With layoffs looming, how much do you currently have sitting in your savings and checking accounts? Let's talk cash on hand, no investments, just liquid funds. I'm reevaluating my emergency fund and wondering where others stand.
Also, how much do you think should be enough to not have to stress about being laid off and having to find something else right away?
In this market you need 12-18 months expenses, unfortunately. I know so many people laid off last year from Nike who are still looking.
I got ~200k if Nike stock which is as good as junk at the moment. Let this be a lesson, don’t invest heavily in your company stock
The typical rule is to have 6 months of salary saved up in case of a life event that derails your income.
I was just an individual contributer at Nike, but I always have tried to live and invest as if something bad (like a layoff or medical scare) is always around the corner. Therefore, right at the moment, I am fortunate to have around $100k in my checking and savings. I have another $100k in stocks I could sell right away, as needed. And that is before getting the severance package, final paycheck (with PTO cashout), and whatever PSP bonus might happen, which should net another $100k after taxes. So, I should have about $300k in cash and liquid assets to live off of until I can find a new gig. My expenses are relatively low, and I have a significant amount of long term assets I could tap if it comes to that, so I should be fine... even in this disaster of a job market.
I hope that others have a similar cushion, but I understand your situation (from my own past experience) if you are at a different stage in life and haven't had the ability to store money away like this yet. It took me more than 10 years to get to this point financially.
about 7 figures, more than any of you will ever make
The needed saving is based on multiple factors such as age, family needs, debt level, general health, etc… One rule of thumb for me: One year wage.
Everyone is different.
Just try to save money and live a frugal life.
@a2 How is this not layoff related? It's about how much is needed to be okay if laid off. I don't understand some folks, honestly. What, we can only have posts that say layoffs are happening and that's it?
senior director here. 350k in savings account, 750k in ETFs, 1 million in treasury bonds, 4 million in real estate, passive income from side gigs 5k monthly
30k cash, 25k investments, 5k bonds.
Monthly expenses are roughly 2k. Could tighten the belt by $500 if needed.
Initially I worked towards saving 3 months living expenses, then 6, and finally 12.
This is with my partner working their own career in a far more stable field while knowing I might get at least a few month’s salary in severance. The reservoir has finally filled up and I’m overlaying my mortgage now. Took years to get here.
4M is the number for retirement...I think that is the right number for any coorp junkie/ lackie
can we make it, gotta get on the right side of the ai track....hammer down
~55,000 free cash flow, 250k investments.
~$180k
This isn’t Reddit, knock it off. This is for specific information about layoffs.