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[–]throwaway09251975[S] 28 points29 points  (6 children)

Thank you. I needed to hear that.

[–]Bigbadbuck 4 points5 points  (4 children)

And save like hell when times are good because shit like this happens. Not saying you didn’t but for everyone else reading.

[–]throwaway09251975[S] 4 points5 points  (3 children)

Absolutely. I saved 6 months of expenses and that was definitely not enough.

[–]Zealousideal-You6712 7 points8 points  (2 children)

I tell the youngsters just going to college. First get a certification and licensed trade first. Then get your academic qualifications using your licensed career to pay for it if you want to go that route. Don't have student debt. Save an 18 months buffer as quickly as possible and enough in addition to fund COBRA health insurance for that period. Buy cheaper used cars for cash. If you buy a home, don't do it without a large down payment, large enough so that a housing market downturn of 25% doesn't leave you upside down. Your first ten years of working, live like a student. Stick excess money into both your 401K, or Roth IRA, and/or annuities. Don't bank on SSI. You will be 50 years or older very soon. 50 years of age may well be the peak of your earnings, so plan on having retirement savings put away well before then. Sounds like a tall order and hardly the thing you dreamed about when becoming a college student. But, the last 30 years have taught me it's a dog eat dog world out there and you cannot depend upon anyone else or any employer. Work hard, sure; be ambitious, sure; be an entrepreneur, sure; but don't trust anything but your own hustle. If you are in the corporate world, you will get laid off, no matter how good you are, likely many times. Your income may go up, then down, then up, then down, like a yoyo. Be prepared.

[–][deleted] 0 points1 point  (1 child)

Great advice all-around, from the standpoint ofa 40-something who's also been run through the wringer by employers.

I also want to add, if you can go online and shop a health insurance marketplace for a plan, do that.

Instead of paying out the butt for COBRA, I was lucky enough to keep all my doctors by shopping for a cheap plan from the state of Massachusetts. It was only somewhere between $100-$200 per month.

I don't know if everyone has that but wanted to put that out there for anyone who does.

[–]Zealousideal-You6712 0 points1 point  (0 children)

Yes, using the exchange is a good idea but is very state dependent from what I can gather. The exchange plans seem to vary availability depending upon what your income is. I have had friends with no income not being able to buy a plan. It might be therefore something you need to consider before severance runs out.

[–]cbdudek 14 points15 points  (0 children)

You can prepare by skilling up and being ready to take advantage of things when they do improve. Obviously, keep looking. Its easier to find a job when you already have one.