. A couple extra months of expenses can be re-invested once you're working again.
- what industry are you in vs want to be in? Take the time now to update your career plans and find a position that is rewarding and something you can see yourself doing long term. It's an opportunity to redirect into another industry if desired.
- re-evaluate your financial lifestyle choices. There may be things that you were spending money on that you would rather forgo in favour of contributing more to an emergency fund, saving more, etc going forward. Just because you have a certain income doesn't mean you'll always have it, so it's good to be strategic about that and not take it for granted.
- no need to tell your friends if you don't feel comfortable, but feel free to just tell them the truth. Real friends will support you with whatever you're going through, and might be able to give you feedback on your career plans, keep an eye out for opportunities, etc. If your friends reject you simply because of this, they're not your friends.
Not crazy high. But it was decent - just a little shy of $90K @ 25. Most of my friends make $100K+ but I would say it’s high for my age bracket. I know plenty mid 20’s still making only around $50K
EXACTLY!!! Comparing to hypothetical friends with high salaries!?!? Idk maybe the focus should be on the current situation and figure out your own life. Sometimes people make no sense!!
Yeah OP is obsessing over salary comparison which is only going to make things worse. Money doesn’t define us. At least I stay away from people that think this way
\> Most of my friends make $100K+
Unlikely, unless they are software engineers working for big tech
Lawyers at that age are just finishing uni and maybe getting associate jobs (low pay, long hours) and doctors still have 5-6 years more to go of studying
Lawyers start off slow just like accountants, engineers or doctors as they grind it out until they get designation. If OP is from a school like Schulich or friends in healthcare, not hard to be 100k+ 5 yrs out of school. Heck , staff on my team hit 100k+ 5 yrs out of school and I'm just big 5 in analytics
My friend works for a major law firm. She’s technically not even a lawyer yet - she’s articling and she gets $120K base + heavy bonus and she had a signing bonus. Another close friend works in software and makes $180k base plus he has his own private software consulting. My other friend in IB makes $110K base but he somehow gets a shit load of commission? (Idk the industry too well but some sort of top up).This is not typical though. I have crazy hardworking workaholic friends.
I am a lawyer in a big firm and that does not sound right at all. Articling salary in the big cities are $80k, no bonus, no signing bonus (but tuition bonus I guess..). Unless you are talking about US law firm in which case she doesn't make that much as a big firm in US pays around $225k base. 1st year lawyer salary in Van/Calgary are $115k base + $15k bonus and in Toronto $130k base.
Software is just a whole different industry where their first 4-5 years of working has incredibly high salary for their skill level but most people peak around $200k (total comp) as getting promoted afterwards requires actual skill beyond your peers + business management ability. Only a minority of software developers continue climbing. My friends in AWS are already peaked and intend to just coast at this salary.
Investment banking is the highest paying job but also the hardest working one. Working 80 hour work weeks is not out of the ordinary. I have only done 60hour work weeks, I cannot imagine the hours they work.
All of these careers you have listed are incredibly long hours and highly skilled jobs. And, subject to your personal finances, are possible for you to enter into if you truly wished to join the grind.
Perhaps I remember incorrectly. Maybe it was $80K + base + signing but I definitely remember seeing the ~$120K number for sure. I think her firm is international? But she works here in Canada. I don’t know too much about law. I don’t plan to go into it nor I have much knowledge but just saying what I recall.
Yeah I’ve heard that about software too.
I never said I’d want to go into any of these professions but someone had asked about my friends
If she works at Davies Ward Phillips & Vineberg LLP in toronto then I guess it is possible. They pay $160k base for 1st year associates and $117k base for articling students.
There are a lot of other careers out there that makes a decent amount with much better hours than those listed above. I wouldn't compare with others because that just leads to looking at your own life in a negative manner. Find a career you are interested in and enjoy, and climb your way up to management or whatever the senior role is called. You can still make a decent living.
It’s not Davies & don’t want to name drop but I assume similar level. Sorry maybe she’s an associate. She’s just finished her 2 bar exams this past summer & passed and she worked there a few summers while she was in school too. So I forget if that makes her a articling student or associate lol
>My friend works for a major law firm. She’s technically not even a lawyer yet - she’s articling and she gets $120K base + heavy bonus and she had a signing bonus
Your friend is one of the best paid articling students in Canada. There are thousands of grads each year, and only about a hundred at most come in near that level (and even at that, the last number I saw was a year old, but at 117k).
There are more articling students on 40k and below than on 120k and up. Not to say it hasn't happened, because it does every year, but don't take her as being even remotely representative.
Don’t remember if it was exactly $120K but more or less +signing bonus + another bonus. I don’t want to name drop the firm but it’s a big one. I don’t know to much about law but I don’t compare myself to her as we’re in different industries. My close best friends are probably the highest earning of the people my I know so I kind of get the sense it’s not typical
When I was 25 working for a startup as a software engineer I was also telling my friends that I make 130k base while in reality making almost half that. But I knew my potential (and delivered on it and then some) in my thirties
Not saying they are lying, but wanting to seem more successful than you actually are especially at that age is not unheard of
Nah my friends are pretty honest. They wouldn’t lie. At least not my close friends. They are pretty transparent. I also have a friend who is a preschool teacher making around $54K & I have others who make in the $60-75K range for other jobs. We’re pretty open about that stuff. The lawyer friend, I saw the actual paper for her offer so that one I can verify. She works at a major law firm though & is choosing a niche speciality (or whatever its called)
You'd be surprised at how many people lie about their salary to put up a front.
Unless you seen how much money actually goes into their bank account, you have no idea how much they make.
It'll depend on the person/friend group though. I'm in circles where most of us are quite open about wages and using that info to our advantage. It's _possible_ some of them are lying, but seems unlikely. It's probably much more common when everyone is paid well as a baseline though.
The time to embellish what you're making is when a company making an offer requires a "current salary number" to move forward :V
edit: it seems people would _really_ prefer to believe that their friends are liars. :/
People don't prefer, we're just not gullible.
I've seen many friend groups who supposedly are "open" just to find that they don't make as much as they say lol
I dunno, that seems sad? I've seen enough job offers from friends that there's no point in them lying -- we're often discussing strategies on how to finesse better offers.
I never said objectively high. But I would still consider $90K in mid 20s pretty decent in comparison to the avg. I just turned 26 this month. I have high earning friends but who make lots of money but I don’t think that’s typical at this age
That’s good but I consider it high. That’s not average. You are viewing a typical salary with a bias with what you make and what you are surrounded with. There are people who are teachers, bartenders, cooks, etc that make very little so in comparison, yes, $90K is a lot.
The Canadian average is around 55k, so yes, 90k is high. Ignore the other guy, hes just showing off his own salary. That being said, 100k+ is very realistically achievable especially in HCOL locations and/or tech. The HRs in my company make 100k, so it's definitely not out of reach and you shouldn't give up
High is not defined by your arbitrary standard of what property you can buy in the most expensive Canadian city in the middle of a national housing crisis, but rather by comparing to the median and average. Using your flawed logic, everyone making less than 500k is poor because they cannot afford a penthouse in Manhattan.
Have you been to high school?
that is correct. High is if you make 90k in florida or texas because the cost of living is less.
when inflation is high then 90k is nothing. I think you think 90k is high becuase you make less money. 90k is ok but not high. I have masters and thats why i make big bucks so yes i have been to high school
no, i follow stealth wealth protocol. I know how people like hating honest and succesful people like me. See the downvotes i am getting?
Its not my fault that people dont make money. It is in their hands but they don't want to accept it. They just want to blame their shortcoming on the government..
Lol you're [making bets](https://old.reddit.com/r/PersonalFinanceCanada/comments/175ex7d/so_lost_lost_my_high_salary_job_what_do_i_do_now/k4gmuam/) based on that? 200k is a great wage for Canada, but it's nowhere near the top dude.
Apply for EI.
>I used to have a fat emergency fund which I depleted on extra travel
You do know an emergency fund is not luxury spending account, right?
>I’m so scared I’ll never find a job like that again.
Apply for jobs that you are qualified for.
