How much do you have in savings to be so blase about layoffs? I haven't been able to sleep properly in weeks and there are people who are going on about it like nothing out of the ordinary is happening. Please, tell me, what kind of a safety net do you guys have?
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Wow, you all make me feel poor as he-l. Spent all my money on college, house, children, food. Barely have enough left over for savings. Been here 5 years and managed to save $10K. Not feeling good about the layoffs.
I guess I'm not worried about the layoffs because I work in Branch Network. I think most people in Branch Network, especially FCs, are sleeping just fine. These firmwide layoffs rarely affect client-facing employees, particularly ones who directly manage client relationships. They might cut a little bit of fat here and there, maybe let go of some middle management-type roles or support roles or possibly specialist roles, or if someone is really underperforming they may use the layoff as an excuse to let them go, but otherwise it's rare. My "safety net" is the fact that I bring in revenue for the firm; and also if I left, 300+ client households would be at risk and asking where I went (and some would be loyal enough to follow me if I got a job elsewhere with a competitor). [That's not to say FCs are never at risk--what we lose sleep over is if we're not keeping up with our sales goals (kind of like quotas). You never want to see your name consistently towards the bottom of the team/regional KPI reports for assets and advice. Keep that up, and an underperforming FC will be gone within ~2 years tops. We're always on our toes about that.]
Our manager has already told us we shouldn't be affected by any layoffs, Schwab isn't closing any branches, etc. So I would be utterly shocked and mentally unprepared if I got laid off (just being honest). But if I did, I have $1m+ in liquid investment assets, over $300k+ of which is in brokerage/checking accounts so I wouldn't even need to touch any retirement accounts. I could go for a pretty long time I think, especially with severance and unemployment. But I wouldn't want to--I don't particularly want to sell my investments, and I want to keep earning and accumulating so I don't fall behind on my own retirement goals.
I'm in my late 30s in Tech (Full Stack Developer) we are a family of 4, I have about $100K in liquid cash saved for emergency in a high yield savings account @4.7%. If I get laid off I'm ready to move all my assets within 15 minutes to Fidelity and Vanguard and move on with my life. I'm not worried. Will never work for Schwab again even if I had the chance or they offered 10X more money in the future. Tech here are very pedestrian not much to learn. I don't really care about CAT or Mainframes or Hour Long Meetings with no Outcomes.
I have no money and still don’t care if I get laid off. Nothing I can control. God always provides.
I don't know anyone who is truly blasé about the upcoming layoffs. Everyone I work with has been on edge for months. Moral is in the cr-pper and it is going to take a long time to recover for those who go and those who stay. I just wish they would rip the band aid off so we can start to heal!
Layoff would just accelerate my early retirement a few years. Been through this once before at a previous company so I've been saving and investing to get out of the rat race and focus on charity work like habitat for humanity.
Why worry about something you can’t control? How is worrying helping?
You can only control yourself. So if it worries you that much update your resume and get a back up plan. You can’t allow others control your life so much. You have to take matters in your own hands and place yourself in a spot that if you’re impacted, you at least have taken some steps to cover yourself.
I started my own business but I didn’t wait till this day. I started action since the day the TD acquisition was announced.
Nothing last forever.
I'm not boasting here, but for me, I'm 50 50 with the layoffs. I have a $1M in 401K, $250K in regular brokerage invested in stocks, funds/treasuries generating dividends. And I will be looking at a little over 1 year severance package (max 22 paychecks + max vacation time + 2 months on books during notification period). I would like to stay and just retire early if my 401K continues on its trajectory. If layed off definitely stressful to look for a new job during a tight market right now. But I'll be ok for a while.
Let go, let God.
With savings, I've got a 9 month runway. Plus unemployment, old-timer severance, unused vacation days...I can get by for nearly two years.
I was laid off long ago in more dire straits, and I've been financially prudent about reserve funds ever since.
It’s actually not that worrisome. Two months of full pay, plus severance and 26 weeks of unemployment comp. Plus while on unemployment you can typically make a small amount that’s not subject to reducing your weekly benefit. Plus if you get laid off, now is the ideal time, as companies hire at year end, and there are plenty of seasonal jobs to go around during the holidays. Don’t let the fear overwhelm you.
Don't let a corp determine your future, and as others have said, what do you gain by worrying? I know, I know, we're human. But at some point you've gotta regain control of mindfulness. Put some irons in the fire, this is not some overall collapse of financials or any other institutions, there really are jobs out there.
I am not one of the HiPPOs
Retirement
In my case, I have been through 2 layoffs already in other companies so been there done that have a t-shirt. I can live comfortably 9-12 months without the severance. It is enough time to regroup, update the skills, talk to recruiters to see where the market is at. The unemployment would cover at least half of my expenses too.
People say it is more difficult to find a job if you were laid off, I didn't find it true. But I'm in tech, your experience may vary.
Wishing you well, remember there is life out there.
It’s not about safety nets . 99 percent of folks would feel concerned . Even the ones making 250k . The thing is you can’t be loosing sleep over something where you have zero control . All you can do is use your time to prepare for what comes next . Relook your finances and spending . Sharpen your skills . Upskill .
And while it’s completely understandable that this is a scary situation , understand this too shall pass . Keep up the hope and hang in tight .
I’m sorry you’re feeling this way. A solid 6+ of emergency savings should be priority #1 (I am not worried because I have this, if I’ve being honest).
Check out ChooseFI, this is where I found my strategy for building savings so that when times are uncertain, I can be more chilled out