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A strange question when they seem to have lost millions of their customer's money. Maybe someone could find the mismanagment before figuring out how nicely they will live. I think they'll just move onto the next job as soon as they can get past the questions about the company collapsing. Nice it was led by ex-Sachs guy too, that should tell us something.
You do realize that finance is only one industry, right? Are you suggesting that everyone who gets laid off works in finance?
If you make $200,000... your unemployment benefit payment is equivalent to $100,000 income... for up to 6 months or whatever your plan is. They'll have to cut back, but should be enough to pay their bills.
People with high income typically save a good portion of it rather than spending it anyways. I don't think cutting their salary down to half will kill them too much.
What serious?!?! From what I understand, unemployment has a max. Like in MASS, the highest paying state, the max is $650 a week. Multiply that by 52 an it only comes out to $33.8K...imo.
What serious?!?! From what I understand, unemployment has a max. Like in MASS, the highest paying state, the max is $650 a week. Multiply that by 52 an it only comes out to $33.8K...imo.
That's only for state unemployment insurance. There is no max for what private unemployment insurance covers... although each individual insurer does have its own limit.
That's only for state unemployment insurance. There is no max for what private unemployment insurance covers... although each individual insurer does have its own limit.
Based on what I've read it doesn't look so great, even buying into it pre-recession.
The smart ones have plenty of money saved up and live off the dividends from stocks or interest from bonds. My dad wasn't rich or anything, but he's been living off his dividends for 5 years now. He won't work for anything under $15/hr, so he figures it's the end of the line for him.
I'm sure these newly unemployed execs are worried, but they have far less to worry about then run of the mill workers like you or I. 3% of 1 million dollars is $30,000 a year. Add to that another 15K or so, whatever they get from unemployment, and that's 45K a year. There are ways to up that percentage by increasing risk, but still, some people make that 3% a year by going to work every day. These guys do it with a few clicks of a mouse, or a call to their brokerage You or I wouldn't make that $30,000 on UI.
As for their expensive lifestyles... Who says they live expensive? Warren Buffett claims he lives on 50K a year, and I can believe it. Smart money doesn't necessarily live the glamorous lifestyles people always think. You can have money, or you can have things, or you can have both in appropriate quantities. Markets go up and down, and they know this.
Your answer is the best here. I read a book he wrote years ago and although it didn't all make sense to me (I was very very young) it made me realize what foolish decisions I was making financially. I could have easily lived on much less, stop working so hard and now I do. Find a way to make money work for you. The guarantee is that **** will happen, ready or not. Id rather be on the first half. Comfortable.
If you make $200,000... your unemployment benefit payment is equivalent to $100,000 income... for up to 6 months or whatever your plan is. They'll have to cut back, but should be enough to pay their bills.
People with high income typically save a good portion of it rather than spending it anyways. I don't think cutting their salary down to half will kill them too much.
That is the BIGGEST crock of **** I've read on this forum in a long time. The MOST UE pays out is about $2500/month, and that's in places like NY or California.
Location: Olde English District, SC (look it up on Wikipedia)
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Well, I had dealings with a guy in exactly this situation. I responded to an ad on Craigslist where he was selling some parts that I needed for a classic car I own. He was also selling a classic car of his own to try to keep from loosing his house. It was pretty bad--he had a couple of youngish kids, lived in a fancy house in an area that has been hemorrhaging jobs for for the past few years (so his house is probably unsellable for what he most likely owes), and looked to be at least 45 years old. Also, he wasn't originally from the area, so any other family he had was probably pretty far away. A terrible situation. His classic car has been on Craigslist and Ebay off and on since late Summer.
That is the BIGGEST crock of **** I've read on this forum in a long time. The MOST UE pays out is about $2500/month, and that's in places like NY or California.
You're pushing the BIGGEST crock of ****. I've seen UI pay out way above $2500.
Read the book, "How Starbucks Saved My Life". It is a textbook of what happens when high earners hit the skids.
The movie comes out next year.
Read the book, and picture that guy's life without writing a bestseller.
"Do you want that iced?"....
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You or I wouldn't make that $30,000 on UI. 