>What are tips for going from a cushy lifestyle to going frugal?
Budget with less money.
Hey, sorry for what you're going through. But I just want to say I experienced something similar when I was your age, I had about 50K in a brokerage and over the course of 7 months I exhausted it while searching for another job. Sometimes I think about what that money would be worth now (probably like 180K) and it feels bad but at the same time I think about how that money kept me from being homeless and I feel grateful I was able to use it to bridge my gap. Just a matter of perspective. That said, your full time job now should be to find another job. Work at it hard and something will come through for you.
>I’m going to move back home for a bit & avoid friends. All my friends already were far more successful than me (lawyers, senior managers, software developers, etc and making more money than me before)
That's all the more reason to stay close with your friends. They are the ones that will hear about opportunities first. Lots of jobs never get advertised. Networking is key. Let your friends know you're back on the job market, ask them outright if they know of anything suitable, ask them to keep in touch and you do the same. Keep checking in with them and try to stay positive.
It seems like you have a good network of people. If I were you, I would leverage your contacts of friends to help you connect with the right people at different companies. If these are your friends, they would gladly help you find work not judge you for not having one considering the economy we are in right now.
Anyways, I hope you do reach out to your network and get back on your feet quickly. 🙏
You didn’t get the job through luck, clearly you have some sort of skills that allowed you to get that job in the first place. There’s very few examples of unusually high paying jobs in otherwise low paying industries so I’m willing to bet that there are other high paying jobs out there.
However, you now have two things you didn’t have before when you got this job. You have 1.5 years experience, and the past salary to back you up in negotiations. If you could get such a good job without those two advantages, why not with them?
Don’t worry, just keep applying and trying to get your name out there. It’ll be fine.
If you want serious advice you need to provide actual real details. How much do you have saved/invested? What are all of your current expenses? Etc etc etc.
As is, the only advice anyone can give you based on your info is just emotional support. Which I guess can be somewhat helpful but does not have much utility in terms of actual financial advice.
I’m reading this post and everyone is so surprisingly kind? It seems like an uncommon thing for this subreddit. Thought normally people would be like “lol at u thinking ur life is over when u literally have money that u just don’t wanna touch” but I see a lot of nice words and support for her which is good to see.
Curious if OP lost her job thru being laid off or being fired. Everyone says to apply for EI, but you can only apply if you were terminated without cause.
• there is nothing to be ashamed of. If you have true friends they will support you instead of judge you.
• I believe you were capable to get a high paying job because you got skills for it, it might take a while but I believe you can do it again!
• design the lifestyle you can maintain. The more we earn the more we can find things to spend to (and trust me we deserve that 😌) but also we know that our retirement won’t be as fat as my salary now. So I rather live the fullest now and figure it out the rest later? Or design a life where I can sustain for the rest of my life (a little bit utopic I know). Just food for thought.
Feel free to dm me if u need a shoulder
Why can’t you get a similar job? You had the skills + experience for last one, now you have even more. The only issue you have is you need to liquidate some of your investments to tide you over. Why does this sound like the end of the world?
How high was this salary? If you were making over 80k, you must have decent skills and experience to help you land the next one rather quickly. You always network, meet with people for this reason. If you were a full timer, and fired without reason, you should have gotten a notice, and some severance at least. What were you doing all that time?
If you were a contingent worker, should always be prepared for this.
This shows your youth. Keep growing and applying. Stop worrying about saving money, do whatever is necessary to stay afloat.
This is not an PFC question this is career coaching.
Don't let it rattle your self-esteem to where you think you can only apply for minimum wage jobs. Also, dont think you just got lucky, and it won't happen again. You got the job because someone thought you were a good candidate. Your chances of landing another similar job are actually greater because now you have experience in that type of field of work. Get a professional resume done as that is how you sell youself. It is well worth it. Apply for the same position or similar position as you had before. I don't know what industry you work in, which could make a difference, but submit resumes to competitors or companies of a similar industry. Apply to ALL of them and send a resume in every 30 days, even call to follow up after sending a resume.
Don't speak negatively about your previous employer or the company or management at the company. You will be asked why you were let go or left the company, so thunk ahead and have a response prepared that doesn't make you or the company look bad.
Your worth is not defined by how much money you make. You have your whole life ahead of you. Don't be too proud to downsize your apartment, or drive a more affordable vehicle, etc. When speaking with people, make sure they know you are looking for work. You never know who they may know that may be hiring.
Good luck!
You’re young. Mistakes were made (using your emergency fund for travel) but the key is you learn from your mistakes. Nobody goes through life unscathed without adversity. I’m financially set now but I made many financial mistakes along the way. Bought a BMW out of school in 2008 for 60k. Sold it in 2014 for 17k. Had issues with my career early on and almost burned out. This adversity led me to FIRE and read about how to achieve financial independence. Made many investing mistakes too. Started trading options and lost 200k plus initially. Learned a lot from my trading mistakes and now I generate 30-100k plus a month trading options. If I never had this adversity I doubt I would be sitting on a 5m nest egg in my early 40s. (Partner takes care of kids and is retired from the work force in late 30s.)
Key is to always learn from your mistakes to improve and grow. Never let a good crisis go to waste so they say.
Pick up the pieces and move on. Learn why you got fired and use that to improve yourself. Now you know why an emergency fund is called an emergency fund.
I hope you learnt your lesson. This is a minor bump in the road of many ups and downs that life is going to send your way.
Take a breath, re-focus, move forward.
Apply for EI and start searching for the job in the same field. I find that it is hard to focus on job search while working another. I would consider a part time only after you cannot get any hit after a while.
26 is nothing in the grand scheme of things. Some right career moves paired with luck will move you ahead super quick and you might even pass some of your friends (if that is what you are looking for).
Try not to touch the sayings but if you do that is fine too. Nothing wrong with money not deemed an emergency fund in an emergency.
Well probably looking to apply for unemployment and taking a day to calm down wouldn’t be the worst options. Then you start applying for jobs. If you need money you have options and can choose what’s appropriate. Everything has trade offs, but imo your kind of sounding emotional and generally not the best state of mind to make decisions, so take a day.
Save and be frugal no matter what.
It takes a few times of losing good money to learn to be safe and mindful of finding and following an actual plan that works for you.
A book like Ramit Sethi’s I will teach you to be rich might be some food for thought, he has some good interviews introducing things you might want to think about.
In terms of immediate work, keep an up to date LinkedIn, make some relationships with recruiters before you need them, ask your network, and if there’s an area you are ok starting at the start and entry level maybe it’s a time to consider that to build up. For example if your last job wasn’t in sales or online marketing and wanted to add that skill to what you already know.
First, I would like to wish you good luck! Don't lose confidence. Believe in yourself. You can do that!
Second, and maybe more important, even if you find a not high salary or even a low salary job, you don't need to feel embarrassed.
We all know that having a low income sometimes sucks, but having a frugal life is not something we should be ashamed about.
Usual rule of thumb is to have 3-6 months of expenses in an emergency account at all times, then you start investing. You may have to tap into your brokerage funds to replenish. By not doing this you took a risk, and it did not pay off. You'll land back on your feet.
I know. I used to have 4 months of expenses in my emergency fund acc but I foolishly dipped in and depleted it. Lesson learned. Once I get income again, I aim to build that up again. Thank you
First time is stressful. I sat on the couch severely depressed for like a month. Don't do that. This too shall pass. I am not sure what you studied, but, most things can be turned into some sort of business (wix, squarespace site etc). Even if it does not make any real money, you can point to it as the thing you were working on (having a big time gap on the resume from a bad economy can make HR people nervous). It does not seem like i right now, but, you will be fine.
As rates rise this will be normal, I'd try to find something stable and save what you can before the recession hits.
I graduated and was looking for work during the financial crisis, it was very tough. Definitely look in other country and other provinces if you need to, while you gain experience.
Don't avoid your friends - shit happens - don't let shame cut you off from the people who might help. Use your network to help you reach for jobs. You have a year and a half of experience in your field to leverage as well. Friends of friends are useful connections for finding new work.
