Googler here. The video was spot on! Glad to see that you are doing well now. I see lot of your teammates are also wishing you luck with your channel. Cheers.
This man is right. I was in an industry for 20 years that had layoff. I ensured I get promoted and increase my skills and assets. I was partying when it ended. 🥳🥳🥳🥳🎉🎉 This man is brilliant.
This not only speaks volumes about you, but also your wife. She was supportive of the frugal spending decisions when it's common today to expect opulence. Further, she supported you through the difficult transition, the "for better OR FOR WORSE" part of most marriage vows. That's a wonderful partnership you have there!
Wow thank you so much for your kind words! I just shared your words with my wife and she is so happy. You are so right because having a partnership like ours makes me feel the richest man in the world. Thank you for watching till the end too!
Great story. Different people will have differing views about layoff. To some who love their job, they will feel what u feel. But to those who don't, it may be liberating.
hey Shao, sorry about your layoff, I'm a Googler base in Singapore. I've seen you around the office. But never had the chance to say hi or work together. Good to know you have a nice 'cushion' to fall on.
Thanks for sharing your portfolio and nice to know I am not alone in my approach too. Also thanks for sharing about SCHD, I have never considered it but I will reach up more about it. Any particular reason why you hold O as well?
@@9to5MillionaireMindset O is fundamentally a sound stock that pays a monthly non-qualified dividend. It’s my favorite REIT. I also sell covered calls against the underlying SPY to collect premiums and reinvest the premiums back into SCHD.
You really got me thinking with your strategy of pairing your SPX with covered calls. I have never done covered calls before. As a novice in this area, how would you recommend I get started on learning how to sell such calls? Are they available through the popular brokers ( I use IBKR)
@@9to5MillionaireMindset Yes, IBKR allows you to sell options, including covered calls. You have to apply for it and take a test. I learned options trading in 2020 from Call to Leap for a foundation and Adam Khoo for advance knowledge, which in my opinion was only good for technical analysis. Just stay away from gurus who claim you can go from $1000 to $1M within a year with options. 😂 I’d recommend the free UA-cam videos from CTL and free introductory videos from his website.
Your last point on the "gurus" 😂😂😂 so obvious yet they are still enrolling students non stop. I will check out these free resources you recommended. Thank you once again!
Whilst under active employment, everyone should instill the discipline to save and invest, best to generate passive income like you said “break off with your company mentally” so when there is a sudden job loss, financially you are in a better position and that reduces the stress level. I also like the FU fund that you mentioned in another video!
Thank you for being so supportive and watching multiple videos of mine. I feel very supported 😁 And yes I 100% agree with you that we actually can create our own version of safety or even freedom if we have the discipline to save and invest. Good luck in building out your own FU fund too!
If one is in tech the name of the game is invest, invest, and then invest some more. Tech is a brutal industry. And it gets more brutal the older you get. For most people in tech by the time they are 50 yo they are unemployable. So by 50 one should haves saved enough $ to retire. Or at least have all debts paid off and can survive on a low paying job. I like your videos. I went through a similar experience when I was 32. Lost my high paying SW dev job. After 2 yrs of minimum wage jobs I finally got back into tech. From that point on I saved/invested 50% of my income and was able to retire at 56. The last 6 yrs were terrible and I was getting aged out but I held on as long as I could. Good luck to you!! I have no doubt you will rise again and be stronger than ever.
@ I was single at the time. But, I remember thinking how horrible this situation would be if I had children to take care of. It really scared the heck out of me. Never did have children partly because of that event. It was pretty traumatic for me.
It was really interesting and heartfelt especially for the part where you mentioned getting support from your family. Layoff is not so common in my home country but I need to prepare myself as I am looking for a job in Singapore. This video felt insightful to know what I am getting into.
I know that feeling, my dream job where I could drive all the fancy cars I wanted. I miss it, but that life taught me a harsh lesson. I am in the hands of God now, and I can only laugh about it.
Great video and thanks for sharing your tips Shao. Can I understand more about your portfolio mix for the 2M portfolio please? Is this solely invested in the S&P 500? If so which particular index fund do you buy and through which platform do you purchase this?
