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Old 01-13-2009, 12:50 AM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
8,299 posts, read 12,550,057 times
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Quote:
Originally Posted by ndfmnlf View Post
The antidote to loss of income due to unemployment is to accumulate enough assets that can generate enough passive income sufficient to support you without you having to work at a job. If you think about it, this is the same antidote that will prevent you from starving during retirement., which reinforces the point that unemployment and retirement are functionally equivalent.

If you need $40k a year to live on, then you'd need $1 million earning 4% to be able to quit your job for good. So the faster you can accumulate $1 million (or more), the closer you will be to unemployment on your own terms (also known as "retirement"). You will never ever have to worry about being fired from a job again.
It's getting to be hard to find a safe 4% investment, plus you'd have to factor in taxes and inflation.
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Old 01-13-2009, 01:34 AM
 
14,127 posts, read 26,622,229 times
Reputation: 23333
As a night RN with seniority, I'm about the last one to go here, but if my job ended...

I have about 3-4 months living expense saved (depending on how much unemployment was).
Would cancel all my automatic charitable deductions.
Would pay the minimum on my two large CC debts- they are 2.9% for life, so even the minimum makes quite a dent.
Dust off a resume and start looking at other psych/detox jobs in the area. Would consider an agency if I worked second shift- working agency third shift is scary in my field, walking in cold to who-knows-what. Been there, done that.
Would buy somewhat less fancy food at the supermarket, although still favor organic.
Would consider my sinking IRA as backup for expenses, followed by my 403b (presumably rolled over when I got laid off or lost my job). In four years, I'll be 59 1/2 and no penalty.
I'd double check my old-fashioned pension and see how much it will pay out for retirement.
Would pay COBRA at any cost.
Would not adopt more dogs as my current seniors pass on. (I have five).
I'd look for online copyedit/proofread gigs, which I've done in the past. Being able to bid on jobs online has driven the price way down. I'd contact the people I've done work for in the past and try to hustle more. (Short money isn't so short when you're unemployed).
Try not to panic.
Make sure my job-hunting outfit isn't too beat up.

Great question.
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Old 01-13-2009, 06:08 AM
 
Location: Yes
2,660 posts, read 6,153,469 times
Reputation: 890
Quote:
Originally Posted by Woof Woof Woof! View Post
What would you do if you suddenly found yourself out of work?

How would you pay your mortgage or rent?

How would you buy food?

What are your prospects for finding a new job?

Would you pack up and move to a new area?

I know these are awful things to think about, but I have a feeling I'll see a few friends at least end up in this situation soon. Most of them don't have any savings, just debt. I can't help but wonder what they'll do.

Wx3
As the wife and I are still renters, we would move in with a relative until I found another supporting job. I have two degrees that can be used to pursue seperate professions, one of which is a type of job that will always be around in one form or another no matter what the economy holds (teacher), luckily.

If we had a mortgage, hypothetically speaking, I guess we would live 2-3 months off the very little savings that we do have, and then eventually off my large credit line (hoping that I find another supporting job during this time and risking bankruptcy if I don't - but I think I could find a job within the two months of blowing away savings before moving to credit, or at least I would hope).

That's about it ... just hoping for the best, as everyone else.

IMO those that make it through 2009 with a job should be fine. But I know others differ.
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Old 01-13-2009, 06:34 AM
 
Location: Charlotte, NC
523 posts, read 2,661,645 times
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Quote:
Originally Posted by Woof Woof Woof! View Post
How do you like living in Charlotte? I know you put a lot of thought into what area of the country you wanted to move to. Did you end up buy a place there? I think travel sounds like a great idea!
I love Charlotte, apart from the crime. I've never seen, heard of, been a victim of so many thefts and break-ins. Hopefully, that will get better. The weather, the people, quality of life, etc. are all great!

Back to the topic at hand, though...I went to a career services discussion from my alumni group last night. I am forming a contingency plan in case I do lose my job. Also, it never hurts to start networking and such if one decides to move on to a new job/career in the future. My only concern is that in Charlotte I've found it hard to find MBA level jobs in areas outside of finance and I don't want to leave Charlotte!