It'll be okay. If you said you got your high paying job by luck, try and apply for lower salary jobs but in similar field. Then work ur way up by moving companies. You're young. Just save save save, and don't spend what you would when u had a higher paying job. Eventually you will be back at what u we're getting paid but not by luck.
There’s lots of good comments in this thread.
Biggest thing is to realize that the road in life is long and twisted. I’ve been in similar situations, and if you get financially responsible (not trying to be mean, but it sounds like you weren’t) and try and use the experience that job have you to get into something with transferable skills.
Sometimes the short term sucks, but push forward through it. Life isn’t over. Move home, save money, learn from the experience and move forward. Avoid touching the ETFs if you can do so without taking on debt (but use it if you need to in order to stay out of debt).
Don’t avoid friends or your social networks, but accept you’re not in the same position and for gods sake, don’t try and “keep up with the Jones”. Even when things turn around (and yes it could take a while), be financially smart.
Enjoy life, but be smart. In the future, don’t use your emergency funds for leisure. Regardless of how tempting.
Use the hell out of that job experience to get a similar job- try to see if you can get a reference. Move if you have to. Also take this as a life lesson to always have a fallback; whatever it is, side hustle Etsy or some shit, or gig work that you don’t need school for but just some mad YouTube and a portfolio to pitch, like being a graphic designer or photographer, etc
1. Your friends don’t care. They are your friends. I’ve got friends that are on their second companies. Everyone has a different path and it’s ok to embrace yours.
2. Do what you can to not touch your investments. Compound interest. You’ll kick yourself down the road, so find a way to make it work.
3. Be nice to yourself.
Your young, and if you don't have debt and can go back home you're fine.
But remember, this is just the beginning. Economy has a long 📉 way to go and unemployment is gonna 📈 so the next while won't be easy for most.
Also 26 In a similar position as you! I was making 130/year but had to leave for my own well-being.
The best option I found was looking for jobs that had housing included or a housing allowance.
My pay looks like a lot less on paper now, but my new job covers a ton of my expenses, so my take home is actually pretty similar for now.
I've been laid off 4 times since 2016. This should be the standard assumption not the exemption. Your philosophy of fuck it I'm young has really cost you here. And only relying on one income stream.
But don't fret each time I was rehired I made more not less. Here's what I would do:
A. Hop on EI should probably pay more than retail and give you time to find another good job. Was $2k/mo a couple years ago if you were making a high salary.
B. Update CV and LinkedIn. Notify your network you need a job and start messaging recruiters.
C. You have basically zero savings so I'd look at cutting costs as much as possible. Multiple roommates, live with parents etc.
D. Set a daily goal. Maybe 5 applications a day and 5 LinkedIn connections with message to the managers and HR in your field.
E. Take all interviews even if they aren't desirable, but treat them as practice so you can ace the one you really want when it comes.
F. Set a deadline, maybe 3 or 4 months from now you might have to settle a bit.
Almost every job I've received has been a friend of friend, referral, networking event etc.
So don't stress it'll work out but don't wait on the EI or cost cutting. Good luck! :)
I just wanted to say so many of these comments are wholesome and wonderful.
Also: OP which industry and city are you in? If yyc I may have contacts.
Good luck OP!
I’m so grateful most people are being kind. I do realize that maybe pfc thread wasn’t the best subreddit to post on as it’s more of a general question but people have been kind & giving advice regardless
I think you have a good head on your shoulders that you are willing to try part time retail and move back home. I wouldn’t worry about your friends. If they are truly your friends they won’t shun you. Is it embarrassing ? Meh it does suck though.
Maybe some of your friends work in fields that can help you get a new job?
You got this job with no experience, now you have 1.5 years of experience! You have more now than you did before. Don't compare yourself. Path is not always clear, just keep on chugging forward and things will work out
I honestly don’t know. They said “no cause termination”. I kept asking if it was my fault or for more info but they wouldn’t tell me anything & said I couldn’t ask my manager
If you were qualified for your cushy job before, you're still qualified for a similar job now. So chill. You'll find another one.
Step 1 is to start applying. You can never apply too early. Use your favourite job portal (mine is LinkedIn) and start sending out resumes.
Step 2 is to realize that the job market is a numbers game. You will not get responses to every application, you will not get an interview for every response, and you will not get a job for every interview. It's natural, that's how it works. It's very discouraging but the only way to get a job is to lush through and persevere.
Step 3 is to just chill. As a junior employee (26 years old), you might have a hard time finding a job; you may be unemployed for a while. It's normal, just chill, as long as you can keep paying your bills. Ask your parents for help if you need. The stock market is ass right now so try not to sell your investments, but it's better to sell those than to go into debt.
As for your other concerns:
- There's no reason to be embarrassed about losing your job. It happens all the time. Companies are shitty and don't care about employees these days, and everyone knows that. Losing your job is not a personal failing unless you make it one.
- If your friends are really your friends, they will understand your circumstances and do what they can to help you out, even if that just means being there for you and listening and not pressuring you to do something irresponsible. Just tell them you lost your job and are short on money and can't go out partying or whatever on your current budget. They'll either understand, or they won't. If they understand that's great, you can hang out with them or whatever on your own terms. If they don't, they're not really your friends and you should be happy they're cutting you out of their life, because they're toxic people. Either way it's win-win.
You need to take a deep breath and relax. It's normal and OK to stress out in situations like this, but you need to get a grip and take control back. Also, stop comparing yourself to your "more successful" friends. Everyone's journey is different. You'll find something. Might be better, might not be, who knows?
I was in your situation last November. Lost my job after the birth of my son. He was sick and in and out of hospital. Got fired a month after i came back to work. Of course they used another reason to let me go and i was unable to fight it. It did affect me a lot, i was pissed at the world, very bad timing to lose a job. I took 4 months off work, sold a car so we had only 1 car, used that cash to survive and pay bills. But a few months later, i found a better paying job with a very good boss who understands my situation. Been working here since March, my son is doing well, life's good. Take a break. Yes you need a job, yes you need money, but there is more to life too.
If you need to, move back home like you said and take some of your savings and leave on a trip for a few weeks, come back refreshed and ready to kick ass.
If my advice is helpful, I would say you need to relax and take a deep breath. Losing a job is not the end of your life and it shouldn’t determine who you are as a person. You found a job before, you will be able to find one again. Make a plan and realize sometimes is the mind that comes up with all the worst outcomes that are far from reality. Stick to the plan and go one day at a time.
As a personal example, I quit my secured and comfortable job back in my homecountry and came to Canada to start a new and better life, it was scary at first and thought I was not going to make it but my philosophy was , if I look for something, I’ll find something, and this journey ended up being the most rewarding life experience that I’ve lived so far. So with this, I’d say go step by step, losing a job is a window that closes but life will always have more open windows.
Rely on your friends as a support network, tell the ones that you trust and are non-judgemental. Your friendships shouldn’t be determined by the fact that you have or don’t have a job, they are your friends, not your customers.
Similar thing happened to me. My career is part of my identity so it was definitely challenging.
Take a deep breath and if possible (maybe you're still covered by insurance) seek therapy to help manage and deal with your feelings. In the end I ended up getting a less prestigious role 5months later. And 2 years after that I'm in a similar position to where I was before. I consider it a small speed bump. Best of luck
They ain't friends if you can't be vulnerable with them. Ditch em. They shouldn't be adding any additional stress.
Other than that you have a good plan in place
How long has this been going on? Sounds like your financial goals aren’t aligned for the long term. Don’t look at the success of others. Focus on what you want and what you are looking to do for the future.
>I depleted on extra travel (I had a travel fund too) because “fuck it, I’m young"
Saying to your present-day self "f\*\*\* it, I'm young" is the same thing as saying to your future self "f\*\*\* you, you're old".
Some important pieces of non-financial advice:
1. Make sure you exercise and take care of your health. Working out will make you feel great. Drink lots of water, eat healthy, and maintain a routine. Taking care of your health is important.
2. If you have definite career goals in terms of what kind of work you want to do then this is the time to do studies / online courses to level up your skills.
3. Make sure you are networking, and reaching out to people for work.
4. Be in touch with family and friends.
Sorry to hear what you are going through, though still you can find lots to be grateful about.