For S&P500, I think VUAA LN is the best. 1) it's auto accumulating - any dividend will automatically be reinvested into the index. 2) it's listed in the UK and not the US, so it's dividend is taxed at a lower withholding rate 3) not being listed in the US also means less estate tax in the unfortunate event that the investor passes away You can find out more about VUAA LN by just googling it and write reddit forums about it :)
Better than just tryting to optimizing your income while you're at a job, is using the only time you really have leverage to negotiate the biggest base salary you can -- before you take the job. I did this in tech, 7 years ago. I will be let go due to business slowdown in 6-12 months. But i have 7-8 years of a salary that is at the very top of my band, because i did this negotiating before taking the job. I am paid more than people in management roles one step above me. These people have jobs I would hate to do because all of the job is focussed on internal operations, none of which is portable. My job as a practictioner is preparing me to go to any number of other tech jobs after this. I won't take another staff job and will instead freelance. All possible because I have also built financial freedom for myself.
That's really good career advice. I learned it the hard way that the most leverage you have is before joining. I also used to think tenure in a company was important, but now I am advising my peers and students to switch jobs more often as that will allow more opportunities to negotiate before each new role. Thanks for sharing!
Personally I don't think mentally setting up to break up with a company is right mindset. If you like the company then like it - set yourself up to do the best, support or stay. You can still save money and invest etc. 8 years is a good amount of time to be there considering your mindset. 2 mil over 8 years, probably could have made better investments it sounds like your spread it too thin but it's not bad. To deal with stress, buying a place nicer or closer to work and investing in a gym membership. How are you eating junk food, doesn't Google offer free food? That sounds like depression or stress based eating.
Thanks for sharing your perspective & strategies. I have heard about getting into sales roles to maximise earning potential, this is something I want to explore but still feel hesitant as I don’t think I have the ‘Hunter’ mentality/ personality. I hope you can share some of your learnings/ experiences about pivoting into sales, and also as someone who has led a sales team, what are the skill sets you look out for 😁
Thanks for your feedback! Indeed I was able to pivot from finance to tech without any technical/engineering background because I was able to do sales and all tech companies are always hiring for salespersons. Later on I will be creating a video about pivoting into sales and the skills required, so please subscribe and stay tuned!
Yes being able to navigate and bounce back from a layoff is now an essential career skill since layoffs are bound to happen to us at some point of our careers
You said you felt zero pressure to find another job because you made 2 million on the stock market. But in a more recent video, you said you went into problem solving mode and wasted a whole heap of energy applying for a heap of jobs, not even considering if it's suitable -- and that it was unhealthy. Are you actually relaying your actual life events, or are you just saying anything to build a channel? Honest question. I can tell you're a sales guy.. sheesh...
Hello there! Firstly thanks for watching both videos. You could have watched anything else but you chose mine, so thanks for that. Another viewer also shared your similar feedback in the more recent video, that I wasn't being consistent. And the reason is because while logically I was confident that by investing early and regularly I could cushion a job loss, emotionally I was still panicking when I found out and couldn't accept that I was being "forced out" because having a career has always been a huge part of my identity. So I was desperate to do whatever it takes to stay in Google, or at least in tech. If I were to redo it again, I will definitely give myself more time to be calm and assure myself that I had planned for it. That's my honest answer, thanks for watching and giving me feedback to make better videos.
is 2 million enough though? My number is more like 5, the rationality is that i need 500k of income a year (assuming a 10% annual return on the S&P) to sustain a "comfortable" living for myself and family. My income is around 200k and as a single person I feel "ok" but sure as heck do not feel rich or anywhere close to retirement
It's enough so far based on where I am at and the lifestyle that I have chosen. But I agree with you; seeing how prices keep going up, we never really feel secure. Where are you based at? It's cost of living and taxes would influence a lot too
A renovated house within 30 min drive of a major airport, can cost under 300k. Down to 1.7m Then property taxes utilities groceries yearly and a car... 15k Max. 1.7m easily produces 15k.
10% average return is not 10% safe withdrawl rate. Also a 10% return is before inflation. The safe withdrawl rate is 2.7 to 4% depending on the source you choose. With your 200k income, how much do you safe? If you already find it hard to live of that as a single, how will you build up your portfolio?
Let me guess, Shao. I bet you rented a room all those years ;-) You are giving the vibe that you didn't need much in your life and you tried to secure your future as fast as possible before they laid you off
Erm... So I actually even live with my parents for a long while 😂 (and that's actually common in Singapore) And yes that was my whole life goal. To be independent, bulletproof and have self sovereignty , so it means a lot to me that you were able to pick that up.
