I make $700k at a FAANG company but layoffs are coming – should I sell my U.S. homes and head back to Canada?

A Canadian working at a FAANG (Facebook, Amazon, Apple, Netflix, Google) job is currently making $700K per year while his pregnant wife stays home with the couple’s toddler.  Unfortunately, as he posted on Reddit, he’s worried about potential layoffs at his company.

He wasn’t given a promotion this year as the company was laying people off, and he’s also been unable to get a visa due to the layoffs. He’s also concerned that his temporary visa could be ended because of a potential trade war between the U.S. and Canada.

Given the uncertainty about his professional future, he’s trying to decide what to do. He’s thinking about potentially selling his houses in the U.S. at a small loss and resettling in Canada; about paying down his mortgage so he’d earn enough rent to cover it and temporarily going to Canada or India and renting until things stabilize in the U.S.; or about just trying to hold on at work while expanding his emergency fund.

So, what’s the best approach for him to deal with his current workplace uncertainty?

Shoring up his finances and work skills could be a good option

While the Reddit user may be worried about future layoffs, the fact is that he has not been laid off yet — and he is still making a $700K per year income. Giving up that job in anticipation of a possible layoff that may never come would likely be a foolish move. Instead, he can focus on making himself as indispensable as possible at work. While this may not guarantee he won’t be laid off, it still gives him a better shot at staying on the job and continuing to earn great pay. 

He can also start polishing up his resume, networking, and making professional connections. With a FAANG job as part of his employment history, he may easily be able to find other work in the U.S. even if he is laid off from his current position. This could help him to avoid having to sell his houses and disrupt his family just because of short-term economic issues. 

Regardless, since his job is uncertain, shoring up his financial situation would be a smart move. He should throw as much money as possible into a high-yield savings account right now. That way, this money will be there for him to live on temporarily if he loses his job. If he does end up having to move back to Canada because of problems with his visa resulting from a trade war, it would also be helpful to have these extra funds to pay for any costs. 

Since he really can’t predict the future, taking these steps to be as financially secure as possible, while keeping his high-paying job for as long as he can, should help set him up for a more secure future.

A financial advisor can also help him find ways to free up more money to save and can also work with him to make different contingency plans and understand how they would impact his finances, so getting this professional advice would likely be a smart choice given the uncertainty of his ongoing situation.  

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