Would like some employment advice, please.

[Hondamaker]

My employer is offering us a buy-out. If I took said buy-out, I would receive $29K plus a year's pay (to be paid in monthly increments). What would you if you were in my shoes? Take the buy-out? I would have a year to come up with gainful employment, and I can use the 29K towards an investment or a business. I would appreciate any and all feedback, since I am considering this offer.

Thanks in advance!

---Jack

[kenneth]

Well depends. Do you feel that your job is secure? Is the salary good enough to be comfortable? Are you happy with your job (I know noone is happy to work but you know it could be worse) what do you do?

[Hondamaker]

Well depends. Do you feel that your job is secure? Is the salary good enough to be comfortable? Are you happy with your job (I know noone is happy to work but you know it could be worse) what do you do?I work at one of the Honda manufacturing plants in Ohio.

[cliffeman]

Another thing to consider is what the job market looks like in your area.

[Buffy]

Any idea of what you'd like to do in a new business venture? Is your current income going to be difficult to replace? If for some reason the new business venture didn't pan out, how easy/difficult would it be for you to find employment elsewhere? What about retirement and health benefits? So many questions...I'll be interested to hear your thoughts as you make your next move.

[Hondamaker]

My wife has really good health insurance, so my kids and I are pretty much covered. I can roll over my 401k as well. As for a new business venture, I dont know, that's why I'm asking advice! LOL. I can stay with Honda no problem, but would love to be my own boss.

[kenneth]

man HONDAMAKER is a honda maker lol. I should have guessed that.

if you want to be your own boss then I suggest to just keep saving money up so no financing will be done. Right now is not a good time for a new business to open. Look how many OLD business's are closing down.

[coasts]

i worked for a man in Colorado that told me "if you always do what you've always done, you'll always get what you've always got". if you're not happy with what you've got, do something else.

[up10ad]

Jack, you are in an interesting position. If you have always wanted to run your own business this might be the time to give it a try. It depends so much on the type of business. A year from now things should be very different but we don't know what that means just yet. What type of business are you interested in doing?

You have a well paying job now and if starting a new venture doesn't pan out within the year you will have to do something else. What will be the prospects of getting a comparable paying job in your area a year from now?

Coasts comments are definitely something to be considered. Noting comes without risk but you have people other than yourself to consider. Only you can balance the actual risk against the potential return. If you do go for it, try to establish a security fund with a portion of your severance and monthly pay.

Most importantly, if you do take their offer will you have to change your nick here?

[PepeRB29]

how old are you?

[macgirl]

My dad was in a similar position several years ago, though he didn't have the benefit of a buy-out and was only laid-off. He's been a machinist his entire life and took the opportunity to start his own business. Getting the equipment and space needed to start his business took far more than a year's worth of his salary and he still has equipment loans and a lease to pay, which has become difficult with the economy at this point.

Depending on the business venture you have in mind, I would say that $29K is not nearly enough to set up on your own. If you want to do a joint venture with someone, it still probably wouldn't be enough unless they already have the land and equipment needed.

Frankly, I wouldn't suggest starting your own business in this economy, particularly if you are in an area where many jobs have already been lost or will soon be lost.

I did see a news bit about this one guy who started his own business, hiring himself out for anything for $25 an hour (anything not illegal, that is). He did everything from work around people's houses to escorting a woman who needed a date to a dinner party. If you could find something that you enjoy for which there's a definite need or market in your area, this type of business could succeed.

Otherwise, I'd suggest staying in your job. Unless you need a really long vacation and are 100% positive you could find a job that pays as well in a year, a bird in the hand and all that...

[Hondamaker]

You all have good points. I'm probably gonna stay where I'm at. It's a good job, and it pays well. Hopefully people will keep buying Hondas, eh?

[psylichon]

I would stay where you're at. I think Honda's gonna pull through this just fine.

[PepeRB29]

You all have good points. I'm probably gonna stay where I'm at. It's a good job, and it pays well. Hopefully people will keep buying Hondas, eh?

not to be negative towards you, i hope you remain successful, but i hope people don't buy hondas.

[Napoleon_PhoneApart]

Why not?!...

[psylichon]

I fear for the direction of this thread. I hope my fears are unfounded.

[Napoleon_PhoneApart]

So do I.....

[evolution83]

Considering the job market right now, I would stay put. Any job that is secure should be treated like a prized possession. I would definitely wait to run your own business until the recession clears, which may not be for another year or so.

I'd like to buy a new Honda Civic myself, but I may have to wait a bit. Besides, what's wrong with Honda anyhow?

[Hondamaker]

not to be negative towards you, i hope you remain successful, but i hope people don't buy hondas.That's not gonna happen. The major Japanese car manufacturers have a great rep and a huge customer following. Toyota and Honda will remain long after the original Big 3 are mere memories.

