{ "media_type": "text", "post_content": "I know this industry is unstable, so just wondering about emergency funds. How long could you last if you got laid off for awhile ?", "post_id": "5ef136d75d4d05002b883892", "reply_count": 144, "vote_count": 5, "bowl_id": "5565cfca8b2b9a03009acf57", "bowl_name": "Advertising" }

I know this industry is unstable, so just wondering about emergency funds. How long could you last if you got laid off for awhile ?

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I’m looking at these replies saying “1-2 years” and thinking the no one in the ad industry has kids apparently. Seriously tho, I’m lucky to have 1.5 years of funds available, but I feel like we’ve been smart w our money and am likely one of the fortunate few. Once the kiddos start school it gets less certain however. Side note to those w mortgages in the US. Check w your mortgage servicer to see if you can take advantage of the CARES Act mortgage forbearance clause. Might be a life saver.

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I’m only counting my liquid emergency fund which is about 12-16 months depending on how I budget plus 6 months of unemployment. If I were to pull investments, probably 5-8 years. I wouldn’t do that though.

likeuplifting

1 - 2 years: that's not including severance or unemployment, just what I have saved. I was in the last recession - unemployed for 2 years and wound up on food stamps, almost homeless. That was very humbling as im used to making 6 figures. So when I finally started working again... Saving for a rainy day - became my priority. I now own a home and don't want to lose it. Rainy day fund is strong 👍🏼 I'm good for 1-2 years with no income in NYC. Frugal living will keep the roof over my head, but no fancy hair appointments 😂

likeuplifting

You own a home in NYC. That is not easy!

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All of sudden Andrew Yang and his Universal Basic Income doesn’t sound that bad.

likefunny

One month. If I cut all my Amazon spending, one year.

likefunny

That’s a no brainier then

likeuplifting

All night long.

likeupliftingfunny

3 years in Iowa. 3 months in NYC.

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Damn, I’ll see my broke ass self OUT🚪

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I've been working as a junior writer since Jan in SF and I could only comfortably survive 2 months

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This might be the only honest response on this thread.

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Two years in, NYC: I could last 11 months.

likesmarthelpful

Wow. Well done.

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My husband and I make about 800k a year. We are completely over our heads in house, debt and student loans. We wouldn’t last a month. We don’t have a big retirement account. We also support our parents (aging/elderly and need some assistance with their care) and we have 3 teens — two are in college. We know we are not prepared and feel like idiots. Treading water. If you were on the outside looking in, you would think we had it made.

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Everyone’s approach to money is VERY psychological despite its mathematical nature. Budgets seem to work for some people. I find exhausting having to track everything I do. What has worked for me is saving as much as I can (while being reasonable) on a regular basis. There are things I don’t mind paying for (like the company that does my laundry) and other things I’m not willing to pay for (like bottled water or 3 extra drinks at a restaurant...). This has worked for me. I’m under 40 and I’m financially independent. Meaning that I could have a decent life even if I didn’t work ever again. My advice is: find whatever formula works for you. When it comes down to saving, there’s no wrong way of doing things as long as it works. Investing would be a whole different story and THERE ARE wrong ways of investing. Good luck!

If you are responsible, I recommend open a 18-month interest free credit card while you still have a job. Just Incase shit happens. Chase has one. I did that in April. Just another tool in your arsenal.

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I could survive 4 months. Then I would need to take money out of my stocks or 401k.

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I have substantial savings but I won't even be dipping in to them after 2 months on ice. Not even with kids. I'll give you my best financial secret on how you can all do the same: marry someone who also earns a lot.

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Feeling like no one here has a chronic disease...🤕

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My COBRA is $800 a month. And my drs aren’t even seeing patients right now.

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Like 4 years if I realllly had to (sell stocks, Roth IRA), LA, but I live cheap as hell.

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2.5 months with savings, 2 years if I sold all my guitars and computer and camera, 3.5 if I cashed out my 401k

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Guitar vultures are circling.

likefunny

~20 years in the US. Probably the rest of my life in Mexico. 42 years old. Live in Austin now (formerly NYC and Portland). Also, every penny is self earned and saved.

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Wow. I’m aghast. I’ve been through redundancies before and I had 3 months. But thats UK/London. How much are people paid?!

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Oh man, so annoying. BUT. It worked itself out quickly, it seems; or, more accurately, you worked it out.

Been working full-time at agencies since the week I graduated from college four years ago. Work from home meant saving time and $$$ commuting, making or buying lunches, social engagements and for the first time ever I'm no longer living paycheck to paycheck. I'm glad I'm still employed because I wouldn't be able to survive past 2 months. (cries in NYC rent) (enjoy your boomer salary)

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What does boomer salary even mean?

likefunny

A few months before I’d have to tap a 401k or sell a car.

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"A" car?

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