Planning for a hypothetical future

Post Reply New Topic

Hello everyone. This is my first post, so greetings to the WP community.

I'd appreciate thoughtful and honest commentary on a possible future. Suppose you have about $200,000 divided among cash, 401K, and non-retirement investment accounts, no real estate, no debt, and a working car. And you're between 28 and 35 years old, basically healthy but socially withdrawn, never had a relationship (bf/gf/spouse) and right now you have no close friends. Also, you are totally estranged from your parents and other relatives. Cost of living is about $1,500 monthly, and health insurance is provided as an employment benefit.

Now the future part. Suppose you are currently employed but face a greater than 50% likelihood of losing your job between June and December of 2011 for reasons that are split between personal, emotional difficulties and circumstances beyond your control. What would you do now, and what would you plan to do? What would be your goals and objectives? "I'd hang onto that job for dear life" is one idea

Hang on to the job but start looking into alternatives. I'd reduce my cost of living as much as I could just in case I am left unemployed.

I'd liquidate my assets, buy a small plot of land with fertile soil, build a cabin out of old tires and tar paper, learn to grow vegetables and raise a gaggle of chickens..

That being an impractical solution, Jonsi's advice is good. Your monthly cost of living can be much lower than $1500. If you dine out a lot, learn to cook. Move into a cheaper house/apartment. Cancel your subscription to Weekly World News. Get a library card. Buy your clothes at thrift stores. Enlist a beauty school dropout to cut your hair. Put on a sweater rather than turn up the heat. Anything you have to do to cut corners.

Also it is so much easier to find a job when you already have a job so don't procrastinate on that one. If you're certain you'll be losing your job and you have some kind of business skills, consider starting up a home business.