redundancy

alanqaz

Hi All,
I am 40, will be made redundant at christmas, I should get about 40K, this will be all the money I have to my name, I have nothing else of value, what do I do next, the chances are I will be unemployed for the fore seeable future maybe for the rest of my life, well I mean I dont think I will get a good job in my field of engineering, I need to buy property with this money straight away otherwise I will never own my own place.
So what do I do now.
I can buy an apartment in donegal and then live there on the dole.
I can continue to rent and hope I get a good job and save to get a mortgage, this is risky because if I dont get a job and spend my 40k redundancy I will never buy my own place.
I could go traveling for a few years on the 40K but what do I do when the money is gone.
I could buy a house in the Philippinesor somewhere in asia, live there and work in a bar and probably still have some money left over to enjoy life.
Any suggestions !!

foxyboxer

Supermacs?

MagicMarker

I would go with the last option personally.

Unless you can find a house for 40k? Because you aren't getting any mortgage with no job.

Caoimhín

Why the panic to buy a house?

ronnie3585

Get the fu*k out of here!

El Weirdo

Wrong forum, man. Wrong forum.

CardBordWindow

Prostitution?

Darksaga87

Id use that cash to flee this sinking boat.

Plazaman

Well don't buy any property, you do not have enought capital. 40K will get you nowhere on the property ladder even in the current market and even if it did, your saddled with a mortgage and no way to pay it back. Why get into debt?

Renting is the best option for now until you see what the job market is like. Otherwise use that money to go abroad for a couple of years to build up a nest egg. Oz is crying out for engineers at the mo.

carlybabe1

foxyboxer wrote: »

Supermacs?

tasty and tempting ooooooh-ooooh ^^^^^












*gets coat*

alanqaz

I only joined today, what forum should I be in, You can buy a 2 bed apartment in the west for 40K or a basic house.

Princess Consuela Bananahammock

alanqaz wrote: »

I can buy an apartment in donegal and then live there on the dole.
I can continue to rent and hope I get a good job and save to get a mortgage, this is risky because if I dont get a job and spend my 40k redundancy I will never buy my own place.
I could go traveling for a few years on the 40K but what do I do when the money is gone.
I could buy a house in the Philippinesor somewhere in asia, live there and work in a bar and probably still have some money left over to enjoy life.
Any suggestions !!

In order:
1 - Would this make you happy? Do you have a future there rather than just an existance?
2 - Do you really need your own place that badly? Very risky, imo.
3 - You could settle down in some places in the world for 20 or 30 years on that kinda money. But again, would you be happy?
4 - See 3.

Other options - perhaps use 10 or 15k to start up your own business? Is there something you are good at or passaionate about that could set you up?
If not, why not re-educate yourself? You're only 40 - you could be qualified in a completly different field by 42 or 43. Probably a far better investment than property.

mikeruurds

You're better off posting in work and jobs or personal issues. After hours is largely unmoderated so a lot of answers will be in jest.

mathie

Plazaman wrote: »

Well don't buy any property, you do not have enought capital. 40K will get you nowhere on the property ladder even in the current market and even if it did, your saddled with a mortgage and no way to pay it back. Why get into debt?

Property ladder?!
Get out!

lastlaugh

If you have a decent enough qualification and experience, why not go to Austrailia or Canada?

Interceptor

Forty? You're only a spring chicken and the world is an enormous garden to go scratching in. Don't be in a hurry to buy property unless you want to be tied to somewhere - the prices are still falling and 40k won't buy anything worth living in so you'll need to supplement it.

In your position I'd find some casual work and go back to college for two years - do a Masters in something that interests you and let another bit of this recession pass.

On the other hand you could use the money to relocate yourself to Aus/NZ/wherever. Plenty of eng jobs in Aus right now.

'cptr

ShadowHearth

Op, how old are you? Only 40... The way you say it, it looks like your life ended just now...

Just go and find a job. If I would get 40k at Xmas, I would walk away from work place myself...

I wouldn't buy any property thought if 40k is all you got... There is no such thing as property ladder. Buying a house is a luxury, not investment these days.