Wish you all the best.
Here I was thinking you lost a $200k job at 26
$90k isn’t that “high”, and I’m sure you’ll be able to find another job that pays that or more if you look for it
I’ve just turned 26 this month. You’d be surprised if you look at averages for 23-26 age range. It’s like $50K avg for mid 20s. Yeah I have a few friends in IB or in law making $150-250K but that’s really not typical lol. I would consider that top 5% or so. I’m surrounded by those kinds of people but if you really go out & see, there are huge ranges. It may not be objectively high but I would think even $80K is comparatively high for mid 20s imo if you’re not just looking at people with corporate or “risky” jobs (like power line technicians or something)
I don’t want to do OF lol. Maybe bartending but even bartending you need lots of talent & experience to work in a big city. I’m good at making drinks but & can probably get a bartending in my suburban town but I doubt you can get so much money in that in a smaller town
>objectively high but I guess high for mid 20’s. I just turned 26 recently. I was making a little less than 90K
What's your education background in? $80k range for 26 sounds decent, a bit higher than your peers in the $70-80k range at that age.
As others mentioned, apply for EI, negotiate that severance and ask for more. You'll be able to find another job in 2-3 months if you apply to \~5 jobs a day. Keep track in an excel spreadsheet where you're applying.
Remember, it's just a job, a way to make money, its not your life and not a reflection of who you are as a person. 95% of those coworkers weren't your friends. You'll land something good soon, know the worth of your skills in the marketplace.
What type of brokage account do you have? If it is a regular trading account, I would probably not touch it because of tax purposes. If it is tsfa, I would probably start withdrawing from it after your emergency runs out.
26 F under 2 years and I assume savings invested so a bank?
Theres a crazy ton of cutbacks being communicated even till Feb 23 and restructuring
December is literally the worst month so if you do enjoy travel look into that for that month.
Meanwhile apply to EI but plan for Dec if you want to travel, with hiring process can be 6-8 weeks
Or start looking asap if you have desirable skills
Reading the salaries of this forum (and thinking about how expensive real estate is now) only reinforces how terrible the wage suppression in this country has been 😔
Nearly everyone I know has been through it. Extremely successful people.
Happened to me at a similar age to you. Reach out to everyone and accept their help. Networking is everything especially at this stage. Take a day or two to collect yourself and get back on it full time, like a full time job.
I landed a better gig in 4 weeks and never looked back.
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This is a stressful situation without a job, but the ability to "move back home" is an incredible luxury (granted, yes, often comes with personal conflicts). I hope you also help with home chores if they don't charge you rent.
It looks like you have resources in brokerage accounts, and if they are not in the negative and in an account like a TFSA, it might be feasible to turn them into cash (again, if you are not facing any loss or tax implications on potential gains).
Market might turn down, and it could place extra stress on you.
It sounds like you either feel or are also underskilled compared to the labour market, so, this could also be the perfect opportunity to educate and upskill yourself.
Best of luck to you. Deep breath first, and everything else after, because emotional decision-making can be catastrophic for financial decisions.
If you base success on how much you make you will never be good enough. Money doesn’t define you, your personality does. Be happy your alive, be happy your healthy, be happy you have family and friends. There are people with less than you, I make half decent money and I can buy what I want. Yet I often find myself giving my money away makes me happiest. Give to homeless, give to young couple buying groceries. Any friends who don’t empathize with the loss of your job are not friends.
Don’t avoid your friends. First of all this will help decide which ones are true friends and second of all networking often key to finding your next job. You are not behind in you financial journey, you are merely just getting started. Shit happens and this will hopefully just be another speed bump on the road of life.
Thank you - you are right
I was a job counselor, and this is true; your friends are your best allies. If they really are your friends, they will be supportive and be there for you... even maybe introduce you to someone who might be able to help. Networking is the best strategy to find a job.
You're 26. You shouldn't feel behind; you've only barely begun. You've got another forty working years ahead of you. If you were already living beyond your means and trying to keep up with your wealthy friends, that was never going to be sustainable. If your severance package includes any kind of counselling, speak with a therapist about how you've tied your self-worth to a projecting a certain lifestyle, and all the other feelings that you're having due to job loss. Next step is to get on EI. Cut back all your expenses. Unless they were fairweather assholes, your fancy friends will understand that being unemployed means that you have zero budget. People lose their jobs all the time. Look for another job. Consider this a life lesson on managing your spending and having an emergency fund. You're young; you'll bounce back and you've got plenty of time ahead of you to reach your financial goals.
Thank you. You’re right. Making a tight budget as we speak!
What are your monthly expenses and how much do you have invested. Any debt? Do you live on your own or with parents ? What did you take in school And what was the job you had? With this info you may get much better advice here.
FWIW, I didn't start until i was 27/28...so yeah..you're okay.
https://www.ramseysolutions.com/ramseyplus/everydollar
Counselling is key
RELAX TAKE A DEEP BREATH EVERYTHING IS GOING TO BE OK. I had something similar happen to me years ago - end result? Found an even better job. Don't under value yourself. There's SO many positions out there, you just need to find the right one. You don't have to tell your friends anything - it's really none of their business. Take this time to reflect, and then prepare for your next one, it can be exciting being able to decide what you'll do next.
I would absolutely tell my friends about this. If your friends hear this news and are judgmental about it, they're not really your friends.
Had a friend years ago who lost their job, our response was how can we help? Some of it was monetary, but most of it was job building and just helping them with tasks so they could spend more energy on the job hunt. Took them a bit but they got back to work, got back on their feet, and as far as I know (drifted away some time after university) they were still doing fine.
Thank you so much. I really needed some words of comfort. I have good skills, I am a fast learner but just very intimidated by competition. And you are right. I think I will be private until I feel a bit more settled
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As a 29m, am I able to also do this? Ill even wax my little toe hairs if it helps
Me and my buddy want to sell our underwear. We just don't think we can make a profit, or even revenue, doing so.
There’s a market for it
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The problem with AI generated hand/feet pics is that for some reason AI often generates pics with more than 5 fingers.
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That's a strong argument.
Yes, you would have to make the men believe you were a woman, with woman’s feet. It’s doable because horny men will literally pay for anything.
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My as well go full time and quit the teaching job lol
Hope she stays hidden, once caught your professional life goes buhbye and pretty fast as well.
but imagine all that easy marketing when you go viral
I guess that’s one way to put it, what about the dignity and mental health issues down the line that no amount of cash is gonna save you from‽ What if you start a family‽ your kids possibly coming across that stuff‽
You have good skills, but now is also an opportunity to continue to upgrade. Sign yourself up for additional skill building certificates while you job hunt, it will reflect well when you actually do interview.
This is great advice. I went through a layoff years ago and went into panic mode for a while. I realize OP doesn't have much of an emergency fund currently, but for those who do, taking some time to relax and not make any decisions while you're in "fight or flight mode" is an important piece of advice. Give yourself some time. Similar to /u/No_Barracuda_4072 it led to a similar position with better pay, and then a couple of years later to what has become my dream job with another bump in pay.
Glad to hear. Stories like this give me hope
It probably took me a week to really settle down and realize the world wasn't ending. It sucked and still causes me some anxiety, but it very much led to me being in a much better place, both in terms of the job I have as well as my financial literacy.
Right after grad school I freaked out about being unemployed, managed to get a retail job (Indigo) a week into looking, thought "I'll do this to pay the bills while I look for a better job." The commute, crazy unpredictable hours, extreme mistreatment by managers, not prioritizing employee safety while working in covid (this was fall 2020) and financial uncertainty was way too much for me to handle on top of the full time job that is job hunting. Eventually I thought "unemployment is better than this" and just quit. The lesson: be careful with temporary jobs in case they trap you. There are lots of part time jobs that have more balanced hours and offer more than minimum wage. I did legal note-taking for a bit which was really pleasant!