@@9to5MillionaireMindset that's totally fine if you are living with parents :). I wish in a different cultures people respect their parents as you do in Chinese. I also heard that to buy even condo in Singapore is beyond affordable. So maybe 2mln sounds enough for the rest of the world (even US), - but in Singapore it is probably not that much money if it comes to property.
Oh yes you have heard right. $2m can get you a say 3 bedroom condo but it's likely to be on a 99 year lease (as with most properties in SG you don't get to hold it forever) That being said, the government also provides public housing for its citizens. It doesn't have the fancy condo facilities like swimming pool but it's 50-60% cheaper and properly maintained (since the govt's reputation is on the line). So guess which one I will aim to get?
![Why You Need to Prepare for Layoff Now [W&S 101 ft Nina Devouge & 9 to 5 Millionaire Mindset]](/img/n.gif)
Googler here. The video was spot on! Glad to see that you are doing well now. I see lot of your teammates are also wishing you luck with your channel. Cheers.
Thanks! Googlers are indeed the kindest and most supportive group ❤️
This man is right. I was in an industry for 20 years that had layoff. I ensured I get promoted and increase my skills and assets. I was partying when it ended. 🥳🥳🥳🥳🎉🎉 This man is brilliant.
That's such a nice thing of you to say! Well I'm joining you at the party too now that it has ended for me too!
That’s my boss everyone!!! 🎉
What business he has
This not only speaks volumes about you, but also your wife. She was supportive of the frugal spending decisions when it's common today to expect opulence. Further, she supported you through the difficult transition, the "for better OR FOR WORSE" part of most marriage vows. That's a wonderful partnership you have there!
Wow thank you so much for your kind words!
I just shared your words with my wife and she is so happy. You are so right because having a partnership like ours makes me feel the richest man in the world.
Thank you for watching till the end too!
Great story. Different people will have differing views about layoff. To some who love their job, they will feel what u feel. But to those who don't, it may be liberating.
Thank you for watching. I am glad you enjoyed it. And what would your feelings be if you had to go through a layoff now? Sad or liberating?
hey Shao, sorry about your layoff, I'm a Googler base in Singapore. I've seen you around the office. But never had the chance to say hi or work together. Good to know you have a nice 'cushion' to fall on.
Thanks for watching! All the best for your journey in Google; it's really a great place to work!
Are you a greyhound lover too?
Layoffs will always happen. It’s awesome talking about this with you!
Thank you, glad you liked it!
Hey Shao! Do you remember me? So glad i found your new channel! -Chris Ho
Hello Chris! So cool you found me here! Thanks for your support!
Wishing you the very best of luck in your journey !
Very sound financial and personal money management advise!
Thank you for your support and for watching!
We both have similar portfolio strategy. I love it! SPY is my core with my satellites being QQQ, SCHD, and O.
Thanks for sharing your portfolio and nice to know I am not alone in my approach too. Also thanks for sharing about SCHD, I have never considered it but I will reach up more about it.
Any particular reason why you hold O as well?
@@9to5MillionaireMindset O is fundamentally a sound stock that pays a monthly non-qualified dividend. It’s my favorite REIT. I also sell covered calls against the underlying SPY to collect premiums and reinvest the premiums back into SCHD.
You really got me thinking with your strategy of pairing your SPX with covered calls.
I have never done covered calls before. As a novice in this area, how would you recommend I get started on learning how to sell such calls? Are they available through the popular brokers ( I use IBKR)
@@9to5MillionaireMindset Yes, IBKR allows you to sell options, including covered calls. You have to apply for it and take a test. I learned options trading in 2020 from Call to Leap for a foundation and Adam Khoo for advance knowledge, which in my opinion was only good for technical analysis. Just stay away from gurus who claim you can go from $1000 to $1M within a year with options. 😂
I’d recommend the free UA-cam videos from CTL and free introductory videos from his website.
Your last point on the "gurus" 😂😂😂 so obvious yet they are still enrolling students non stop.
I will check out these free resources you recommended. Thank you once again!
Whilst under active employment, everyone should instill the discipline to save and invest, best to generate passive income like you said “break off with your company mentally” so when there is a sudden job loss, financially you are in a better position and that reduces the stress level. I also like the FU fund that you mentioned in another video!
Thank you for being so supportive and watching multiple videos of mine. I feel very supported 😁
And yes I 100% agree with you that we actually can create our own version of safety or even freedom if we have the discipline to save and invest.
Good luck in building out your own FU fund too!
