Ten years ago about now, I was laid off from Nortel. At the time it was truly a gut punch (spiritually, financially and physically). I worked for BNR then Nortel for 20 years, then I was declared redundant. It wasn’t a surprise, but it still crushed my self-esteem for a long time. I have spoken about this on Podcasts so I won’t rehash too much of this life altering event, but in the end it was a good thing.
Financially I was very lucky, even though it took me a year to get back on my feet and find a job. If I had been laid off 2 months later, I would have been in a much larger financial world of hurt. I was lucky enough to receive all of my severance package. If I had been laid off any later, I would have waited until Mid-January to get my package, and I would have then received none of it, due to Nortel declaring Bankruptcy.
I was lucky that I withdrew my pension from Nortel, before that plans problems came forward. The reasons for withdrawing the money were emotional (i.e. I am not letting those bastards keep my money), however that emotion-based decision worked out well.
In hindsight being laid off was the luckiest thing that happened to me, and caused me to make the most brilliant financial decisions I have ever made. It always astounds me that the most gut-wrenching events in my life usually end up causing something good.
Ideally, it would have been nice if I could have found a job in less than a year, however, the job I found I am still in and I still enjoy.
Laid Off but Lucky ?
You didn’t think you’d read that headline today, did you?