Well after 19 years, the plant I work at is closing down and since Im not going to take the relocation package, I'll have close to 6 digits from my severence package... What mods should I buy first???

 

depends what you want to do. I think most with the money go to lift, wheels and tires. since these make the most drastic change for the vehicle appearance. Then Intake, exhaust, chip, supercharger and so on. Let us know what you got. Have fun.

 

Save and invest it until you can get a new job. I wouldn't pour a ton into a vehicle until there is a new influx of money coming in. Never no, you could have a hard time finding a new job and before you know it; you got a sweet truck and nothing to eat.

I'm saying you'll **** your money away, just be careful. I've just seen this happen before too many times to friends. Best of luck.

Duke

 

I strongly agree. I work contract jobs and am in-between jobs every three months, and I don't spend anything until I am settled and working on the next assignment. BUT once you've gotten something and have a little extra that won't hurt. Give yourself something nice. Everything depreciates in value over time. (well not really EVERYTHING)

 

I do have 3 different options for work so without counting chickens... all should be okay. I also did extremely well with the my stock options.

Was actually thinking about the Rancho Lift paired with Robby Gordon Wheels and 35ers... I dig the look! Speed and or performance isnt a big deal for me especially with a truck.

 

Sounds like you got it all planned out. And that set-up sounds good. Good luck.

 

What plant do you work at? I work at the Norfolk Assembly Plant in Norfolk, VA (we build the F150). While there is talk of it being shutdown I think the only way they will close the plant is if Ford goes out of business. Good luck in finding a new job.

 

Your first and only modification for the current period should be a Bank account or if you find a non-penalty CD do that. There will come a time that you may be out of work for a longer period than your budget will allow. Also, if you do find new employment the new employment may not have a strong benefits package, and if there is a benefits package how long will it take to build up a cash package to take into later life, like a paid for house when heading into retirement.

I suggest you go out and shop for a health plan. Not necessarily buy one, but rather find out the prices and what you will not get for $600.00 a month out of your own pocket.

Your drunk man rich right now. But some day you will sober up.

 

If I were you, I would buy the health insurance mod, the life insurance mod (if you have a family to support) and the retirement mod.

You are very, very lucky that you got a severance package. The way middle class jobs are fleeing this country, you are lucky to even get a days notice before you are on the street.

Good Luck

 

I agree again with all these guys. I didn't even think about health insurance too! Thats big. I don't doubt that you won't have a problem finding a new job as you already have 3 potentials.

However, I've had situations where I made it to the final round of interviews for 5 jobs at the same time and not 1 of them panned out. All of them looked like a sure thing and low and behold they flopped. Long run though it worked out because 3 months later (a lot of cash on fixed expenses too later), I got a job paying a lot more than the other 5 offered and I enjoy it more.

Sorry, I don't mean to sound like a broken record, or act like any of us are "imparting wisdom" as it sounds like you have a ton of real world experience (in the field for 19 years); BUT please, things can flop out of no where and you never think it could happen but it does. God forbid you wreck the truck tomorrow and you need to be in the hospital (now with no health insurance); that 6 figure severence will flow out of your pockets in a matter of days.

Once you've got the new job nailed down and you've started, and then you put some away for retirement, I say go out and treat yourself to even more mods on the truck then you're considering now. I just hate to see a fellow F150online'r put themselves in a risky scenario.

Best of luck,

Duke

 

I am in a similar situation like you right now, and I'm definitely putting 65%+ away for good and using the rest for my truck (used it to buy it and mod it so far), as well as pay for my living expenses, food, etc. I hear of people pissing their money away all the time and it terrifies me of how possible it is that I may do the same.

Good luck and be smart.

 

I just got laid off from my job of almost 10 years last July 2005. All the money i got from severence package and 401k plan, since i withdraw mine. I figure wife still have a 401k and maybe i can get one too in my future job. All went into 7 months of advance house payment, advance some car payment and paid off some bills. The only mods i got from that money is a set of FX4 tire in ebay. We use to carry our health insurance from my work. Then we get our health insurance from my wifes work. We figure it's a smart way to do. It helps while i'm out of work, plus i have some Unemployment Insurance coming. Now that i have a better job after 3 plus months. We are still better off because of those advances. Maybe now i can start thinking about some real mods.

But hey, if your single or your house is already paid off, and you don't have bills or have a lot of $$$. I'll say go for it!!!

 

Not too often that you see someone post that they lost their job, then have them turn around and ask what mods they should do to their truck.

I would agree with several of the above posters. Maybe you should put the money in a savings account and you can celebrate after you get your new job by buying mods.

 

Hey abadf150. Thanks for helping build such a great truck. Mine was built in Norfolk.

 

I really appreciate all the words of wisdom submitted by you folks. A couple of things I am considering now that Ive read the threads...

Medical coverage - Wife has me covered through her job at So Cal Edison
Life Insurance - Gotta do some shopping
401K Plan - Already have an investment broker buddy to help me out
Mortgage / Bills - Going to bank 75% of the cash until something pans out

Probably going to wait for something solid before I do the Mods...

Thanks again!