Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Good one!!!! Unfortunately we cant make a career out of unemployment, and the states are going to run out anyway so were all doomed. So then they will raise taxes and it becomes a visicous cycle.
I'm sure some do : ) My sister has yet to have worked a day in her life! She has been living on assistance for nearly 25 yrs!!!!!!! Trust me, it can be done. Not my way of life but it can be done.
Ahhh..but see - that's why I said one person' unemployment benefits... assuming you have a significant other who is working or may even be collecting as well... now you have "SURPLUS"...lol
LOL ... two unemployed people are better than one, I get it! LOL
Well in that case, tack on daycare costs, two car payments, double the clothing budget, extra life insurance ...
3K per month barely covers normal living expenses for a family in NJ (heck, COBRA health insurance for a family would be over 1K in my plan!); I doubt the extra 1K per month would cover a typical mortgage + property taxes.
And oh year, better hope that the person doesn't work in NY, where the maximum benefit is 20% less! LOL
You can't get blood from a stone. It's a bad idea to rely on unemployment benefits to pay for your mortgage.
LOL ... two unemployed people are better than one, I get it! LOL
Well in that case, tack on daycare costs, two car payments, double the clothing budget, extra life insurance ...
3K per month barely covers normal living expenses for a family in NJ (heck, COBRA health insurance for a family would be over 1K in my plan!); I doubt the extra 1K per month would cover a typical mortgage + property taxes.
And oh year, better hope that the person doesn't work in NY, where the maximum benefit is 20% less! LOL
You can't get blood from a stone. It's a bad idea to rely on unemployment benefits to pay for your mortgage.
Not relying... worst case scenario in the event the worst happens - that's my recommendation for someone buying..be prepared to pay your mortgage under "worse case scenario". Don't buy a Million dollar mcmansion just because you can... plan for what's exactly happening now...recession!
Not relying... worst case scenario in the event the worst happens - that's my recommendation for someone buying..be prepared to pay your mortgage under "worse case scenario". Don't buy a Million dollar mcmansion just because you can... plan for what's exactly happening now...recession!
But planning for recession means saving your own money for an emergency.
Quote:
Originally Posted by wileynj
but if you do buy now, makes sure that the mortgage payment plus property taxes can be paid for using one person's estimated unemployment check!
And for a family living in NJ and collecting the maximum net unemployment insurance (roughly $4,100 per month), after paying their living expenses they'll be lucky to have 1K left over to pay for the mortgage and taxes.
And that's where the 50K shack in Irvington comes in ... which is pretty much all you'll be able to afford once you factor in property taxes.
Everyone needs a cusion of real, actual, saving ... before they buy a house.
"Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age … What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task."
- Barack Obama, Inauguration Address
Let's kick this new era of responsibility off with the sound advice that everyone should save up an emergency fund before they even think of buying a house.
I guess i'm going to be the only dummy doing OK. Job is still secure. Security company is fine. I just put in my retirement papers for July 1st but I landed up a great job with the feds effective my retirement. I can't sit still and will keep the sec. firm and the fed. job.
But planning for recession means saving your own money for an emergency.
And for a family living in NJ and collecting the maximum net unemployment insurance (roughly $4,100 per month), after paying their living expenses they'll be lucky to have 1K left over to pay for the mortgage and taxes.
And that's where the 50K shack in Irvington comes in ... which is pretty much all you'll be able to afford once you factor in property taxes.
Everyone needs a cusion of real, actual, saving ... before they buy a house.
"Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age … What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task."
- Barack Obama, Inauguration Address
Let's kick this new era of responsibility off with the sound advice that everyone should save up an emergency fund before they even think of buying a house.
Very similiar to how people reacted after the great depression... hence the reason we all have parents who have that huge ball of aluminum foil under their sink .
I totally agree with you and the big "O". We just need to figure out a way to allow people to get to that point again! Most have drained their savings by now.. most have lost most of their investments... Rule of thumb use to be.. 3 months worth of bills in a liquid acct. (i.e. savings, checking, etc.) Now, you had better have 12 to 24 months of bills put aside!
Very similiar to how people reacted after the great depression... hence the reason we all have parents who have that huge ball of aluminum foil under their sink .
I totally agree with you and the big "O". We just need to figure out a way to allow people to get to that point again! Most have drained their savings by now.. most have lost most of their investments... Rule of thumb use to be.. 3 months worth of bills in a liquid acct. (i.e. savings, checking, etc.) Now, you had better have 12 to 24 months of bills put aside!
Very true, Wiley.
Truth be told, just getting to a point where the majority of people have 3 months of living expenses saved up in an FDIC insured bank account would be a huge improvement over where we are today. We have far too many people living on the edge of financial ruin.
I hope it doesn't come to irrational hoarding of aluminum foil (not that there's anything wrong with reusing as much as you can, not only does it save money, it also saves the Earth) but we do need to undergo a fundamental change in our financial and consumer habits in this country, so that we will all have a more secure future.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
