Do you have enough money to live for 6 months if you lost your job?

Question

If not why not?

Cynicaldreamer · Accepted Answer

I do, thank goodness.
Shoutout to my parents for knocking it in my hardhead at a young age to ALWAYS have money set aside in case of emergencies!

Plus I live a pretty frugal life, so outside of fitness, I don't splurge too much. So I might could stretch it a bit longer if I had to.

purplepoppy · Accepted Answer

There's a saying that most people are only two paychecks away from being homeless. As for me I make the bulk of my income in autumn then have to budget/invest for the rest of the year bar a few top ups.

scentoflavender · Answer

I went through this with my ex husband in our youth. We almost lost our house and had a car repossessed. We really had to sit down and look at our finances. We cut a lot of spending we deemed necessary, that was really more in the luxury category. We paid down all our high interest debt first, focused on our mortgage next. It taught us how to stretch our dollar and keep our monthly budget low, and to save. And it sucked. I hated it. He hated it. We hated how it made us feel to deny our kids things like new toys or expensive nice shoes. We still provided but it was more on a second hand toys, Payless shoes level. But with wha we learned by doing that, we were able to Pau our house off, save enough capital to start a business, and successfully run said business. Now if we closed the doors tomorrow, and I disregarded all the investing I've done, and just lived on what was in my savings account... I could probably make it a year. But that's more because it's not smart to keep a ton of your cash fluid. You should have an emergency fund, and then go make your money work for you in investments instead of actually losing value in a savings account with inflation.

Make the cuts now so you can enjoy thins tomorrow.

CurrentJohn · Answer

I have enough money to live for a little over 2 years if I don`t have any income from tomorrow onwards. Though I could also just move back into my parents house again if the situation were really dire and even that I wouldn`t need to do because I could just get social support from the state in where I live. But I kind of feel everyone should at least have enough money to hold out for 6 months to cover emergency situations. Though it is for some of course not always that easy, financial problems aren`t always something you have a say over.

Dinklex3 · Answer

I thought I only had 3 months because of my birthday (yes, I prioritized my birthday)… But I didn’t spend as much as I thought I would, so turns out I was lucky to have 6 months. I don’t know where that number came from but my supervisor and coworkers hound each other to make sure we’re all set.

I left my job in June, I’d like to have a new job by either November or January 🤷🏾‍♀️.

But as of now I’m just cruising and adjusting.

Anpu23 · Answer

Used to,

So I lost my primary employment about 6 months ago. Lived off of savings as I helped a "friend" build his company who burned me about a month ago. So I'm struggling right now, I have projects and a few prospects, but right now its hand to mouth week to week.

JustinTheGreat · Answer

Absolutely not. Not everyone has the luxury to be able to save that much money. Some of us are living paycheck to paycheck out here lol

I don’t think I’d ever be in a position where I’m jobless for 6 months though. Unless I’m injured or something of course. If that’s the case, wouldn’t I get some kind of pay for that anyways?

Anonymous · Answer

I do but I wouldn’t use it. I’d probably live with parents or friends or in my car. And save up for actual emergency. You can always get free food at church. At Library events and such. And you can shower at a public pool. You can also try alternate day water fasting during that period of time

jennifer_bloom · Answer

We have investment properties that we rent out to tenants so we could last 20 years or longer without income and if we sell a few of our properties, we could last 40 or 60 years without income.

Potteplante · Answer

Yes, however I would not be required to dig into it if I became unemployed, since I am unionised with unemployment insurance - which lasts for 2 years. Not that I'll be unemployed that long in my field.

BoopBoopBeep · Answer

Yeah, largely because my expenses are low and worse comes to worse if I thought it was going to persist for months and months, I have substantial food in dry storage I'd just buy far fewer groceries

ShesRad80 · Answer

yes. but i should have used it instead of continue working after a near fatal car accident. i went back to work within the week for a lot of reasons- none were the money.

Girlsontop · Answer

I've done a lot of investing, saving, managing with my money and I earn a lot, then got into real estate and even co-founded a small local business with my SO (he does the same thing as me with money) some time ago and we pretty much are settled for life but we still try to earn more cuz we wanna give money to charity, donate things, help the poor and etc. :>

Anonymous · Answer

Easily.

That's one of the reasons I "unofficially" retired. My goal was always to retire by 60 but an accident I had at worked just expedited that. I figure I have enough to live on for about 10 years. without dipping into my retirement. But as I said, it was never my intent to retire this soon so I'm just enjoying some much deserved R&R right now and taking day to day, week to week, month to month, and hope fully not year to year.

Simslover92 · Answer

Nope. I live paycheck to paycheck right now and only have $800 in my savings. Definitely not enough to sustain me to live off on for 6 months.

electromagnetic · Answer

I do. I have savings since I work remotely. Considering that I’ve uprooted most of my life from Canada to an African country, my standard of living is much smaller.

LiamJHayden · Answer

I just calculated it out and just liquid savings would cover about 8 years at current expense level if I take no vacations, but with massive government borrowing increasing inflation I will say 6 years just to be safe.