Ghandee

Have to agree with earlier posters suggesting Australia.
The mining industry there is still an extremely lucrative one, especially in Western Australia (Perth/Kalgoorlie) 40,000€ could prob sustain you for a year or slightly longer if you were careful with your money before you even had to look for work.

Cost of living in Australia is considerably cheaper than Ireland for most things, and at the age of 40, your most certainly not over the hill op.


given a choice of a wet, grey, uncertain future in Donegal, or a bright, vibrant, sunny fresh start in Australia op, I know what one I'd be considering.

I have to ask how come you have got to 40 and have been working and you have absolutely nothing? just wondering?

IrishZeus

Australia/Canada without a doubt. Especially given you have a sought after qualification!!!

IrishZeus

And sorry to double post, but given you're a qualified engineer, you're in a much (much) better position than a lot of people being made redundant these days!!

MugMugs

I'll whack you off for 40 grand and you can live in my Shed and put flower pots outside the front door with a welcome mat

mickydoomsux

Ghandee wrote: »

Cost of living in Australia is considerably cheaper than Ireland for most things,

That is completely and utterly incorrect.

A good chunk of my family live over there and they are astounded at the fact that we think our cost of living is high. They have to import pretty much everything so most things are pretty pricey, that's why the wages over there for even menial jobs are fairly high.

Also, my brother who lives over there was home recently and he said that they are creating their own property bubble there with"pop up" towns appearing all over the bush with **** all people to buy them. He gives it another couple of years before the other shoe drops and Paddy will be out of a job.

Also, OP, just as an aside, you have a terrible attitude toward your situation. "I can't get a job in engineering so i might never work again". I know plenty of people like yourself who have been sitting at home on the dole for 3 years because they are too proud to take a job stacking shelves. Money is money.

lastlaugh

mickydoomsux wrote: »

That is completely and utterly incorrect.

A good chunk of my family live over there and they are astounded at the fact that we think our cost of living is high. They have to import pretty much everything so most things are pretty pricey, that's why the wages over there for even menial jobs are fairly high.

If the wages over there for crap jobs are pretty high, I would imagine that an Engineering job for example would pay very well.

So, even if things are pretty pricey over there, the wages are better, therefore the cost of living is lower.

Would you agree?

mickydoomsux

lastlaugh wrote: »

If the wages over there for crap jobs are pretty high, I would imagine that an Engineering job for example would pay very well.

So, even if things are pretty pricey over there, the wages are better, therefore the cost of living is lower.

Would you agree?

That's not how it works.

The wages are scaling with the prices so at best it's the same as here if not slightly worse.

Beggared

You have 3 months, get a qualification in teaching English as a foreign language, Google TEFL. Then take your €40k and head off to an emerging country where you could earn a decent living as a teacher. While that's going on explore the workscene locally for your main qualification.

wild_cat

mickydoomsux wrote: »

That's not how it works.

The wages are scaling with the prices so at best it's the same as here if not slightly worse.

That's a bit ****. My friend that's just finished college is actually moving out to her boyfriend to settle there permanently, they think they're going to live out the rest of their years with him making huge money in the mines. I don't think she realises how remote the area he is in is as well....

I did read an interested article in the guardian a while back basically saying they are trying to get people out of Sidney and into the less populated areas of Aus. Here's the article http://www.guardian.co.uk/world/2011/jun/29/sydney-pays-people-to-leave

My uncle has faired well though and has been out there since the early sixties he works in the bush for half a year and then spends the rest on his boat sailing about the place. I have no idea what he does though, just that its god awful manual no place for a woman kind of a thing. But it pays him really well.

If I was you OP I'd hit up somewhere with Sunshine, blue sea's cheap living standards and where you can get a bit of work every now and then to get by!

Ghandee

mickydoomsux wrote: »

That is completely and utterly incorrect.

A good chunk of my family live over there and they are astounded at the fact that we think our cost of living is high. They have to import pretty much everything so most things are pretty pricey, that's why the wages over there for even menial jobs are fairly high.

Also, my brother who lives over there was home recently and he said that they are creating their own property bubble there with"pop up" towns appearing all over the bush with **** all people to buy them. He gives it another couple of years before the other shoe drops and Paddy will be out of a job.