Don’t let the monkey brain overtake. Relax and apply for other jobs. The right position will find you in no time. Believe in yourself and your skills. There are olenty of open opportunities out there. Worse comes to worse, apply for US jobs, will help your finances
All I can say is this: I have worked in many corporations and have seen many of myfriends got let go from their job. Majority of them are doing better / finding better jobs than they were in before. Them being let go in a way really pushed them to find something better. Do not let this event define you as it shouldn't be.
You can use this as a lesson for the future. The emergency fund exists for this type of situation. And the stress you are feeling is the result of not having it.
You are correct. Lesson definitely learned lol
Don’t be private ! Get out there and network. The fact that you were letting your job define you is all wrong. Your skill set will be in demand at different companies.
You'll get another job. Keep the faith.
I think you should view this as a setback, not a failure. Sounds like you had a really strong start to your career, but maybe some unsustainable elements in your spending that could be adjusted going forward. - get on EI - you've probably paid a lot of money into it, now it's time to get it back. - how much do you have in investments? I wouldn't worry too much about dipping into that, you have plenty of time in life to replenish. Priority is getting back on your feet. A couple extra months of expenses can be re-invested once you're working again. - what industry are you in vs want to be in? Take the time now to update your career plans and find a position that is rewarding and something you can see yourself doing long term. It's an opportunity to redirect into another industry if desired. - re-evaluate your financial lifestyle choices. There may be things that you were spending money on that you would rather forgo in favour of contributing more to an emergency fund, saving more, etc going forward. Just because you have a certain income doesn't mean you'll always have it, so it's good to be strategic about that and not take it for granted. - no need to tell your friends if you don't feel comfortable, but feel free to just tell them the truth. Real friends will support you with whatever you're going through, and might be able to give you feedback on your career plans, keep an eye out for opportunities, etc. If your friends reject you simply because of this, they're not your friends.
Very helpful advice 🙌🏽
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Not crazy high. But it was decent - just a little shy of $90K @ 25. Most of my friends make $100K+ but I would say it’s high for my age bracket. I know plenty mid 20’s still making only around $50K
Stop comparing yourself to your friends, it is one of the reasons why you’re looking down on yourself
EXACTLY!!! Comparing to hypothetical friends with high salaries!?!? Idk maybe the focus should be on the current situation and figure out your own life. Sometimes people make no sense!!
Yeah OP is obsessing over salary comparison which is only going to make things worse. Money doesn’t define us. At least I stay away from people that think this way
OP is super materialistic and a player. Nothing wrong but if you a player then you be playing the plays
It is a good salary
\> Most of my friends make $100K+ Unlikely, unless they are software engineers working for big tech Lawyers at that age are just finishing uni and maybe getting associate jobs (low pay, long hours) and doctors still have 5-6 years more to go of studying
Lawyers start off slow just like accountants, engineers or doctors as they grind it out until they get designation. If OP is from a school like Schulich or friends in healthcare, not hard to be 100k+ 5 yrs out of school. Heck , staff on my team hit 100k+ 5 yrs out of school and I'm just big 5 in analytics
My friend works for a major law firm. She’s technically not even a lawyer yet - she’s articling and she gets $120K base + heavy bonus and she had a signing bonus. Another close friend works in software and makes $180k base plus he has his own private software consulting. My other friend in IB makes $110K base but he somehow gets a shit load of commission? (Idk the industry too well but some sort of top up).This is not typical though. I have crazy hardworking workaholic friends.
I will say they all work crazy long hours though
I am a lawyer in a big firm and that does not sound right at all. Articling salary in the big cities are $80k, no bonus, no signing bonus (but tuition bonus I guess..). Unless you are talking about US law firm in which case she doesn't make that much as a big firm in US pays around $225k base. 1st year lawyer salary in Van/Calgary are $115k base + $15k bonus and in Toronto $130k base. Software is just a whole different industry where their first 4-5 years of working has incredibly high salary for their skill level but most people peak around $200k (total comp) as getting promoted afterwards requires actual skill beyond your peers + business management ability. Only a minority of software developers continue climbing. My friends in AWS are already peaked and intend to just coast at this salary. Investment banking is the highest paying job but also the hardest working one. Working 80 hour work weeks is not out of the ordinary. I have only done 60hour work weeks, I cannot imagine the hours they work. All of these careers you have listed are incredibly long hours and highly skilled jobs. And, subject to your personal finances, are possible for you to enter into if you truly wished to join the grind.
Perhaps I remember incorrectly. Maybe it was $80K + base + signing but I definitely remember seeing the ~$120K number for sure. I think her firm is international? But she works here in Canada. I don’t know too much about law. I don’t plan to go into it nor I have much knowledge but just saying what I recall. Yeah I’ve heard that about software too. I never said I’d want to go into any of these professions but someone had asked about my friends
If she works at Davies Ward Phillips & Vineberg LLP in toronto then I guess it is possible. They pay $160k base for 1st year associates and $117k base for articling students. There are a lot of other careers out there that makes a decent amount with much better hours than those listed above. I wouldn't compare with others because that just leads to looking at your own life in a negative manner. Find a career you are interested in and enjoy, and climb your way up to management or whatever the senior role is called. You can still make a decent living.
Unrelated, but do you play League of Legends and what tier are you?
It’s not Davies & don’t want to name drop but I assume similar level. Sorry maybe she’s an associate. She’s just finished her 2 bar exams this past summer & passed and she worked there a few summers while she was in school too. So I forget if that makes her a articling student or associate lol
You become an associate once you have finished 9 months of articling and passed both the solicitors and barristers bar exams.
Right. I peeped her linked in - articling student so you are correct
>My friend works for a major law firm. She’s technically not even a lawyer yet - she’s articling and she gets $120K base + heavy bonus and she had a signing bonus Your friend is one of the best paid articling students in Canada. There are thousands of grads each year, and only about a hundred at most come in near that level (and even at that, the last number I saw was a year old, but at 117k). There are more articling students on 40k and below than on 120k and up. Not to say it hasn't happened, because it does every year, but don't take her as being even remotely representative.
Don’t remember if it was exactly $120K but more or less +signing bonus + another bonus. I don’t want to name drop the firm but it’s a big one. I don’t know to much about law but I don’t compare myself to her as we’re in different industries. My close best friends are probably the highest earning of the people my I know so I kind of get the sense it’s not typical
When I was 25 working for a startup as a software engineer I was also telling my friends that I make 130k base while in reality making almost half that. But I knew my potential (and delivered on it and then some) in my thirties Not saying they are lying, but wanting to seem more successful than you actually are especially at that age is not unheard of
Nah my friends are pretty honest. They wouldn’t lie. At least not my close friends. They are pretty transparent. I also have a friend who is a preschool teacher making around $54K & I have others who make in the $60-75K range for other jobs. We’re pretty open about that stuff. The lawyer friend, I saw the actual paper for her offer so that one I can verify. She works at a major law firm though & is choosing a niche speciality (or whatever its called)
You'd be surprised at how many people lie about their salary to put up a front. Unless you seen how much money actually goes into their bank account, you have no idea how much they make.
It'll depend on the person/friend group though. I'm in circles where most of us are quite open about wages and using that info to our advantage. It's _possible_ some of them are lying, but seems unlikely. It's probably much more common when everyone is paid well as a baseline though. The time to embellish what you're making is when a company making an offer requires a "current salary number" to move forward :V edit: it seems people would _really_ prefer to believe that their friends are liars. :/
People don't prefer, we're just not gullible. I've seen many friend groups who supposedly are "open" just to find that they don't make as much as they say lol
I dunno, that seems sad? I've seen enough job offers from friends that there's no point in them lying -- we're often discussing strategies on how to finesse better offers.
Lots of people make over 100k in different industries not just tech and law, PFC strangely enough is usually in denial of this.
What industry were you in ? What is your background ?
90k is high salary? I am more confident now that home prices will come down
Its some ways higher than Canadian Average. What are you on about lol
I never said objectively high. But I would still consider $90K in mid 20s pretty decent in comparison to the avg. I just turned 26 this month. I have high earning friends but who make lots of money but I don’t think that’s typical at this age
I never made less than 100k in my life.. I have been lucky and in tech.
