QUOTE(hellokitten @ Oct 25 2016, 05:59 PM)
What you gonna do with the compensation money? You're not just gonna let it sit in the bank right?
Well, I had a few discussions with my koliks, some idea is good, some they really dunno how to manage it.
I might be wrong in my info, as I'm not an expert in financial matters.
And first thing is:
1) The most important money you need to save.
Estimate how long you will be out of job, and how much you are getting
Since my company gimme about 40months
Lets say 9 months to get a preferred job after hopping here and there, on /off work
9 month expenses like car, house, utility etc need to set a side first. This money you touch you die lol.
That's leaves me about 30 months money. The basic will be keep all in ASB to get 6% annually, but, not as easy as that.
2) Pay off all credit card. But no need to finish paying off the house or car. As long as able to pay it, continue doing it.
But need to set a limit to this. If over it, probably need to sell properties. And since got profit, 1 house can actually cover 2 houses.
Like me I'm unker and low qualification, its quite hard for me to find a job
3) Insurance now is very important. So probably gonna spend RM4~6K on this a year cos I'm jobless and no longer have company insurance.
Since I've been to Specialist Hospitals and General Hospitals, I know money matters a lot in this, I'm not getting younger and 1 fall can cost me easy 10~20K.
General Hospital service too slow.
4) The spending, OK...I'm not an angel, I want to go overseas with family see snow with them, get the latest iPhone, probably change car, etc. This one I really need to be very careful with. But that I think about another time.
What's important for me is every month I don't work, money is minus from my account. So I need to get a well paid job fast.
That one I will think about 2~3 months time before my retrenchment date. As of now, I'm relaxed and avoid stress.
This post has been edited by azbro: Oct 25 2016, 06:27 PM