Passive income

[carlottacandle]

Do these things exist for the average Joe?

My company has just announced redundancies. It looks as if I'm on the chopping block very early 2025. It's a niche role that has now gone. I've done it for 15 years.

I am terrified of what I can do next. I'm a SEN mum, which means I can only work part time as need to get my LO to school and back, around 2 hours driving a day. I don't have any family support so childcare is all myself and my husband. My role was fully remote, 18 hours a week getting paid (relatively) well for my experience in this niche role. Around 30k per year, pro rata. So 15k.

My redundancy package will give me perhaps 1 year to figure something else out. What can I do? My only skills are admin related. Ideally I'd work for myself from home. But I don't know what I'd actually do or how I'd built up a client base. I feel as though I'm looking for a unicorn in flying pig land. Am I? Does anyone have any suggestions?

Yep, this isn't for average Joe's. You need money to make money.

I'm guessing you don't have any or much savings, so having been redundant twice, I would:

Carefully go through all of your outgoings and get rid of everything unnecessary but still keep a bit of fun money.

Have a more pared down Christmas than usual.

Work on your Linkedin profile and post an 'open to work 'message to your network.

Apply for jobs now. It's easier to find a job when you have one.

I don't know what jobs you could do only WFH, but there's plenty of hybrid jobs available, some part-time. Maybe you could work at a university? www.jobs.ac.uk

Or in the NHS - https://www.jobs.nhs.uk/candidate

@westisbest1982 thank you. I do have some money saved as we have a decent emergency fund. Would rather not go into it, but it's there if we need it. I also would rather take redundancy for the payout and then get a job if I can't work for myself, from home. Thank you for replying :)

Thank you.

I did look into starting a VA outfit a year or two ago. Even went as far as starting a social media page and advertising myself locally. I didn't get any response at all though. I guess with AI there is less and less call for these types of things. Due to family commitments I guess I've just become deskilled. I don't really feel as though I have much to offer. I will look on the sites you have suggested though, thank you.

Sorry to hear of your redundancy.

Sadly I’m not sure that passive income options exist for most people, unless you have (decent amounts of) money to invest.

If you are getting, a redundancy pay out then you could use this to bridge the gap caused by a drop in income? Obviously not ideal if you have zero spare cash currently.

But, maybe you could find a role that’s 18-21 hours per week, that pays maybe £12k. You’d pay no tax and would have 2,3,4 years of money from your redundancy pay out to cover yourself and hopefully get in a better position with other things.

eg can you remortgage over a longer term to get your monthly payments down.

Worst case you might need to look at a second job working evenings or weekends, but I hope it doesn’t come to that.

Yes you're probably right and that's probably what I'll do. It's a real shame. I was once known as an expert in my tiny little field, and now the field is gone. I guess that will take some getting used to! Thanks for replying

FWIW I would hang on for the redundancy pay out. Although I do see why the PP has said it’s easier to find a job if you’ve got a job.

obvs the ideal would be to have a other job lined up whilst also getting the pay out!

Best of luck x

Are you sure your LO isn't entitled to free transport as they have SEN and have to travel so far?

@Gem359 hiya, no they don't :)

Hi, I really sympathize with your situation - it is really hard. Passive income is possible, but it takes time and initial efforts. You can start with freelancing in the admin sphere or think about creating a small online service. Now many people are losing their jobs because of automation - I recently read an article where it is explained well: https://hrnews.co.uk/automation-and-its-ethical-issues-the-uk-automation-revolution/ . Maybe it will give you ideas on how to use your experience and adapt. You are definitely not alone - many are in a similar situation.