[Article republished from “Mondays with Mike – 1/29/18” email newsletter ==> Subscribe to get weekly newsletter in your inbox plus FREE REPORT]
How about you?
What would you do?
- Job Loss
- Economic Downturn
- Company goes Bankrupt
- Company Loses Market Share and Downsizes
- Technology changes that make your job replaceable
- Age Discrimination (becoming less marketable)
- Health (yours or that of a loved one that requires your intervention)
- Divorce or Marital Strife
- Tight Finances Requiring a second job or new job or non-working spouse having to go to work
- Burnout (just can’t do the job any longer)
How’s Your Savings?
New Job, Same Industry
New Job, New Industry
So those situations look pretty scary. What can you do to better prepare?
Give Yourself Breathing Room
- Bring your lunch – $7 X 5 days X 50 weeks ==> $1,750
- Eat home for dinner – 2 days out a week X $35/meal for family X 50 weeks ==> $3,500
- Make coffee at home – $3 X 5 X 50 ==> $750
- Cut the cable – $100/mo X 12 ==> 1,250
- Shop your insurance (car and homeowners) ==> $500
- Shop for groceries with a list (especially at Costco) $100/week X 50 weeks ==> $5,000
- Total Savings just from these ==> $12,750