Reader says...
I am with you on achieving Financial Independence.
It's a fallback plan in the midst of a super competitive employment environment flooded with Foreign Talents.
Government can raise the retirement age to whatever they want but how many companies are willing to offer those above 50 YO decent paying jobs, except fast food outlets and a few others.
Speaking from experience on this.
Once retrenched, even in our 40s, it is hard to get back the same job.
I took a 50% pay cut for a 1 yer contract job and then became unemployed again.
Every year that passed, my market value is dropping.
I will go to McDonalds to be a cleaner soon.
I also know of a 30 YO friend who studied finance in NXX (a local university) and was retrenced from finance industry after working for 5 years.
After 1 year of job searching, he gave up and resorted to joining WSG program to find a job which paid $2K+ a month and restarted his life all over again.
My engineering cohort, 30% are unemployed by now and not by choice.
With so many government assisted programs on WSG website, we can make a guess how "good" the situation is.
So, no surprise that many young people are talking about F.I.R.E. (Financial Independence Retiring Early) these days.
It's a by-product of the current day situation and fear.
I also started reading your blog when I became unemployed 4 years ago.
What does AK have to say?
Don't ask
"When we need to stop working, are we ready?"
Instead, ask
"If we want to stop working, are we ready?"
How to be ready?
The best insurance in life is having sufficient passive income to maintain our lifestyle.
Be ready!
If AK can do it, so can you!
Related posts:
1. Freedom from wage slavery.
2. Best insurance in life.
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How to be ready for unemployment? (He took a 50% pay cut but was unemployed again one year later.)
Sunday, September 9, 2018Posted by AK71 at 4:51 PM
Labels:
money management,
passive income,
savings
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6 comments:
Jackson Yang says...
Perhaps should start prepare when young, not during mid career time like age 40++..
Pick up new skills, learn investing, live frugally
Sau Yee Fong says...
Buy a BTO flat and pay it off quickly.
Imagine buying a condo at age 30, take up a 25 yr loan and got retrenched at age 45.
Stressed!
A message from a reader...
Hello AK, your latest blog I can feel for the writer
I have a Friend unemployed for 1.5 years already.
Still looking for job
Now no job security
Hi,
It is possible for one to be unemployed for a long time. The quoted example of 1.5 years (equivalent to 18 months) is one such example. This goes to show the importance of saving a larger amount of emergency fund beyond 18 months. In the current circumstance, it is very difficult for one to find the job. This is applicable for those who do not have the existing jobs. The bargaining power lies in the hand of employer who do not have to increase the remuneration as per the jobless applicant's expectation.
Hence, it is better to keep the emergency fund which lasts more than 18 months.
Ben
Reader says...
I have been ask to leave my company end of the month.
My monthly passive income of about 1.1k is useful.
Thinking of career switch as well.
Means taking a pay cut & starting all over again.
I 39 years old this year
AK says...
I am sorry to hear that but with some passive income it might be a good break.
Spend more time with family.
I know you have been prudent and will continue to be so.
Roll with the punches and soldier on. :)
Tong Xiang Yap says...
Assuming he is married with children...
39yo is young ... If got young children.. Then 1.1k passive is nice but is not enough, can tahan awhile...also assuming no high debt.
Hopefully wife or hubby is working.. And got retrenchment package.
Good luck to his or her job finding...
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