Are people thinking about postponing student loan payments to add to a nest egg in case of layoffs?

likesmart
Posting as :
works at
You are currently posting as works at

Doing that right now. I have been paying more than the minimum for a while now but diverting all that to build my savings. Hoping for 12 months of savings (if frugal). Yay anxiety! Really hurts because I was on track to have them paid by August...

like

Husband and I were ready to refinance (we still have a huge number but prioritized buying a house) and now thankful we didn’t. Having the option of lower payments is a lifesaver right now.

I work in public interest, so assuming the suspension of payments doesn’t throw off my public interest student loan forgiveness, I will likely add that loan money to my nest egg.

A2 I would stop 401k as a last resort. If you don’t have 3 month emergency fund maybe bring contributions down to 5% or less depending on salary. But if you have 6 months or more I would hold off. At the end of the day it all depends on your comfort/desire for risk. To put it in perspective, I’m aiming for an additional 4K per month to savings plus a 5k tax return and hoping to build up before layoffs begin. Hoping to have 12 months of expenses if living frugally. I think I’m relatively conservative.

You'd be dumb not to.

Related Posts

How do you make the most out of your Amex platinum rewards?

like

After I max my 401k/Roth IRA, I put $ in my individual brokerage (all through fidelity) via transfer from my bank acct…is there a better or more tax advantaged way?

like

I’ve been laid off and, as I embark on my job search, I’d like to keep my marketing skills sharp. Any recommendations on must read books, or resources?

like

Has anyone or know anyone been fired/layed off and got in another big 4?

like

Are BAs comparatively safer than Dev’s when it comes to layoffs?

like

I make $140k in New York. Should I invest a Traditional 401K or a Roth 401K or do a split?

like

Interested to know others’ thoughts: would you consider the actuarial profession to be recession proof? Do you think there are some tracks that are more protected than others? From where I sit, it’s hard to imagine a layoff of actuaries in my group (health consulting); we have more work than we can handle and are still actively recruiting.

Something I used to do with my father before he died was fixing his home garden. Thanks to that now whenever I get a new property to sell I dedicate myself to fixing the garden before showing it, I learned to do it very fast and very aesthetically. Have you ever fixed houses by yourself to improve sales?

like

Hey 🐟 Can you please like this so I can DM. I was laid off and looking for a job.

I grew an DTC / Ecommerce portfolio from $6M to $13M run rate using Facebook & Google Ads.

Looking for new roles in media buying or consulting. DM me.

like

UK specific query - If my company cannot find me clients/work and want to dismiss me because they are unable to find work for me at no fault of my own do they have to provide a severance package?
UK law says it’s easy to dismiss employees with less than 2 years service but it’s a big grey area. Anyone got any experience with this?
An Employee with less than 2 years service

like

What are everyone's thoughts on making the Monthly Child Tax Credit permanent? I think it is an important step to care for the families in our area, but I know not everyone believes in this program

likeuplifting

How is everyone planning for potential layoffs?

like

Wow! What a day! What type of company starts layoffs right before the holidays? Lost my job this morning and I am stressed out. Is there any chance of finding a new job before the holidays? I'm doubting it.

likehelpful

layoff news about Amazon is true or just a rumour ?Amazon

like

Anyone else notice a trend with the mass amounts of layoffs in tech? Why are all their resumes so jumpy? Not like 2-5 years jumpy, like few months at a time jumpy? But still can land a position with similar tech giants? IMO, lots of these people get hired by their rich friends, stay a few months before someone realized they aren’t qualified and were just a recommendation from a current employee. Then repeat that process over and over until your company is down 50%

I’m surrounded by all you smart people (well most of you)... what’s your saving strategy and why? Tell me the following:

Salary
Rank
Total savings
Net worth
Debt
Home owner (Y/N)

like

I feel like I’m in the twilight zone seeing all this turnover/layoffs and practitioners firm jumping

like

what’s the ratio of equity/stocks to bond/fixed income in your Merrill lynch 401k plan?Do you make any modifications or just use recommended distribution? First job with 401k and not sure what to do!

like

Financing Q from incoming MBA student: Applied through Juno and just got approved for a loan from Earnest. Three quick questions: 1) confirming that I can only borrow for the upcoming year and would have to reapply next year? 2) I got 5.16% Fix APR - should I accept or look elsewhere? 3) does having a co-signer make a big difference?

like

I’ve had a really hard time securing a permanent gig in the last 5 years…constantly being laid off or had a contract cut short. How do you know when to take a hint and realize that maybe this industry isn’t for you? I need some stability for once.

like

More Posts

Anyone work in UW for Axa XL?

What's the difference between manager and senior manager role in cg?

like

i just had sex with my wife after like 11 months (reason for the gap: pregnancy+new baby).

