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OT: How many missed paychecks would it take for you to be homeless?

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Showing 1-25 of 122 posts in this discussion
Initial post: Dec 18, 2012 9:42:14 AM PST
Chewy5431 says:
After seeing Whizzer's "Doctor advice" thread it got me thinking. It's always a good idea to have an emergency fund just in case something crazy like that happens.

If you lost your job today how long could you survive on just your savings?

Currently I've only got a 2 month emergency fund. That makes me really nervous. But once I finish off my debt snowball I'd like to grow that to 6-12 months worth of living expenses.

Posted on Dec 18, 2012 9:43:08 AM PST
'Bout tree-fiddy.

In reply to an earlier post on Dec 18, 2012 9:43:32 AM PST
badeggsalad says:
12-18 months. And yes, it is scary. Reading the title of this thread gave me an uncomfortable feeling in the pit of my stomach even thinking about it. *shivers*

Posted on Dec 18, 2012 9:43:36 AM PST
FOGE says:
About ten months but that would involve much less spending. I do have a lot of money saved up.

Posted on Dec 18, 2012 9:43:59 AM PST
StriderNeo15 says:
If I want to go on living how I'm living right now maybe a year and a half, though can always freeload on my parents if it comes to that, I'm in a fairly good situation right now.

Posted on Dec 18, 2012 9:50:15 AM PST
WesCyde says:
I would say only a few months but luckliy for me I am not going to get fired anytime soon. If something happend on the job i would be covereed as well. BUt i think i am around 6 months but thats about to change by next year it will be much more, but savings accounts are so not worth what they used to be trying to find better ways to move my money around

Posted on Dec 18, 2012 9:51:15 AM PST
Joel H. says:
I don't understand.. are some of you saying you have some 10-20k dollars saved?

In reply to an earlier post on Dec 18, 2012 9:51:41 AM PST
jtshiel says:
One month

Posted on Dec 18, 2012 9:52:13 AM PST
Last edited by the author on Dec 18, 2012 9:53:20 AM PST
Ice King says:
It would have been very quick for me a couple of years ago (probably about three months) if I didn't have great parents who owned a house with an in-law apartment that they weren't currently using.
Luckily I was able to move in with them until I was back on my feet.
I'm still waiting for that to happen but I'm doing much better now.

Besides, it's currently a win/win for all of us. I get a place to stay at a very low price and extremely flexible pay schedule and they get someone to watch their pets when they go away (which is quite a bit. They're more socialable than I am).

In reply to an earlier post on Dec 18, 2012 9:52:37 AM PST
FOGE says:

Posted on Dec 18, 2012 9:52:45 AM PST
GarionOrb says:
Hell I'd be homeless after about two paychecks at the moment!

In reply to an earlier post on Dec 18, 2012 9:53:10 AM PST
WesCyde says:

Posted on Dec 18, 2012 9:53:34 AM PST
SMH says:
It would take me a few years, maybe not at all, assuming of course that my wife kept her job. If we both got axed simultaneously, I think about 18 months. Of course, I am not too proud to go out and get a job at Home Depot or something to make ends meet and would never let it come to that.

Posted on Dec 18, 2012 9:54:27 AM PST
Lucanus says:
Savings/checking; I could go 6-10 months

401k/Roth IRA; After tax and penalty; 2-3 years

In reply to an earlier post on Dec 18, 2012 9:56:31 AM PST
Last edited by the author on Dec 18, 2012 9:56:55 AM PST
FOGE says:
I forgot about my 401k. If I tap that I can make it another 4 months so 14months now.

Posted on Dec 18, 2012 9:56:33 AM PST
Frenat says:
Probably 2 years. We have about 60,000 right now but that is only because we will soon be putting a down payment on a house and I still have the separation pay from the Air Force from when I got out earlier this year.

In reply to an earlier post on Dec 18, 2012 9:56:34 AM PST
Chewy5431 says:
Currently my living expenses are about $2500/month so I've got a little over $5k saved up. I'd be a lot more comfortable with $15k-$30k just parked in my money market account.

Posted on Dec 18, 2012 9:59:21 AM PST
Joel H. says:
Wow nice. Well Garion if you need a 5th roommate for your party house, lemme know.

In reply to an earlier post on Dec 18, 2012 10:01:16 AM PST
Last edited by the author on Dec 18, 2012 10:03:13 AM PST
Lucanus says:
In non retirement accounts, 30k+. Including retirement, 200k+. People thought I was joking when I said I made 8k from Nintendo stock a few months ago. I'm a saver. :)

In reply to an earlier post on Dec 18, 2012 10:01:27 AM PST
Chewy5431 says:
I'd rather open a credit card than tap into my retirement accounts. It's a 10% penalty PLUS your tax rate. So for me that'd be a 35%-40% hit!

A credit card with 30% interest would be better than that!

In reply to an earlier post on Dec 18, 2012 10:02:47 AM PST
Lucanus says:
Fair point, I also didn't add in unemployment benefits and also caluclated it based on what I spend now. I'd probably cut back a bit too. Either way as the sole bread winner with kids, saving is a must. I don't and will not live pay check to pay check unless I absolutely have no choice. :)

In reply to an earlier post on Dec 18, 2012 10:03:03 AM PST
Well, if you lost your job, you probably wouldn't still be in the same tax bracket... in theory at least ;)

In reply to an earlier post on Dec 18, 2012 10:03:52 AM PST
Chewy5431 says:
Nice! That's where I'd like to be a couple of years from now!

In reply to an earlier post on Dec 18, 2012 10:05:05 AM PST
Chewy5431 says:
True. You're income for that year would be MUCH lower. ;)

In reply to an earlier post on Dec 18, 2012 10:06:41 AM PST
Lucanus says:
It really isn't too hard to do. I make sure to max out my 401k match and invest at least 10% outside that. It requires a few sacrifices, but the security is worth it. My wife and I have standard non internet phones. We have free OTA TV. I buy most of my games used. I drive an 8 year old car with 90k miles. But I'd rather have the security than the material things. Some disagree with me, which is fine. To each their own. :)
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Discussion in:  Video Games forum
Participants:  50
Total posts:  122
Initial post:  Dec 18, 2012
Latest post:  Dec 19, 2012

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