Could you survive if you were told to work only four days a week?

[statisticsnerd]

Originally Posted by packer43064

Some people on here act like the only way to make any money is to work a "9-5 job". You can work that 9-5 and make extra money very easily. Were not talking about an extra 20k, but there is money to be made practically everywhere.

You can make an extra 20k or more by investing in real estate *if* you know what you are doing and have good luck. Some people get to the point where the 9-5 isn't needed since they get so much rental income.

[Ultrarunner]

Originally Posted by statisticsnerd

You can make an extra 20k or more by investing in real estate *if* you know what you are doing and have good luck. Some people get to the point where the 9-5 isn't needed since they get so much rental income.

Yes... it can be a good supplement... making the transition 100% is harder to do.

Many are loath to give up medical as part of a big group and then W2 income seems to be the king when it comes to all things consumer oriented unless you are a cash buyer...

I know people with fully paid for apartment buildings they manage and keep in good repair that can't get any sort of decent mortgage because they don't have W2 income...

The old rule of thumb I would hear was 5 rentals paid for in retirement was a good hedge...

Then again I personally know police officers that retired in their early 50's with pensions up to 180k plus life time medical...

A rental is still a job...

The brother in law of a co-worker came to California from eastern Europe as a teenager in 1960... he got a job as a mechanic and eventually opened his own shop... the property had a couple of apartments and he and is wifed lived in one... she took care of the rentals and company books...

Over 40 years they ammased 32 single family homes in Silicon Valley... the hard way... one at a time with his wife and son doing all the painting and cleaner for years...

They are probably worth between 15 and 20 million... and it all started wrenching on cars and neither have any education past high school.

[Bluesmama]

When I was working . . . nope! If it was one furlough every other week then maybe.

[nightcrawler]

yes, and i wish i could work 4 days right now, i sure can survive.

[strawberrykiki]

It would be better than being unemployed. I just paid off a few debts, so I think I could take the hit, but I wouldn't be able to go out or save as much money. I would try to enjoy the extra day off though. What else can you do?

[Ultrarunner]

For 6 months we went to a 36 hour week... almost everyone was unhappy when they no longer had Friday afternoons off...

[Red Wolf]

Originally Posted by Blinx

Well, I'm not currently working, and my "income" has been cut severely. I'm doing fine.

At my last job, I could easily have worked a 4-day week for 80% pay, and wondered why more companies don't consider this option, instead of laying of across the board.

But there was a time when I had stretched to buy my first house, and the small company I worked for gave everyone a 5% pay cut, but we still worked a 40 hour week. That was very tough. A 20% cut would have been awful and I might have had to borrow from family to meet minimum expenses.

In 89 our boat plant went on a 4 day week instead of laying employees off.
It sure benefitted the newer,younger employees as it was better than being laid off and the older employees "rode it out" because they were in a little better financial shape.

[Hemlock140]

While I just got a raise of over 10%, that's about a 20% reduction and we also just got hit with the additional 2% federal tax and another $20/month healthcare contibution. We could make it but it would definitely mean cutting back on things. We had furloughs in 2009, but it was only 10 days during the year and we could schedule them whenever we wanted, so it was like unpaid vacation days.

[malamute]

And it will be better than 80% of their former pay because of the advantages of dropping down into a lower tax bracket and commuting costs will be cut 20%.