“It was clear I needed to change jobs, so it was a mutual decision with my employer that I move on. My redundancy was negotiated, but it was still quite an adjustment,” says James.
“Realising that what you have been doing is no longer required really makes an impact on you. It is a very confusing time and you begin to doubt your worth. Fortunately, I had a good support network among family and friends. That encouraged me to seek financial advice and career counseling,” he says.
While he could have looked for another principal’s position, James saw his redundancy as an opportunity to change careers completely.
James decided that he would be happier and healthier if, instead of just changing jobs, he began working for himself.
After discussing his financial position with an adviser, he identified benefits in using his termination payments to pay off his mortgage, boost his retirement savings and set himself up for the next phase in his life.
The adviser also helped establish a budget based on his new cash flow and reassessed his insurance needs, including income protection. He was referred to an accountant for tax advice on setting up a business.
“Once your world is pulled apart you go through a grieving process and you are in shock. The first thing you need to get is some advice from a credible planning service,” says James.