Redundancy Date Imminent - what are my options to invest wisely in these uncertain times?

manic1994

Been given advanced warning of termination of contract redundancy date (June 2020), what responsible advise can people offer to invest wisely and any good to know advise anyone can give who have been through this trauma?

Thanks

blue.peter

Given that the stock markets are still falling (unless things have suddenly turned around without me noticing), I wouldn't put any money into stocks, shares etc. at the moment. Besides, unless you've already got a job lined up, you're going to need what money you have to live on. You don't know how long that situation will last. It looks as if we're going into a recession, and possibly even a depression, so I suppose that it'll be a while before the economy picks up, and the jobs market along with it. So I'd put whatever you can into an easy-access savings account. It wo't pay much in interest, but (a) it's not subject to stock market volatility and (b) you'll need to be able to get at it to pay your living expenses.

I would suggest that you start by taking a long, hard look at your spending, and work out a bare bones budget. What is the minimum you need to live on? Withdraw that much from your savings each month, and survive on it. Start looking for a job now. Set aside some time each week for doing just that. It'll be pretty dispiriting but eventually it'll pay off.

Well, that's what I did when I was made redundant in November 2009. I was lucky: I had a pretty generous redundancy settlement, and still had some of it left over when I did eventually get another job (April 2010). It'll be pretty horrible for you in the short term, I'm afraid, but I hope that it works out as well for you as it eventually did for me.

Good luck!