Peter_Penetrator · Answer

Yep. I am 51 years of age. My house is paid off, my land is paid off, my car is paid off, I am single, I have no children. So yes. I can comfortably live six months unemployed.

DarkWinterNights · Answer

I don’t have the cash right now. I’ve been dumping all my money into a property. Hoping to get an equity loan to finish the project and restore my savings before the end of the year though. I try to avoid ever getting in any kind of debt that I can’t sell assets to get out of.

Unit1 · Answer

No. If I lose my job, I'm evicted.

My investments/trades are looking grim and it's not improving. I was told it is a temporary situation and that the market is correcting itself. it sure takes its sweet time.

exitseven · Answer

Yes, I have more than a year';s salary in liquid assets. I have been able to save a lot of money since covid because I have not been doing anything fun that would cost money.

worldscolide · Answer

I have enough saved so that I could live for 10 years if I lost my job. My wife and I live way under our means if you get my meaning. This doesn't include my 401k and other retirement stuff.

Fireguy17 · Answer

yeppers. I really do not have to work anymore, but I cannot sit still for long, so I keep working to keep busy.

BCRanger10 · Answer

Yes, we would be good for at least that long.

OfMiceandMen · Answer

Yes, I could retire at 55, but I think I would be bored. Besides, wondering around out in the bush listening to birds and/or catching fish on a boat isn't that difficult of a job, so I'll keep at it.

NewgodOmega · Answer

I have begun to invest and make arrangements so that I can live my whole life without a Job

Anonymous · Answer

Yes, because I don't have a job. I play sportsbooks, virtually all soccer, from all over the globe. Sometimes I study stats and make predictions from 4am-1am the next morning. I just got through winning a 5 way parlay on matches in South America a half hour ago, and have another 4 way parlay set from 11am-1pm tomorrow. Trends, numbers, studying and Venmo. That's all it takes. I won't work for other companies in the U. S. It's the era of the Great American Con Job now.

NotTacocaT6969 · Answer

Quit my job two days ago and could last 6 months, but I’ll get a new job when I’m finished moving.  I don’t like seeing my numbers stagnate.

Drumlin2001 · Answer

Probably not. Thankfully job is secure. With kids and moving house last year having that contingency hasn't been a priority. Long term i would like to have some sort reserves

Anemone978 · Answer

I personally don't.. but there is always ways to get money like sucking dick, selling drugs, robbing people..

TallAnon · Answer

Yeah, every month I save enough for an additional ~1.5 month

Lyndsielee666 · Answer

Absolutely not Lmfao I’m a vet tech and make pocket sand

Siri137 · Answer

I have enough to last about three years at least.

A_Bell · Answer

I could probably live 10 years on assets before I went broke, if I spent wisely.

Ezra_lila · Answer

Not much at this moment but possible by 3 to 4 months.

WhitneySnow · Answer

When I’m old enough to get a job I’m going to make sure this is always the case

Jmmmfi4 · Answer

I might... money would be tight but I think so

jamesgoldman · Answer

Yeah, if the business stopped operations then I've got 16 month in there plus my own gold if I had to sell that for another 4 months

AngryCarl2 · Answer

No, I'd have to sponge off the welfare state.

Sonorous · Answer

Yeah, but only for the time being.

Nikki1989 · Answer

Yes, I could probably last 2–3 years.

EmmaMary · Answer

Thankfully we do.

Apple1996 · Answer

Yes definitely I'm a big saver

LazerBean · Answer

Yeah, we are pretty efficient with our money.

RavVid · Answer

I budget for 12 months myself.

Wonderingguyy · Answer

Yeah, it wouldn’t be great tho

Redstang88 · Answer

No. Because it’s fuckin expensive here

Anonymous · Answer

I don't work anymore. If my boyfriend stopped working we would barely get by.

JesseP1nk · Answer

I could live 2 years without working

Anonymous · Answer

just 5 to 10 days I can manage... then it's impossible

Anonymous · Answer

That would be a struggle

Spongebobssocks · Answer

Nope😭... I don't make much lol😅😶

Ms_Facesitter · Answer

I do. But let's hope we don't ever get there :)

Danny_dan92 · Answer

In this economy? Nope

Kelly6 · Answer

yes i can live even without paycheck

Christoff92 · Answer

If I had 100 k then sure 🤑😏

Staximus · Answer

Yeah, but that's about it

Grovermint · Answer

Yeah.

DreamLife7 · Answer

Yes everyone should

msc545 · Answer

I do.

sheikalana · Answer

Yes, I have.

LavLavLuv · Answer

Ya I do

Do you have enough money to live for 6 months if you lost your job?

Most Helpful Opinions

Most Helpful Opinions

What Girls & Guys Said

If you lost your job today how long could your savings keep you afloat?

Do you have enough money to live for 6 months if you lost your job?

Most Helpful Opinions

Most Helpful Opinions

What Girls & Guys Said

If you lost your job today how long could your savings keep you afloat?

We're glad to see you liked this post.