If one is in tech the name of the game is invest, invest, and then invest some more. Tech is a brutal industry. And it gets more brutal the older you get. For most people in tech by the time they are 50 yo they are unemployable. So by 50 one should haves saved enough $ to retire. Or at least have all debts paid off and can survive on a low paying job. I like your videos. I went through a similar experience when I was 32. Lost my high paying SW dev job. After 2 yrs of minimum wage jobs I finally got back into tech. From that point on I saved/invested 50% of my income and was able to retire at 56. The last 6 yrs were terrible and I was getting aged out but I held on as long as I could. Good luck to you!! I have no doubt you will rise again and be stronger than ever.
Thank you for sharing your experience and your path and proving to me that this is all possible.
Just curious. When it happened to you, were you single or did you have people to support?
@ I was single at the time. But, I remember thinking how horrible this situation would be if I had children to take care of. It really scared the heck out of me. Never did have children partly because of that event. It was pretty traumatic for me.
I can 100% relate to it. I just got married and was laid off. That pressure is really real.
It was really interesting and heartfelt especially for the part where you mentioned getting support from your family. Layoff is not so common in my home country but I need to prepare myself as I am looking for a job in Singapore. This video felt insightful to know what I am getting into.
Thank you, and all the best in your job search!
You the hit the nail on the point of sale concept
Thank you! I am glad you found it relevant!
I know that feeling, my dream job where I could drive all the fancy cars I wanted. I miss it, but that life taught me a harsh lesson. I am in the hands of God now, and I can only laugh about it.
thats why its very important to have a back up plan in life, low cost places or Secondhome etc.
Great video and thanks for sharing your tips Shao. Can I understand more about your portfolio mix for the 2M portfolio please?
Is this solely invested in the S&P 500? If so which particular index fund do you buy and through which platform do you purchase this?
For S&P500, I think VUAA LN is the best.
1) it's auto accumulating - any dividend will automatically be reinvested into the index.
2) it's listed in the UK and not the US, so it's dividend is taxed at a lower withholding rate
3) not being listed in the US also means less estate tax in the unfortunate event that the investor passes away
You can find out more about VUAA LN by just googling it and write reddit forums about it :)
Better than just tryting to optimizing your income while you're at a job, is using the only time you really have leverage to negotiate the biggest base salary you can -- before you take the job. I did this in tech, 7 years ago. I will be let go due to business slowdown in 6-12 months. But i have 7-8 years of a salary that is at the very top of my band, because i did this negotiating before taking the job. I am paid more than people in management roles one step above me. These people have jobs I would hate to do because all of the job is focussed on internal operations, none of which is portable. My job as a practictioner is preparing me to go to any number of other tech jobs after this. I won't take another staff job and will instead freelance. All possible because I have also built financial freedom for myself.
That's really good career advice. I learned it the hard way that the most leverage you have is before joining. I also used to think tenure in a company was important, but now I am advising my peers and students to switch jobs more often as that will allow more opportunities to negotiate before each new role. Thanks for sharing!
Keep up! Great info 👏🏾👏🏾👏🏾👏🏾👏🏾👏🏾
Thank you for your support!
Personally I don't think mentally setting up to break up with a company is right mindset. If you like the company then like it - set yourself up to do the best, support or stay. You can still save money and invest etc. 8 years is a good amount of time to be there considering your mindset. 2 mil over 8 years, probably could have made better investments it sounds like your spread it too thin but it's not bad. To deal with stress, buying a place nicer or closer to work and investing in a gym membership. How are you eating junk food, doesn't Google offer free food? That sounds like depression or stress based eating.
2 mio sgd include cpf and medisave?
so inspiring. thanks
Glad you enjoyed it! All the best in your own 9 to 5 journey!
Thanks for sharing your perspective & strategies. I have heard about getting into sales roles to maximise earning potential, this is something I want to explore but still feel hesitant as I don’t think I have the ‘Hunter’ mentality/ personality. I hope you can share some of your learnings/ experiences about pivoting into sales, and also as someone who has led a sales team, what are the skill sets you look out for 😁
Thanks for your feedback! Indeed I was able to pivot from finance to tech without any technical/engineering background because I was able to do sales and all tech companies are always hiring for salespersons. Later on I will be creating a video about pivoting into sales and the skills required, so please subscribe and stay tuned!
@@9to5MillionaireMindset awesome.. I’m looking forward to it!