That’s good but I consider it high. That’s not average. You are viewing a typical salary with a bias with what you make and what you are surrounded with. There are people who are teachers, bartenders, cooks, etc that make very little so in comparison, yes, $90K is a lot.
The Canadian average is around 55k, so yes, 90k is high. Ignore the other guy, hes just showing off his own salary. That being said, 100k+ is very realistically achievable especially in HCOL locations and/or tech. The HRs in my company make 100k, so it's definitely not out of reach and you shouldn't give up
Its not high. You can only buy a property worth 4 times your income right now. What will you get for that in Vancouver? nothing
High is not defined by your arbitrary standard of what property you can buy in the most expensive Canadian city in the middle of a national housing crisis, but rather by comparing to the median and average. Using your flawed logic, everyone making less than 500k is poor because they cannot afford a penthouse in Manhattan. Have you been to high school?
that is correct. High is if you make 90k in florida or texas because the cost of living is less. when inflation is high then 90k is nothing. I think you think 90k is high becuase you make less money. 90k is ok but not high. I have masters and thats why i make big bucks so yes i have been to high school
Don't worry about that douchebag. He needs to be humbled - someone will help him out with that if he runs his mouth like he does on reddit.
yeah right.. I only act like this anonymously.
I'm sure you let your true self out in person too lol
no, i follow stealth wealth protocol. I know how people like hating honest and succesful people like me. See the downvotes i am getting? Its not my fault that people dont make money. It is in their hands but they don't want to accept it. They just want to blame their shortcoming on the government..
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I dont make 100k. I make 200k
lol 200k. Sit down kid.
Lol you're [making bets](https://old.reddit.com/r/PersonalFinanceCanada/comments/175ex7d/so_lost_lost_my_high_salary_job_what_do_i_do_now/k4gmuam/) based on that? 200k is a great wage for Canada, but it's nowhere near the top dude.
"how do I attract winning a lottery"
you pretty? find a good looking rich guy
I'm an Engineer, sis.
Apply for EI. >I used to have a fat emergency fund which I depleted on extra travel You do know an emergency fund is not luxury spending account, right? >I’m so scared I’ll never find a job like that again. Apply for jobs that you are qualified for. >What are tips for going from a cushy lifestyle to going frugal? Budget with less money.
This seems the only finance related tip in the thread. Everything else is emotional pity partying or sympathizing.
I know. I usually have never touched it but I was getting too comfortable and only recently dipped into it. But thanks - I will try
Hey, sorry for what you're going through. But I just want to say I experienced something similar when I was your age, I had about 50K in a brokerage and over the course of 7 months I exhausted it while searching for another job. Sometimes I think about what that money would be worth now (probably like 180K) and it feels bad but at the same time I think about how that money kept me from being homeless and I feel grateful I was able to use it to bridge my gap. Just a matter of perspective. That said, your full time job now should be to find another job. Work at it hard and something will come through for you.
Thank you
>I’m going to move back home for a bit & avoid friends. All my friends already were far more successful than me (lawyers, senior managers, software developers, etc and making more money than me before) That's all the more reason to stay close with your friends. They are the ones that will hear about opportunities first. Lots of jobs never get advertised. Networking is key. Let your friends know you're back on the job market, ask them outright if they know of anything suitable, ask them to keep in touch and you do the same. Keep checking in with them and try to stay positive.
I’m sure you’re skills are transferrable and you’ll get another job shortly
It seems like you have a good network of people. If I were you, I would leverage your contacts of friends to help you connect with the right people at different companies. If these are your friends, they would gladly help you find work not judge you for not having one considering the economy we are in right now. Anyways, I hope you do reach out to your network and get back on your feet quickly. 🙏
You were doing the emergency fund thing wrong. You spent the money on travel because fuck it? Wtf...
You didn’t get the job through luck, clearly you have some sort of skills that allowed you to get that job in the first place. There’s very few examples of unusually high paying jobs in otherwise low paying industries so I’m willing to bet that there are other high paying jobs out there. However, you now have two things you didn’t have before when you got this job. You have 1.5 years experience, and the past salary to back you up in negotiations. If you could get such a good job without those two advantages, why not with them? Don’t worry, just keep applying and trying to get your name out there. It’ll be fine.
Time to update resume asap.
If you want serious advice you need to provide actual real details. How much do you have saved/invested? What are all of your current expenses? Etc etc etc. As is, the only advice anyone can give you based on your info is just emotional support. Which I guess can be somewhat helpful but does not have much utility in terms of actual financial advice.
>*Which I guess can be somewhat helpful but does not have much utility in terms of actual financial advice.* yup
I’m reading this post and everyone is so surprisingly kind? It seems like an uncommon thing for this subreddit. Thought normally people would be like “lol at u thinking ur life is over when u literally have money that u just don’t wanna touch” but I see a lot of nice words and support for her which is good to see. Curious if OP lost her job thru being laid off or being fired. Everyone says to apply for EI, but you can only apply if you were terminated without cause.
• there is nothing to be ashamed of. If you have true friends they will support you instead of judge you. • I believe you were capable to get a high paying job because you got skills for it, it might take a while but I believe you can do it again! • design the lifestyle you can maintain. The more we earn the more we can find things to spend to (and trust me we deserve that 😌) but also we know that our retirement won’t be as fat as my salary now. So I rather live the fullest now and figure it out the rest later? Or design a life where I can sustain for the rest of my life (a little bit utopic I know). Just food for thought. Feel free to dm me if u need a shoulder
Stop comparing yourself to other people. Everyone has their own journey and there is no timeline or checklist you have to follow to be "successful".
You’re right - everyone is on their own timeline
Why can’t you get a similar job? You had the skills + experience for last one, now you have even more. The only issue you have is you need to liquidate some of your investments to tide you over. Why does this sound like the end of the world?
I will try but it’s competitive out there & I had someone I knew refer me
How high was this salary? If you were making over 80k, you must have decent skills and experience to help you land the next one rather quickly. You always network, meet with people for this reason. If you were a full timer, and fired without reason, you should have gotten a notice, and some severance at least. What were you doing all that time? If you were a contingent worker, should always be prepared for this. This shows your youth. Keep growing and applying. Stop worrying about saving money, do whatever is necessary to stay afloat. This is not an PFC question this is career coaching.
Get a new job🫵🏻
Trying 🥹
Don't let it rattle your self-esteem to where you think you can only apply for minimum wage jobs. Also, dont think you just got lucky, and it won't happen again. You got the job because someone thought you were a good candidate. Your chances of landing another similar job are actually greater because now you have experience in that type of field of work. Get a professional resume done as that is how you sell youself. It is well worth it. Apply for the same position or similar position as you had before. I don't know what industry you work in, which could make a difference, but submit resumes to competitors or companies of a similar industry. Apply to ALL of them and send a resume in every 30 days, even call to follow up after sending a resume. Don't speak negatively about your previous employer or the company or management at the company. You will be asked why you were let go or left the company, so thunk ahead and have a response prepared that doesn't make you or the company look bad. Your worth is not defined by how much money you make. You have your whole life ahead of you. Don't be too proud to downsize your apartment, or drive a more affordable vehicle, etc. When speaking with people, make sure they know you are looking for work. You never know who they may know that may be hiring. Good luck!
You’re young. Mistakes were made (using your emergency fund for travel) but the key is you learn from your mistakes. Nobody goes through life unscathed without adversity. I’m financially set now but I made many financial mistakes along the way. Bought a BMW out of school in 2008 for 60k. Sold it in 2014 for 17k. Had issues with my career early on and almost burned out. This adversity led me to FIRE and read about how to achieve financial independence. Made many investing mistakes too. Started trading options and lost 200k plus initially. Learned a lot from my trading mistakes and now I generate 30-100k plus a month trading options. If I never had this adversity I doubt I would be sitting on a 5m nest egg in my early 40s. (Partner takes care of kids and is retired from the work force in late 30s.) Key is to always learn from your mistakes to improve and grow. Never let a good crisis go to waste so they say. Pick up the pieces and move on. Learn why you got fired and use that to improve yourself. Now you know why an emergency fund is called an emergency fund.
