Having been made redundant myself in September [house building], here's my take on the situation.
Stage 1: Cr@p yourself and assume that the world is at an end. Apply for anything going no matter how distasteful. I went as low as applying for a job as an estate agent [sorry all you agents]. Use your redundancy money wisely. Reduce everything to a minimum. Switch your mortgage to interest only. Sell the dog. Sign on at the Job Centre [why do they need security guards?]. Form own limited company.
Stage 2: Once you realise that you still have a roof over your head and with interest rates as they are you can survive [12 months ago I was paying the best part of £800/month on mortgage, now just dropped to £50 on interest only!!!] for a while, get out there and ring your colleagues, mates, acquaintances, former business partners and start networking. In my business it's not what, but who you know. Just had a guy ring me with details of 4 central London hotels & a massive office block for sale. As an old colleague said to me recently "glad to hear that you are fighting back". That's just how I feel.
Stage 3: Having made some money and having sought advice on how best to not pay HMRC too much tax [in the legal way], begin to enjoy life a bit more, book your Le Mans tickets & begin to look forward again. The property business is showing some limited green shoots, but it will affect second hand homes initially as mortgage money is made more readily available. Those of us in the new homes business will have to wait until late '09 or early '10.
This does sound rather glib, but I have moved from stage 1 to stage 2. I have opportunities to make money [so why am I "wasting" time on here you say!] and I hope that once the big deals come in that I will not be returning to being an employee.
To those of you recently made redundant I hope that you can draw some comfort from someone who is a few months ahead of you.
Hope to see you all at LM this year, which should prove to be cheaper for me than last year. I reckon that my basic package will cost me £122.50 compared to £170 last year. Fuel will be cheaper, just need the Euro to collapse, as widely predicted, in early summer so that we get back to €1.2 to £1 [or better] to reduce beer prices while in France.
Regards,
Paul / Landman