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Question to independent guys (living alone or supporting a family)

jimbo123

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Does it ever worry you that you'll lose your job or go bankrupt? In times like this it would be very difficult to get a job.

I got a job recently and would like to get married soon as well. But, I worry what I'd do if I got made redundant because I was unemployed for a long time before I started working.

Even if you had savings, it's not exactly immune to the credit crunch is it?
 

kjm

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I know the feeling. I'm the sole provider for my girlfriend, 13-month old daughter and myself. Fortunately, I know I can fall back on family if I were to lose my job. This provides some consolation.
 

SField

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Originally Posted by jimbo123
Does it ever worry you that you'll lose your job or go bankrupt? In times like this it would be very difficult to get a job.

I got a job recently and would like to get married soon as well. But, I worry what I'd do if I got made redundant because I was unemployed for a long time before I started working.

Even if you had savings, it's not exactly immune to the credit crunch is it?


For the first two years that I made a good income I lived with two roomates in Chelsea (and not a nice place - it was a 2br split 3 ways) so I could save most of my money for a downpayment on a place and an emergency fund. I didn't stop on the emergency fund until I had 1 year's worth of average income. I was very frugal out of that exact fear. Now I'm much more relaxed and am actually regularly investing instead of just socking money away, but that cash is going to stay. Now that the FDIC will insure more money, I will be moving it all into one money market account.

Honestly I recommend this for any person who is worried about job security. Once you have that cushion you can worry about other stuff. I also held off buying a place until I knew I could pay the mortgage in under 10 years. I'm very impatient to own my home. I will die before I ask my parents for a cent. Haven't needed to do that since I went to college and I don't plan on it.
 

thekunk07

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i am raising a family of 5 and am scared shitless of my business going under. having to go work a regular/normal job again and finding said job.
 

SField

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Originally Posted by thekunk07
i am raising a family of 5 and am scared shitless of my business going under. having to go work a regular/normal job again and finding said job.

Yea, I'm always scared. Even now I live much more comfortably but still very well within my means. I am single and I don't have even 1% of your worry, (having 3 kids and a wife that you care about), but it's still something I think about all the time. I'm actually a spendy kind of person but most of the time I try to save as much as possible because I never know when things can go bad. Sometimes I wonder if I shouldn't just try to pay down my mortgage much sooner than I planned by just cheaping it out for a while and not going to alinea and trotter's all the time.
 

thekunk07

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^i am definitely cheaping it out right now, and the wife is going to work in september, but is nonetheless a scary proposition. right now, i could not absorb more than 3 months without income. my monthly outlay is obscene and it's mostly fixed expenses.
 

SField

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Originally Posted by thekunk07
^i am definitely cheaping it out right now, and the wife is going to work in september, but is nonetheless a scary proposition. right now, i could not absorb more than 3 months without income. my monthly outlay is obscene and it's mostly fixed expenses.

O dude I know that feeling, when you can't cut anything down and you have very little breathing room without dipping into credit. The extra income will be a life saver, but yea, those 3 kids are going to rape you. From what I remember they're all still little guys, so by the time they grow up it'll cost a small fortune to educate them. Luckily there's great public schools where you are, but if they're all at Union or Dwight, then I really pity you.
 

thekunk07

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^public school all the way, but even our grocery bills are obscene. $1200-1400/month. 3 growing boys and all.
 

SField

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Originally Posted by thekunk07
^public school all the way, but even our grocery bills are obscene. $1200-1400/month. 3 growing boys and all.

Dude they aren't even teens yet. You'll literally have to buy a cow every week and slaughter it to keep up. You'll get through it I'm sure, but you'll learn how to save. I'll watch for any tips you guys give out, but I'm trying not to have kids until I'm well and safe.
 

Connemara

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Why have kids when you can spend that money on tulip tables and Egg chairs?
 

Milhouse

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Like many others, I operate without a safety net. It isn't just that I won't ask my family for help, it is that I can't ask my family for help. They need the help from me.

Living constantly under this kind of stress causes interesting behavioral effects. At times, I experience moments of amazing clarity that are incredibly beneficial. Other times, I can't sleep for days because everything is on the bleeding edge of falling apart.

It is kind of an interesting crunch. . . dealing with parents that need help, and thinking about starting my own family, that will obviously depend on me.
 

Davidko19

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Originally Posted by SField
I also held off buying a place until I knew I could pay the mortgage in under 10 years. I'm very impatient to own my home.


You really should do some research. Or maybe you do know this, but there is no benefit to you paying off your home early. Tax benefits plus better returns in the market (on average 9%/year vs. the, what, 5% on your house = 4% percent your basically losing) Of course, that doesnt take into account this market. Its what they call a "good loan". Just saying...
 

SField

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Originally Posted by Milhouse
Like many others, I operate without a safety net. It isn't just that I won't ask my family for help, it is that I can't ask my family for help. They need the help from me.

Living constantly under this kind of stress causes interesting behavioral effects. At times, I experience moments of amazing clarity that are incredibly beneficial. Other times, I can't sleep for days because everything is on the bleeding edge of falling apart.

It is kind of an interesting crunch. . . dealing with parents that need help, and thinking about starting my own family, that will obviously depend on me.


Props to you for supporting your parents and what I presume is a fairly young age. I think nowadays people will be having kids later so at least that's a little bit of a worry.

I don't want to have kids until I can afford to buy a house or larger apartment almost outright, and having at least half their education saved for. I am way too much of a worrier to do it without having that. That isn't even realistic but it's something I'm striving for which is why I'm really trying to live well within my means. I think it has to start while you're single or dating someone long term.
 

SField

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Originally Posted by Davidko19
You really should do some research. Or maybe you do know this, but there is no benefit to you paying off your home early. Tax benefits plus better returns in the market (on average 9%/year vs. the, what, 5% on your house = 4% percent your basically losing) Of course, that doesnt take into account this market. Its what they call a "good loan". Just saying...

I realize that but I don't know if everyone is getting ~10% in the market and I will sleep better at night knowing I absolutely own everything I have. It isn't rational at all, and I know that (my friends think I'm crazy), but that is what I'm doing right now. I work from home so the tax write-off benefits I get from that aren't lost on me.
 

randallr

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Originally Posted by SField
I realize that but I don't know if everyone is getting ~10% in the market and I will sleep better at night knowing I absolutely own everything I have. It isn't rational at all, and I know that (my friends think I'm crazy), but that is what I'm doing right now. I work from home so the tax write-off benefits I get from that aren't lost on me.

I can understand this. being afraid of debt is a good thing. Something our society definitely needs to regain. I am very similar to you Sfield, I love building up savings.
 

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