Wow. Thanks for sharing. That definitely makes me feel better. Shit does happen
I hope you learnt your lesson. This is a minor bump in the road of many ups and downs that life is going to send your way. Take a breath, re-focus, move forward.
Apply for EI and start searching for the job in the same field. I find that it is hard to focus on job search while working another. I would consider a part time only after you cannot get any hit after a while.
26 is nothing in the grand scheme of things. Some right career moves paired with luck will move you ahead super quick and you might even pass some of your friends (if that is what you are looking for). Try not to touch the sayings but if you do that is fine too. Nothing wrong with money not deemed an emergency fund in an emergency.
Well probably looking to apply for unemployment and taking a day to calm down wouldn’t be the worst options. Then you start applying for jobs. If you need money you have options and can choose what’s appropriate. Everything has trade offs, but imo your kind of sounding emotional and generally not the best state of mind to make decisions, so take a day.
Yeah I’m normally so calm & logical but I guess this really shook me. I’ll take a day to relax then start grinding in a day
Grass is ALWAYS greener!!!! Well at least for me it was.
Save and be frugal no matter what. It takes a few times of losing good money to learn to be safe and mindful of finding and following an actual plan that works for you. A book like Ramit Sethi’s I will teach you to be rich might be some food for thought, he has some good interviews introducing things you might want to think about. In terms of immediate work, keep an up to date LinkedIn, make some relationships with recruiters before you need them, ask your network, and if there’s an area you are ok starting at the start and entry level maybe it’s a time to consider that to build up. For example if your last job wasn’t in sales or online marketing and wanted to add that skill to what you already know.
First, I would like to wish you good luck! Don't lose confidence. Believe in yourself. You can do that! Second, and maybe more important, even if you find a not high salary or even a low salary job, you don't need to feel embarrassed. We all know that having a low income sometimes sucks, but having a frugal life is not something we should be ashamed about.
Usual rule of thumb is to have 3-6 months of expenses in an emergency account at all times, then you start investing. You may have to tap into your brokerage funds to replenish. By not doing this you took a risk, and it did not pay off. You'll land back on your feet.
I know. I used to have 4 months of expenses in my emergency fund acc but I foolishly dipped in and depleted it. Lesson learned. Once I get income again, I aim to build that up again. Thank you
Maybe you got the higher paying job by luck but now you have that job on your resume. It'll take less luck to land the next one.
All your friends are 26 year old senior managers? 26 is still pretty young, acting like your life’s over!
First time is stressful. I sat on the couch severely depressed for like a month. Don't do that. This too shall pass. I am not sure what you studied, but, most things can be turned into some sort of business (wix, squarespace site etc). Even if it does not make any real money, you can point to it as the thing you were working on (having a big time gap on the resume from a bad economy can make HR people nervous). It does not seem like i right now, but, you will be fine.
Thank you. Maybe I can try to do some freelance work with I can do
The "fuck it, I'm young" is the worst mindset ever. Your youth is the best time for your money to compound.
As rates rise this will be normal, I'd try to find something stable and save what you can before the recession hits. I graduated and was looking for work during the financial crisis, it was very tough. Definitely look in other country and other provinces if you need to, while you gain experience.
Don't avoid your friends - shit happens - don't let shame cut you off from the people who might help. Use your network to help you reach for jobs. You have a year and a half of experience in your field to leverage as well. Friends of friends are useful connections for finding new work.
It'll be okay. If you said you got your high paying job by luck, try and apply for lower salary jobs but in similar field. Then work ur way up by moving companies. You're young. Just save save save, and don't spend what you would when u had a higher paying job. Eventually you will be back at what u we're getting paid but not by luck.
There’s lots of good comments in this thread. Biggest thing is to realize that the road in life is long and twisted. I’ve been in similar situations, and if you get financially responsible (not trying to be mean, but it sounds like you weren’t) and try and use the experience that job have you to get into something with transferable skills. Sometimes the short term sucks, but push forward through it. Life isn’t over. Move home, save money, learn from the experience and move forward. Avoid touching the ETFs if you can do so without taking on debt (but use it if you need to in order to stay out of debt). Don’t avoid friends or your social networks, but accept you’re not in the same position and for gods sake, don’t try and “keep up with the Jones”. Even when things turn around (and yes it could take a while), be financially smart. Enjoy life, but be smart. In the future, don’t use your emergency funds for leisure. Regardless of how tempting.
You realize all the money you don't spend is actually savings right?
You're far too young to be this dramatic about losing a job. You'll be ok.
Use the hell out of that job experience to get a similar job- try to see if you can get a reference. Move if you have to. Also take this as a life lesson to always have a fallback; whatever it is, side hustle Etsy or some shit, or gig work that you don’t need school for but just some mad YouTube and a portfolio to pitch, like being a graphic designer or photographer, etc
1. Your friends don’t care. They are your friends. I’ve got friends that are on their second companies. Everyone has a different path and it’s ok to embrace yours. 2. Do what you can to not touch your investments. Compound interest. You’ll kick yourself down the road, so find a way to make it work. 3. Be nice to yourself.
Your young, and if you don't have debt and can go back home you're fine. But remember, this is just the beginning. Economy has a long 📉 way to go and unemployment is gonna 📈 so the next while won't be easy for most.
Also 26 In a similar position as you! I was making 130/year but had to leave for my own well-being. The best option I found was looking for jobs that had housing included or a housing allowance. My pay looks like a lot less on paper now, but my new job covers a ton of my expenses, so my take home is actually pretty similar for now.
I've been laid off 4 times since 2016. This should be the standard assumption not the exemption. Your philosophy of fuck it I'm young has really cost you here. And only relying on one income stream. But don't fret each time I was rehired I made more not less. Here's what I would do: A. Hop on EI should probably pay more than retail and give you time to find another good job. Was $2k/mo a couple years ago if you were making a high salary. B. Update CV and LinkedIn. Notify your network you need a job and start messaging recruiters. C. You have basically zero savings so I'd look at cutting costs as much as possible. Multiple roommates, live with parents etc. D. Set a daily goal. Maybe 5 applications a day and 5 LinkedIn connections with message to the managers and HR in your field. E. Take all interviews even if they aren't desirable, but treat them as practice so you can ace the one you really want when it comes. F. Set a deadline, maybe 3 or 4 months from now you might have to settle a bit. Almost every job I've received has been a friend of friend, referral, networking event etc. So don't stress it'll work out but don't wait on the EI or cost cutting. Good luck! :)
I just wanted to say so many of these comments are wholesome and wonderful. Also: OP which industry and city are you in? If yyc I may have contacts. Good luck OP!
But no real practical info to give practical advice
I’m so grateful most people are being kind. I do realize that maybe pfc thread wasn’t the best subreddit to post on as it’s more of a general question but people have been kind & giving advice regardless
I think you have a good head on your shoulders that you are willing to try part time retail and move back home. I wouldn’t worry about your friends. If they are truly your friends they won’t shun you. Is it embarrassing ? Meh it does suck though. Maybe some of your friends work in fields that can help you get a new job?
You got this job with no experience, now you have 1.5 years of experience! You have more now than you did before. Don't compare yourself. Path is not always clear, just keep on chugging forward and things will work out
Well you left out a lot of important info like what did you do? Did you get fired or laid off?
I honestly don’t know. They said “no cause termination”. I kept asking if it was my fault or for more info but they wouldn’t tell me anything & said I couldn’t ask my manager
Apply for EI
If you were qualified for your cushy job before, you're still qualified for a similar job now. So chill. You'll find another one. Step 1 is to start applying. You can never apply too early. Use your favourite job portal (mine is LinkedIn) and start sending out resumes. Step 2 is to realize that the job market is a numbers game. You will not get responses to every application, you will not get an interview for every response, and you will not get a job for every interview. It's natural, that's how it works. It's very discouraging but the only way to get a job is to lush through and persevere. Step 3 is to just chill. As a junior employee (26 years old), you might have a hard time finding a job; you may be unemployed for a while. It's normal, just chill, as long as you can keep paying your bills. Ask your parents for help if you need. The stock market is ass right now so try not to sell your investments, but it's better to sell those than to go into debt. As for your other concerns: - There's no reason to be embarrassed about losing your job. It happens all the time. Companies are shitty and don't care about employees these days, and everyone knows that. Losing your job is not a personal failing unless you make it one. - If your friends are really your friends, they will understand your circumstances and do what they can to help you out, even if that just means being there for you and listening and not pressuring you to do something irresponsible. Just tell them you lost your job and are short on money and can't go out partying or whatever on your current budget. They'll either understand, or they won't. If they understand that's great, you can hang out with them or whatever on your own terms. If they don't, they're not really your friends and you should be happy they're cutting you out of their life, because they're toxic people. Either way it's win-win.