[iCafe]

I say first look to see if the starting salary at other auto makers is the same as your currently making .. and apply and if you get the job take the money from honda and run.
if you dont stay at honda
But honda's are the best middle class cars ever made
you dont want to leave and work for nissan

[Hondamaker]

I say first look to see if the starting salary at other auto makers is the same as your currently making .. and apply and if you get the job take the money from honda and run.
if you dont stay at honda
But honda's are the best middle class cars ever made
you dont want to leave and work for nissan
Yeah, and I'm sure none of the automakers are gonna be hiring any time soon!

[iCafe]

On second thought companys are always looking out for their own best interests
so it would probably cost them more if you stay and don't take the money
and it costing them more means you will be getting paid more
so i say stay

[kisstine]

not to be negative towards you, i hope you remain successful, but i hope people don't buy hondas.

I love my Honda... best car I've ever owned. :smile:

[psylichon]

Big Honda fan here.

[Napoleon_PhoneApart]

I have a Toyota (Scion tC), but Honda is a fine make as well.

[jerni]

Honda makes my Acura...I love my Acura...That makes me a Honda lover by default.

[aknightstale41]

You all have good points. I'm probably gonna stay where I'm at. It's a good job, and it pays well. Hopefully people will keep buying Hondas, eh?
Ive worked at KTH in the past..they make many of the parts that go into the Honda's, and i have to say..its was one of the most physically demanding jobs i ever had. Dont get me wrong, nothing wrong with hard factory work, but it does take a huge toll on the body, especially if you work on the line...my thinking its bests suited for the 20 something age group. The guys i worked with would pop advil like mms candy. Many 45 year olds looked like they were 65. I say take the dough and invest it in your passion, thats where you call the shots, and dont have to beat your body up anymore...its an easier decision if your kids are grown, but still, suceed or fail, you definately wont regret taking the risk.

[AntonChigurh]

Take the money and let it ride in Vegas.

[Hondamaker]

Ha! That's what I said to my wife. She wasn't very fond of that idea. :tounge:

[Hondamaker]

Ive worked at KTH in the past..they make many of the parts that go into the Honda's, and i have to say..its was one of the most physically demanding jobs i ever had. Dont get me wrong, nothing wrong with hard factory work, but it does take a huge toll on the body, especially if you work on the line...my thinking its bests suited for the 20 something age group. The guys i worked with would pop advil like mms candy. Many 45 year olds looked like they were 65. I say take the dough and invest it in your passion, thats where you call the shots, and dont have to beat your body up anymore...its an easier decision if your kids are grown, but still, suceed or fail, you definately wont regret taking the risk.I've had friends at KTH!
Honda's not like that. The work is very repetitive, yes, but rarely is it too demanding on the body. I don't work on the assembly line anymore, either. I left that department after 12 years and transfered to the casting department, where they melt iron and make camshafts, balancers, brake disks. It's really cool.

[Napoleon_PhoneApart]

I left that department after 12 years and transfered to the casting department, where they melt iron and make camshafts, balancers, brake disks. It's really cool.

Strange statement. :smile:

[Hondamaker]

Strange statement. :smile:How so? :2cool:

[Napoleon_PhoneApart]

Talking about molten metal then saying it's cool...:smile:

[Hondamaker]

Ah, I see. That was an odd thing to say. It is a really neat process to be a part of, in a dirty, medieval sorta way.

[Napoleon_PhoneApart]

Ah, I see. That was an odd thing to say. It is a really neat process to be a part of, in a dirty, medieval sorta way.

Can you make a two-handed sword for me?

[aknightstale41]

I've had friends at KTH!
Honda's not like that. The work is very repetitive, yes, but rarely is it too demanding on the body. I don't work on the assembly line anymore, either. I left that department after 12 years and transfered to the casting department, where they melt iron and make camshafts, balancers, brake disks. It's really cool.

I think I would stay too Jack if I wasn't on the line and had 12 years in already... You probably have a nice pension and profit sharing plan...
Hey btw, did they start production on the new fusion cell car yet?, supposed to run on hydrogen and have zero emissions.

[connie]

I have a friend that worked for GM for years and she and her husband were both offered a buy out. They are in their 40's and they both took it. They invested in properties and are still seeing it a good investment because a lot more people are renting right now. Her husband got another job and she stays home and looks after their investments. I know things have changed a lot in the last couple of years, but they have done great.

Oh and for the record, I would love to own one of those big, new, beautiful Honda Pilots with the 8 seats and all the bells and whistles!! I would just be upside-down on my current car loan so I can't do it right now, but maybe in a year or so :(

[Hondamaker]

I think I would stay too Jack if I wasn't on the line and had 12 years in already... You probably have a nice pension and profit sharing plan...
Hey btw, did they start production on the new fusion cell car yet?, supposed to run on hydrogen and have zero emissions.That particular engine (I work at the engine plant, btw.) probably wont be built in Ohio, so I dont know when they'll start production.

[Hondamaker]

Can you make a two-handed sword for me?
The dies we use for one- and two-handed swords are being serviced and retooled right now, so I'll have to let you know when they're done. :wink:

[Napoleon_PhoneApart]

Damn you, Honda...

[iCafe]

Can you make a two-handed sword for me?

http://101tees.com/blog/wp-content/uploads/2008/12/thats-what-she-said-300x300.jpg