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I know, but if you made say $200,000, how can you continue to live the lifestyle you have on UI?
Even if you planned to sell everything, thats takes awhile and the bills don't wait.
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.
I guess they have to do what others in their situation do: They sell things, they get a smaller house, they stop taking vacations, they stop eating out and going to the movies, they stop paying their mortgage and save money while waiting for the bank to take their house, etc.
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.
Show me a link to back up your statement. Not trying to call you out. I think the most benefit you can collect is $600. They will have to cut way back. They have a formula for the amount and 2011 maximum benefits $573.
Show me a link to back up your statement. Not trying to call you out. I think the most benefit you can collect is $600. They will have to cut way back. They have a formula for the amount and 2011 maximum benefits $573.
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.
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