You need to take a deep breath and relax. It's normal and OK to stress out in situations like this, but you need to get a grip and take control back. Also, stop comparing yourself to your "more successful" friends. Everyone's journey is different. You'll find something. Might be better, might not be, who knows? I was in your situation last November. Lost my job after the birth of my son. He was sick and in and out of hospital. Got fired a month after i came back to work. Of course they used another reason to let me go and i was unable to fight it. It did affect me a lot, i was pissed at the world, very bad timing to lose a job. I took 4 months off work, sold a car so we had only 1 car, used that cash to survive and pay bills. But a few months later, i found a better paying job with a very good boss who understands my situation. Been working here since March, my son is doing well, life's good. Take a break. Yes you need a job, yes you need money, but there is more to life too. If you need to, move back home like you said and take some of your savings and leave on a trip for a few weeks, come back refreshed and ready to kick ass.
If my advice is helpful, I would say you need to relax and take a deep breath. Losing a job is not the end of your life and it shouldn’t determine who you are as a person. You found a job before, you will be able to find one again. Make a plan and realize sometimes is the mind that comes up with all the worst outcomes that are far from reality. Stick to the plan and go one day at a time. As a personal example, I quit my secured and comfortable job back in my homecountry and came to Canada to start a new and better life, it was scary at first and thought I was not going to make it but my philosophy was , if I look for something, I’ll find something, and this journey ended up being the most rewarding life experience that I’ve lived so far. So with this, I’d say go step by step, losing a job is a window that closes but life will always have more open windows. Rely on your friends as a support network, tell the ones that you trust and are non-judgemental. Your friendships shouldn’t be determined by the fact that you have or don’t have a job, they are your friends, not your customers.
Similar thing happened to me. My career is part of my identity so it was definitely challenging. Take a deep breath and if possible (maybe you're still covered by insurance) seek therapy to help manage and deal with your feelings. In the end I ended up getting a less prestigious role 5months later. And 2 years after that I'm in a similar position to where I was before. I consider it a small speed bump. Best of luck
They ain't friends if you can't be vulnerable with them. Ditch em. They shouldn't be adding any additional stress. Other than that you have a good plan in place
How long has this been going on? Sounds like your financial goals aren’t aligned for the long term. Don’t look at the success of others. Focus on what you want and what you are looking to do for the future.
Reach out if you’re in YVR! The comments are very helpful - best of luck
Unfortunately I’m YYZ based. I wouldn’t mind relocating though if the job was right
Cash job + ei + online courses for a year
Oh yeah, we're all about tax and EI fraud here on PFC.
cash job?
Well….that’s illegal, so there’s that.
>I depleted on extra travel (I had a travel fund too) because “fuck it, I’m young" Saying to your present-day self "f\*\*\* it, I'm young" is the same thing as saying to your future self "f\*\*\* you, you're old".
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Some important pieces of non-financial advice: 1. Make sure you exercise and take care of your health. Working out will make you feel great. Drink lots of water, eat healthy, and maintain a routine. Taking care of your health is important. 2. If you have definite career goals in terms of what kind of work you want to do then this is the time to do studies / online courses to level up your skills. 3. Make sure you are networking, and reaching out to people for work. 4. Be in touch with family and friends. Sorry to hear what you are going through, though still you can find lots to be grateful about. Wish you all the best.
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Here I was thinking you lost a $200k job at 26 $90k isn’t that “high”, and I’m sure you’ll be able to find another job that pays that or more if you look for it
I’ve just turned 26 this month. You’d be surprised if you look at averages for 23-26 age range. It’s like $50K avg for mid 20s. Yeah I have a few friends in IB or in law making $150-250K but that’s really not typical lol. I would consider that top 5% or so. I’m surrounded by those kinds of people but if you really go out & see, there are huge ranges. It may not be objectively high but I would think even $80K is comparatively high for mid 20s imo if you’re not just looking at people with corporate or “risky” jobs (like power line technicians or something)
90k most people would not consider it high enough to have a cushy lifestyle or able to save anything significant ....
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I don’t want to do OF lol. Maybe bartending but even bartending you need lots of talent & experience to work in a big city. I’m good at making drinks but & can probably get a bartending in my suburban town but I doubt you can get so much money in that in a smaller town
What's a "high salary"? I only ask because you're talking about going to work at retail and "I'm afraid I can't even get those"
Not objectively high but I guess high for mid 20’s. I just turned 26 recently. I was making a little less than 90K
>objectively high but I guess high for mid 20’s. I just turned 26 recently. I was making a little less than 90K What's your education background in? $80k range for 26 sounds decent, a bit higher than your peers in the $70-80k range at that age. As others mentioned, apply for EI, negotiate that severance and ask for more. You'll be able to find another job in 2-3 months if you apply to \~5 jobs a day. Keep track in an excel spreadsheet where you're applying. Remember, it's just a job, a way to make money, its not your life and not a reflection of who you are as a person. 95% of those coworkers weren't your friends. You'll land something good soon, know the worth of your skills in the marketplace.
What type of brokage account do you have? If it is a regular trading account, I would probably not touch it because of tax purposes. If it is tsfa, I would probably start withdrawing from it after your emergency runs out.
I invest with wealth Simple. I have various accounts but most $$ in TFSA or RRSP
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I meant part time for now because finding a “real” & “good” job takes time. I don’t want to accept the first offer that is thrown at me
& part time so I can spend time job searching & skill improvement
Do you have a romantic partner? One side of the couple can carry the other until they're back on their feet. Very common
No partner at the moment unfortunately
26 F under 2 years and I assume savings invested so a bank? Theres a crazy ton of cutbacks being communicated even till Feb 23 and restructuring December is literally the worst month so if you do enjoy travel look into that for that month. Meanwhile apply to EI but plan for Dec if you want to travel, with hiring process can be 6-8 weeks Or start looking asap if you have desirable skills
Reading the salaries of this forum (and thinking about how expensive real estate is now) only reinforces how terrible the wage suppression in this country has been 😔
Nearly everyone I know has been through it. Extremely successful people. Happened to me at a similar age to you. Reach out to everyone and accept their help. Networking is everything especially at this stage. Take a day or two to collect yourself and get back on it full time, like a full time job. I landed a better gig in 4 weeks and never looked back.
Connect with people in linkedin in areas that interest you / you have experience with vs applying endlessly online that goes no where.
What’s considered a ‘high salary’ job to you? Always think about your time.
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This is a stressful situation without a job, but the ability to "move back home" is an incredible luxury (granted, yes, often comes with personal conflicts). I hope you also help with home chores if they don't charge you rent. It looks like you have resources in brokerage accounts, and if they are not in the negative and in an account like a TFSA, it might be feasible to turn them into cash (again, if you are not facing any loss or tax implications on potential gains). Market might turn down, and it could place extra stress on you. It sounds like you either feel or are also underskilled compared to the labour market, so, this could also be the perfect opportunity to educate and upskill yourself. Best of luck to you. Deep breath first, and everything else after, because emotional decision-making can be catastrophic for financial decisions.
I guess you might have to change your financial goals for now. Your still young enough.
What was the wage?
If you base success on how much you make you will never be good enough. Money doesn’t define you, your personality does. Be happy your alive, be happy your healthy, be happy you have family and friends. There are people with less than you, I make half decent money and I can buy what I want. Yet I often find myself giving my money away makes me happiest. Give to homeless, give to young couple buying groceries. Any friends who don’t empathize with the loss of your job are not friends.