My job nearly drove me to commit suicide

[lovely40]

Originally Posted by A1eutian

It's just up to anyone beyond the age of about 45-50 to start considering downsizing. What gets most people into trouble is not considering the worst case scenario.

If you lose your job at 49 that was paying well above the median salary in the area it's going to be very hard to replace within a year, let alone six months. Most people don't have that much in monthly expenses saved up which is the bare minimum.

I get that bad luck happens to people and there's no preparation for major negative life events. But to the extent you can, a person should force themselves to put a minimum of 10% of their after tax salary in the bank and start building a rainy day fund. Ideally this would start as soon as a person goes out on their own. Too many fall to the temptation of looking successful but being beholden to a workplace that will someday kick them to the curb.

Good advice for everyone. Not just older people..

[GregW]

In this, and just about any other, economy saving 10% of take home income will leave you with only enough to live like a pauper. You will be living to work instead of working for a living. That sounds like a small corner of hell to me.