And. It. Was. Life-affirming.

likeupliftingfunny

Got an offer at ZS for Consultant, and recruiter said it's the highest they can do for C. (165k plus COLA for NYC) and 15k signing.
My question is that this is the highest what kind of raises can one get, and how much target bonus is realistic at C level? 7YOE, M1 at Big 4.

like

Which laptop does LTI provide for the new lateral hire?
Designation - p3 specialist

like

Can’t sleep. Any ladies want to chat? 👩🏽

like

Is anyone familiar with filial responsibility laws? I have major doubts that my in-laws have enough saved for retirement / it seems they are planning to rely on SS despite currently living a pretty lavish lifestyle (brand new house, luxury cars, routine spa appointments, expensive dinners, etc.). I’ve heard of cases in PA (luckily we don’t live there), but what about other states? Also, I’m assuming if things go south at the end they can rely on Medicaid for long term care?

like

I'm moving from NYC to Nashville next month and I don't have another job lined up. I'm 3 years post grad and trying to figure out what I want to do. What have you done to figure out where your experience and interests intersect? Any success stories or advice for building a network in a new city? (Sorry if this is the wrong bowl for this, first time posting here)

like

Anyone cash flow positive on an investment condo in Brookline/Brighton?

like

What is the TC (and breakdown) for a business analyst at Google? Location: London, YOE: 6 yrs

like
like

What are the most important lessons you have learned at your lowest point and how do they continue helping you?

like

Hello Friends
I have the offer from CG where they mention 1.13 monthly gross payment. can anyone know what is the exact Net pay and deductions

like

Working in SAP EDI Consulting space, Is SAP CPI better option to advance further in career?

like

Do you remember your first day of your current job? How'd it go? Was it one of the reasons why you're still there? Starting new job tmr, kinda nervous

Love that they're the first company I've joined that provided a personalized onboarding pdf with my login info, links, team structure, work expectations etc. I don't have high excitement or dread (yet, hopefully not), but if the rest of the job is as structured & transparent as this guide, I think I will be ok & might just be able to stay a while

likehelpful

What’s the best purchase for your home office you’ve made so far (including pre-COVID)?

likehelpful

How long does one wait at the pwc “under review” stage?

likehelpful

Guys
How are SAP projects in PwC india?
I have choose between PwC and Accenture

YoE - 4.8

like

I’m looking to change careers from CMA to Project coordinating/program managing. Any recommendations on how to increase my interview intake and/or how much I should be asking for?
Anything helps!! I appreciate it.

like

I put in my notice and now they are giving the hard sell to keep me. I love my boss so that has me the most conflicted it was the thing that made accepting the new offer hard in the first place. 😬

like

Additional Posts in Law

Looking to make a move. Working with two different recruiters (I reached out to 1, the other reached out to me). Each ask what else I have in the pipeline? Do I tell them abt other firms Ive met with?

like

Looking for a job in Omaha. Appreciate any leads!

like

Dumb question : what is the difference between a blackline and a redline? I’ve always used redline. Also, anyone know how to do this “blackline” in Workshare compare?

like

Are the people you know complying with CDC and other guidance about social distancing, especially in the evenings?(Continued in comments)

like

Is there a market for lawyers to add expertise In crisis management or reputation management? My goal is to counsel clients on how to respond to media inquiries without saying or posting something detrimental to a potential litigation while still maintaining communication with their client base. If so, how to break into that industry? Courses? Books? Certifications?

like

Does anyone else hate weekends? Like let’s pretend we don’t have work to do so we can please our family & kids but meanwhile our anxiety is brewing inside? I’m never more relieved than to sit on my computer on Monday morning.

likefunny

Anyone leave big law to go to a mid/smaller firm solely for a better quality of life, take the pay cut, then realize jokes on you? If so, what did you do once you realized?

like

Here to restate the understated truth of our profession..

Post Photo
likesmartuplifting

In Corpus Christi. Solo Practice. Business plummeting. Does TWC pay laid off employees?

like

I’m on a staycation week but work (and the overall situation) has been so stressful these past 5 months all I can think about is all the hours I’m not billing. What do attorneys on vacation do?

like

Can someone explain the payscale for in-house? Starting to consider moving from BigLaw, but I want to know what I’m getting into (NYC Based)

like

What unexpected specialities have you all picked up along the way as a junior? Somehow I became the go-to guy on tax assessment appeals because the other guy went in-house.

like

I put in my notice last week at my current firm. MP was shaking with anger when I told him. Toxic partners, commonplace sexism, and widespread bullying. I was only there 6 months. Walking out of that office, I felt 50lbs lighter. I just want to remind you all that you’re better than some people will try to make you feel, and no one can look out for your interests better than you!

like

I’ve gotten great reviews and great work from my firm. One partner I just hate working for, though. She micromanages and sometimes it feels like she’s trying to embarrass me. Any advice?

like

Best gifts for older parents who genuinely have everything and won't tell me what they want??? I'm stuck. Please help! Any gifts your parents have absolutely loved?

like

Those of you who do commercial lending/finance on the lender’s side, how do you like it? Thinking of making the switch but not sure if it’s lucrative

likehelpful

I have to fill out a background check form for a position and it asks if I've ever been discharged from a job. Does getting "the talk" --i.e. being told your future isn't at the firm as a senior associate--count as being discharged? Any thoughts are much appreciated!

like

New Associate at small plaintiff’s employment law firm NYC If my goal is to work for a defense firm in the same field, how fast should I be going for the door? Or is it safe to stay and get exp first

likehelpful

Any entertainment lawyers out there? What’s your day-to-day like? Do you like the work? I’m a tax attorney (7yrs) in LA looking for a change and thinking of switching practice areas. I want to make sure this isn’t a grass is greener situation...

like

Any CT associates willing to share their firm’s salary scale?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal