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Since I have seen so many people laid off recently I was wondering if any of you had a nest egg saved up just in case you were laid off? Same question for everyone.
Early on in my life my wife and I were both laid off at the same time and we had to rely on family members to help us until we could get back on our feet. Now that was a long time ago and we learned back then to always save in case it ever happened to us again. We both have our jobs right now but we could go years without a job and still get by because of all the money we have saved.
If you didn't save anything up I'm not looking down on you. I'm just curious how it has affected you? I'm really just interested to hear from people out there how this economy has affected them and what they are doing about it?
Yeah, it is standard operating procedure for my wife and I to save/invest about 40% of what we make. My company's CEO has stated there will be no further layoffs, but if the poop hits the fan, and I am let go, we could easily continue our current standard of living (middle class in Portland, OR) for probably 8-10 years, without dipping into any 401k / IRA retirement savings.
People who don't have a nest egg are probably all stressed out by this big economic recession. Not me. Recess away, I say.
How nice it must be to have been in the workforce that long to have been able to save up years of savings. For those who have only been in the workforce for only a few years... good luck. We're the ones most likely going to be laid off... and we're the ones with the least amount of time to save up a support net.
Although we've saved up a meager six month emergency fund... we haven't had nearly enough years in the workforce to accumulate years of savings. I wish those who have only had a few years of work under their belts the best of luck. What's there to look down upon? We just haven't had as much time as you to prepare/save.
I guess I'm lucky. I'm in my mid 50s and this is not the first recession I have been through. Even though the boom years have been good to me, I never ever took my job for granted. As a result, I have enough savings to ride this one in reasonabvle comfort until my retirement savings kick in.
Thanks for the responses so far. The people who have only been working for a few years or perhaps those who were not prepared for this recession, Is anyone helping you out? Are you relying on friends, family, etc?
We saved during the good years, so we'll be ok for a couple years should both my husband and I get laid off. And we just entered the workforce a few years back.
We're fortunate that we saved and saved a lot of money during the good times as well not getting sucked into the RE bubble. Though it's been tough trying to prevent my husband from buying Real Estate. For some reason, he still does not get why we should not purchase real estate.
Yea I have cash saved up (as well as gold/silver) and investments that pay dividends on a quarterly basis so that also helps. If I cut to the bone and live cheaply I could probably retire now. I was blessed that my grandparents left me and my brother with a small trust fund I plan to keep it in income producing assets until I get old and retire myself. Having not to work and always having assets that provide you with income is definitely a good feeling. I just laugh at people who put their money in IRA or 401k because you can't get any money from it without heavy penalty, why shoot yourself in the foot? Especially if you have no dividend or royalties coming in. What are you going to do when you get sick or elderly?
Income producing assets - highly recommend to anyone. Your savings will eventually run out but your income producing assets (as long as they are conservative investments) will always be there for you
Yea I have cash saved up (as well as gold/silver) and investments that pay dividends on a quarterly basis so that also helps. If I cut to the bone and live cheaply I could probably retire now. I was blessed that my grandparents left me and my brother with a small trust fund I plan to keep it in income producing assets until I get old and retire myself. Having not to work and always having assets that provide you with income is definitely a good feeling. I just laugh at people who put their money in IRA or 401k because you can't get any money from it without heavy penalty, why shoot yourself in the foot? Especially if you have no dividend or royalties coming in. What are you going to do when you get sick or elderly?
Income producing assets - highly recommend to anyone. Your savings will eventually run out but your income producing assets (as long as they are conservative investments) will always be there for you
Wow...can you possibly comprehend how you have pushed people's faces in the poo?? you have clearly stated that the reason for "your success" is from the efforts of your ancestors....and you are lapping up the "good feeling" this affords you...and the "blessing" of not having to work...
Though my favorite is how you "laugh at people who put their money into an IRA or 401k" Not everyone was born with a silver spoon in their mouths..or other orifices.....
LET THEM EAT CAKE???????????
If you are going to post "advice" please do not make it smack of smug & pretentious grandstanding...a lot of people are hurting right now...please pretend to be compassionate...
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I plan to keep it in income producing assets until I get old and retire myself. Having not to work and always having assets that provide you with income is definitely a good feeling. I just laugh at people who put their money in IRA or 401k because you can't get any money from it without heavy penalty, why shoot yourself in the foot? Especially if you have no dividend or royalties coming in. What are you going to do when you get sick or elderly?
