Most Affected
Maxed out mortgage, bought 10% more house than he can afford.
8 yr Car Loan @$550+ per month
Assumed sh!t doesn't happen, not in the oil industry, or not to him. Only happens to other people.
Least Affected
Bought 50% less "house" than he could afford, small mortgage payment
Bought car he could pay for with cash, or very short term loan. Zero car payment
Knows sh!t does happen, especially in the oil industry, and can affect anyone, including him.
You can't control what your company does, but you CAN control how you spend your money and live your life. Imagine having 100k+ in savings right now, zero car payment, and a minimal mortgage payment.
You just lost your job, but you're not instantly in financial duress staring at a food bank line within weeks. or having to to hit up friends and relatives for money to maintain appearances.