Also, OP, just as an aside, you have a terrible attitude toward your situation. "I can't get a job in engineering so i might never work again". I know plenty of people like yourself who have been sitting at home on the dole for 3 years because they are too proud to take a job stacking shelves. Money is money.

So, because a good chunk of your family live over there gives you the right to disregard my advice.

Take it from the 'horses' mouth OP, I spent almost 4 years (46 months) actually living in Manly (NSW) and also in Perth.

I did not say EVERYTHING was cheaper down under, but certainly most things are.
Groceries, petrol, food, alcohol etc all at vastly reduced prices than we pay here.

I suggest Micky gets his arse over there, gets a job, and settles into an Aussie way of life before he contradicts people with information received from his aunts second cousins granny's goat. :cool:

Birroc

Leave Ireland and don't look back.

Do NOT buy a house here.

up for anything

Ghandee wrote: »

So, because a good chunk of your family live over there gives you the right to disregard my advice.

:eek::eek: First of all HE wasn't disregarding your advice, he was was giving the OP the information he has. Get over yourself.


OP, I'd agree with Beggared and look into teaching English and job hunting from a position of strength in a country you'd like to live in. That way you actually find out whether it's some place you'd like to settle while you're in a well paying job and if it is you could use some of your redundancy money to acquire some local engineering qualifications and language skills. Best of both worlds.

mickydoomsux

Ghandee wrote: »

mickydoomsux wrote: »

That is completely and utterly incorrect.

A good chunk of my family live over there and they are astounded at the fact that we think our cost of living is high. They have to import pretty much everything so most things are pretty pricey, that's why the wages over there for even menial jobs are fairly high.

Also, my brother who lives over there was home recently and he said that they are creating their own property bubble there with"pop up" towns appearing all over the bush with **** all people to buy them. He gives it another couple of years before the other shoe drops and Paddy will be out of a job.

Also, OP, just as an aside, you have a terrible attitude toward your situation. "I can't get a job in engineering so i might never work again". I know plenty of people like yourself who have been sitting at home on the dole for 3 years because they are too proud to take a job stacking shelves. Money is money.

So, because a good chunk of your family live over there gives you the right to disregard my advice.

Take it from the 'horses' mouth OP, I spent almost 4 years (46 months) actually living in Manly (NSW) and also in Perth.

I did not say EVERYTHING was cheaper down under, but certainly most things are.
Groceries, petrol, food, alcohol etc all at vastly reduced prices than we pay here.

I suggest Micky gets his arse over there, gets a job, and settles into an Aussie way of life before he contradicts people with information received from his aunts second cousins granny's goat. :cool:

Your 4 years is beaten by the decade my brother has lived in Melbourne and the 40+ years my grandparents and most of my fathers side of the family have lived in Perth.

Stuff is considerably more expensive over there. An apple costs the guts of $2 FFS. Consumer electronics are usually at least twice the price of over here.

ScumLord

Plazaman wrote: »

Oz is crying out for engineers at the mo.

Don't the Aussies have a bit of a cut off point age wise? Although when it comes to an experienced engineer they might be more inclined to overlook age.

I would have thought an engineer with that amount of experience would be more highly valued than a younger engineer?

MagicMarker

mariaalice wrote: »

I have to ask how come you have got to 40 and have been working and you have absolutely nothing? just wondering?

Eh, he has 40k, how much have you got?

Sykk

Learn a second language or go back to college... Broaden your skills and make yourself more employable. Buying a house would be a pretty stupid thing to do IMO.. You don't want to tie yourself down to a mortgage without a job.

Carter P Fly

i think OP's attitude sums up the mentality thats put us in this situation pretty well, So much so its more likely just plain old trollin'

x_Ellie_x

40k is enough money to move out of the country and get settled somewhere else. My friend's husband also has an engineering degree and used his redundancy money and their savings to start over in New Zealand. They moved over there just after the Christchurch earthquake, he took advantage of that, there was loads of engineering jobs going at the time as they needed to re-build parts of the city. They are doing very well, there is lots of work for him over there, they like living there, and they've decided to stay on permanently.

KeithM89_old

Youll get better responses to the thread you have here in PI.