Great insights . Layoff everyday
Yes being able to navigate and bounce back from a layoff is now an essential career skill since layoffs are bound to happen to us at some point of our careers
Great story but not very useful for those of us who didn't start investing on the first day of our employment!
I hear you, it's not easy. And it would be better if we started earlier.
But it's also never too late to start. Or too old, or too young.
Never too late.😊
Congratulations for being financially free!
Thank you!
Great advice…just the trifling matter of the $2m now…
Great advice.
Thank you for your support and spending time to watch my video when you could be watching anything else literally in your precious free time!
Great
I have subscribed......... Uppz for u
Thank you for commenting in both videos! ☺️
Thanks for sharing Shao. Liked and Subscribed!
Thank you Marcus for your support! All the best in your 9 to 5 financial freedom!
Great success story!
Berkshire share?
You said you felt zero pressure to find another job because you made 2 million on the stock market. But in a more recent video, you said you went into problem solving mode and wasted a whole heap of energy applying for a heap of jobs, not even considering if it's suitable -- and that it was unhealthy. Are you actually relaying your actual life events, or are you just saying anything to build a channel? Honest question. I can tell you're a sales guy.. sheesh...
Hello there! Firstly thanks for watching both videos. You could have watched anything else but you chose mine, so thanks for that.
Another viewer also shared your similar feedback in the more recent video, that I wasn't being consistent. And the reason is because while logically I was confident that by investing early and regularly I could cushion a job loss, emotionally I was still panicking when I found out and couldn't accept that I was being "forced out" because having a career has always been a huge part of my identity. So I was desperate to do whatever it takes to stay in Google, or at least in tech.
If I were to redo it again, I will definitely give myself more time to be calm and assure myself that I had planned for it.
That's my honest answer, thanks for watching and giving me feedback to make better videos.
@@9to5MillionaireMindset ok, fair enough. I have subbed anyway.
Thank you for your view, honest feedback and sub support!
is 2 million enough though? My number is more like 5, the rationality is that i need 500k of income a year (assuming a 10% annual return on the S&P) to sustain a "comfortable" living for myself and family. My income is around 200k and as a single person I feel "ok" but sure as heck do not feel rich or anywhere close to retirement
It's enough so far based on where I am at and the lifestyle that I have chosen. But I agree with you; seeing how prices keep going up, we never really feel secure.
Where are you based at? It's cost of living and taxes would influence a lot too
A renovated house within 30 min drive of a major airport, can cost under 300k.
Down to 1.7m
Then property taxes utilities groceries yearly and a car... 15k Max.
1.7m easily produces 15k.
10% average return is not 10% safe withdrawl rate. Also a 10% return is before inflation. The safe withdrawl rate is 2.7 to 4% depending on the source you choose. With your 200k income, how much do you safe? If you already find it hard to live of that as a single, how will you build up your portfolio?
Let me guess, Shao. I bet you rented a room all those years ;-) You are giving the vibe that you didn't need much in your life and you tried to secure your future as fast as possible before they laid you off
Erm... So I actually even live with my parents for a long while 😂 (and that's actually common in Singapore)
And yes that was my whole life goal. To be independent, bulletproof and have self sovereignty , so it means a lot to me that you were able to pick that up.
@@9to5MillionaireMindset that's totally fine if you are living with parents :). I wish in a different cultures people respect their parents as you do in Chinese. I also heard that to buy even condo in Singapore is beyond affordable. So maybe 2mln sounds enough for the rest of the world (even US), - but in Singapore it is probably not that much money if it comes to property.
Oh yes you have heard right. $2m can get you a say 3 bedroom condo but it's likely to be on a 99 year lease (as with most properties in SG you don't get to hold it forever)
That being said, the government also provides public housing for its citizens. It doesn't have the fancy condo facilities like swimming pool but it's 50-60% cheaper and properly maintained (since the govt's reputation is on the line). So guess which one I will aim to get?
Shaoooo! the best teacher is here to drop some knowledge!!!
Wow, thanks!
@@9to5MillionaireMindset haha i'm Linh :)) I forgot that my user name on utube is not my name. All the best Shao
Yes I was able to guess it was you :)
Congrats finance freedom
Thank you, I hope you find your version of freedom soon too!
👏👏👏
laid off reduce my living expenses, so is death. haha. spot on on commission sales.
😂😂😂
Hi ex-colleague
Hi ex-colleague x2
get another job, and settle down or downsize
sure you are. lol