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Just been RETRENCHED! what are my options?
Rank: Hello Joined: 9/14/2012 Posts: 6
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Hi good people, a veteran here incognito.  Yes, I’ve been axed by my employer & here is my story: 1. I was bringing home 150k, wife still working & brings 70k. 2. Got 3 school going kids in private prestigious schools- God knows I can't stand see them go through any change of lifestyle. 3. My mortgage was in process, I've suspended it. 4. We've lost a comprehensive family medical cover. Mostly, I want to be employed so am updating my CV and sending out to all who cares. I was never prepared for this, am stressed & not sure where or how to start. With less than 500k in my hands, what are my options? Benefits gone to clear sacco loan I had purchased land (in konza) last year. I am an IT techie & part time car mechanic.
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Rank: Elder Joined: 2/27/2007 Posts: 2,768
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McDreamy wrote:Hi good people, a veteran here incognito. Yes, I’ve been axed by my employer & here is my story: 1. I was bringing home 150k, wife still working & brings 70k. 2. Got 3 school going kids in private prestigious schools- God knows I can't stand see them go through any change of lifestyle. 3. My mortgage was in process, I've suspended it. 4. We've lost a comprehensive family medical cover. Mostly, I want to be employed so am updating my CV and sending out to all who cares. I was never prepared for this, am stressed & not sure where or how to start. With less than 500k in my hands, what are my options? Benefits gone to clear sacco loan I had purchased land (in konza) last year. I am an IT techie & part time car mechanic. you already answered yourself... for now why not do your mechanic thing as you wait for another potential employer to show up... ...besides, the presence of a safe alone does not signify that there is money inside...
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Pole,all I can tell you is cut down to the bare minimum if you can...just deal with the basics now.My biggest worry is the mortgage. possunt quia posse videntur
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Rank: Member Joined: 3/30/2010 Posts: 176
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McDreamy, you have a lot going for you.
IT techies do side jobs all the time. Side hustle will still bring in something.Mortgage processing is on hold. You are not sitting back moaning your fate but sending your CV out.
My only concern is those prestigious schools. IMHO, it would be worse to have the kids kicked out of school for no school fees (if the employment takes a while checking in) than for you to withdraw them now. Check out threads by one msotoville. Lots of wisdom there on how to manage family when finances are thick.
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Rank: Member Joined: 5/8/2008 Posts: 288
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McDreamy wrote:Hi good people, a veteran here incognito. Yes, I’ve been axed by my employer & here is my story: 1. I was bringing home 150k, wife still working & brings 70k. 2. Got 3 school going kids in private prestigious schools- God knows I can't stand see them go through any change of lifestyle. 3. My mortgage was in process, I've suspended it. 4. We've lost a comprehensive family medical cover. Mostly, I want to be employed so am updating my CV and sending out to all who cares. I was never prepared for this, am stressed & not sure where or how to start. With less than 500k in my hands, what are my options? Benefits gone to clear sacco loan I had purchased land (in konza) last year. I am an IT techie & part time car mechanic. Pole sana and i pray you will get other sources of income. I feel like i know you.. Anyway book of Matthew 7:7 is very applicable in this case: “Ask, and it shall be given to you; seek, and you shall find; knock, and it shall be opened unto you”
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Rank: Member Joined: 9/30/2011 Posts: 483
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Sorry for this. I'd imagine changing school for your kids however inconveniencing for them, would be something you want to do immediately since you can't manage to keep them there for long. It may call for you to be there for them as a parent in the transition and this is the true test of parenthood.
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Rank: Elder Joined: 6/20/2008 Posts: 6,275 Location: Kenya
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@McDreamy I must commend you first for the strength you seem to have. Accepting the situation is the first step.
Now, what I've seen work and what my cousin applied when he got retrenched is what @maka has advised and it worked for him. First, discuss how to cut down to the basic with your spouse. Secondly, you can rent out the house on mortgage and move to a smaller one. Thirdly, keep hustling for another job, be confident, sell yourself and do not look too needy.
All the best.
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Rank: Member Joined: 2/12/2010 Posts: 474 Location: Nairobi
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Keep in mind that with 500k in your pockets, some piece of land, 70k monthly from the wife salary,....you'd be considered a rich family by most Kenyans...gratitude is key. Keep it simple
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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richdad wrote:Keep in mind that with 500k in your pockets, some piece of land, 70k monthly from the wife salary,....you'd be considered a rich family by most Kenyans...gratitude is key. I concur this is way more than most people survive with and they still get to take their children to school and do a few things,moving houses is a good option renting the larger one and using the difference to reduce the mortgage,if you have two or more cars sell one,cut down on eating out the KFC,s,galitos and the likes go deaf on what people will say esp about the change in status but know that you are doing it for the greater good...Never live a financial lie it doesnt help anyone.Always be positive and thankful for what you have...you should also think of getting a medical cover for the kids if the one you have has been terminated,all will be well my friend. possunt quia posse videntur
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Rank: Hello Joined: 9/14/2012 Posts: 6
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Kaigangio wrote:McDreamy wrote:Hi good people, a veteran here incognito. Yes, I’ve been axed by my employer & here is my story: 1. I was bringing home 150k, wife still working & brings 70k. 2. Got 3 school going kids in private prestigious schools- God knows I can't stand see them go through any change of lifestyle. 3. My mortgage was in process, I've suspended it. 4. We've lost a comprehensive family medical cover. Mostly, I want to be employed so am updating my CV and sending out to all who cares. I was never prepared for this, am stressed & not sure where or how to start. With less than 500k in my hands, what are my options? Benefits gone to clear sacco loan I had purchased land (in konza) last year. I am an IT techie & part time car mechanic. you already answered yourself... for now why not do your mechanic thing as you wait for another potential employer to show up... Thanks but where now? And how soon will that be? Yes, this is my first preference, but I dont know how soon I can get a new job
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Just been RETRENCHED! what are my options?
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