Just some advice for everyone--for most people in most industries across the country, the job search will take a lot longer in this environment so it doesn't hurt to start looking six months to a year in advance of when one thinks he/she will need to move on.
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Old 01-13-2009, 07:41 AM
 
Location: Kansas
3,855 posts, read 11,993,597 times
Reputation: 1714
Quote:
Originally Posted by Woof Woof Woof! View Post
What would you do if you suddenly found yourself out of work?

How would you pay your mortgage or rent?

How would you buy food?

What are your prospects for finding a new job?

Would you pack up and move to a new area?

I know these are awful things to think about, but I have a feeling I'll see a few friends at least end up in this situation soon. Most of them don't have any savings, just debt. I can't help but wonder what they'll do.

Wx3
Well...If i recieved a layoff notice I would have 60 days from that time to search for other work. I'd pound Monster like a madman. Explore company websites for available positions etc etc. I'd basically exhaust all efforts to find something.

If the time available elapsed without any hits that's when I'm hosed. I couldn't maintain my current standard of living with a job at the local Taco Bell or Target store.
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Old 01-13-2009, 08:31 AM
 
Location: 👶🏾CHI🛫CVG🛬AVL🛫CMH🛬CHI🛫?
926 posts, read 2,501,013 times
Reputation: 400
What would you do if you suddenly found yourself out of work?
My job is pretty secure so Im glad this is a hypothetical case for me (I just got another raise, my second one in 6 months!) But I would search nonstop for a new job, even doing temp work if I have to. Luckily Cincinnati is a great city to be poor in because the cost of living is so cheap here. I have stocks, bonds, and CD's so when all options fails I start digging in to them lol but there is no need to, my friend has lived for 8 months off amazing finds and she can hook me up with resources that helped her.

How would you pay your mortgage or rent?
Many churches here offer rent assistance, as well as the city itself, so I would take advantage of that. If for some reason I couldnt get access to those options I'll use my unemployment for rent and ask my parents for the rest. If necessary I'll use my 401k to pay my rent but I was trying to save that for Cobra

How would you buy food?
free store, food pantries or food stamps

What are your prospects for finding a new job?
pretty good, temp agencies are always hiring here and I can always continue working for my company, Id just be in the call center- and they are ALWAYS hiring


Would you pack up and move to a new area?
worst case scenario if I didnt find a new job, by the time my lease was up Id move back home to Chicago to live with my parents
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Old 01-13-2009, 12:51 PM
 
2,779 posts, read 4,810,527 times
Reputation: 5039
What would you do if you suddenly found yourself out of work?
Well, I stay at home with our kids but my husband would be immediately networking and contacting recruiters in his field. He works in a volatile industry so we are always browsing the industry jobs. If need be (ie months go by) I would also be looking for work.


How would you pay your mortgage or rent? We have 5mths of expenses saved plus unemployment insurance would send us to about 9mths. We could tap our retirement savings in a dire situation and have another few years.

How would you buy food? See above.


What are your prospects for finding a new job? Pretty good but is its a specialized field that my husband is in so probably a move involved.


Would you pack up and move to a new area? In a minute if it was necessary.
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Old 01-14-2009, 10:52 AM
 
16,434 posts, read 19,673,308 times
Reputation: 9550
Quote:
Originally Posted by fjtee View Post
We've discussed this even though we've no fears of it happening.
7. The water usage would go down - the lawn can go brown if need be.
. Whatever it takes.
Be careful you don't let the ground under the foundation lose too much water or your slab will crack. I speak from hard experience with thrifty renters.
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Old 01-14-2009, 11:01 AM
 
Location: Londonderry, NH
41,478 posts, read 52,838,257 times
Reputation: 24682
Retire and look for a job with a car rental place returning cars to where they are needed. In the meantime I would clear out the extra bedroom and start seriously writing the SF adventure novel I have in mind or combine the two.
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Old 01-14-2009, 09:06 PM
 
Location: USA
3,966 posts, read 9,623,752 times
Reputation: 2200
What would you do if you suddenly found yourself out of work?

Had to deal with it before, i would look for another job. Simple as that

How would you pay your mortgage or rent?

See question one.

How would you buy food?

See question two

What are your prospects for finding a new job?

Pretty good seeing as i've done every job, people usually hire flexible people.

Would you pack up and move to a new area?

If the area closed down to the point of that, yes.

I've gotten out of debt to a point and once im completely out of it, i am never financing anything again because the modern America is unreliable.[/quote]
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