very close to home. I posted about this a bit prematurely the other day . ... apparently it wasn't known yet, and on the off chance that someone recognizes me in this blog, it would have been bad....
But today is the day my husband's firm is letting go of 10% of its attorneys and staff...
It is sobering to us because for the last 12 years it has been nothing but prosperity. The scary fact is that we could be next. His job didn't get cut this time, but with the economy the way it is, there is still a chance. We can't believe how unprepared for this we really are.
I'm a fan of Crown Financial Ministries, and found this link. Although it is Christian based, everyone could benefit from the financial advice given. Our problem is that all of our money is tied up in retirement accounts (and we all know how they are doing) and in the equity of our home. We have less than 1 mos. emergency savings. If this isn't a wakeup call, I don't know what is.
There are a few things we can do to prepare now:
1. Update resumes (including myself, as I would have to go full time)
2. CUT unnecessary expenses
3. SAVE cash quickly! (Christmas will be pared down)
4. Research health insurance plans to be prepared to purchase one while looking for work
5. SELL stuff NOW for a cash boostI will not feel "safe" unless I have at least 8 mos of an emergency savings. So, that is our next goal. Although I would love to focus on paying off the HELOC, I will choose to save cash.
Any other suggestions? Anyone going through this now? What did you do? I would love to hear from you!