How much do you have saved, both in your savings and checking account? How much do you think is enough if you are expecting not to have a job soon? Also, how much would you consider enough to take a few months off to relax and recharge your batteries before starting applying for new jobs? Investments in stocks or bonds don't count.
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It is very prudent to maintain a “rainy day” balance of (the suggested 6-12 months). For those currently unable to do so, start slowly but consistently. Preparation helps provide peace of mind.
I can walk away now to help with head count reduction but instead I choose to sc--w over the younger employees.
Do you have an extended car warranty?
There are not 1.6 jobs per, none of those numbers they put up are right
The rule of thumb has always been to expect your job search to take one month for every 10k in salary you expect to earn. With inflation that may be more like 15k now but the idea is the same. It takes time and work.
Without severance I still have about 14 months of money that's liquid and can be used instantly, with severance it's almost 2 years. That's cutting back but not ridiculously. As far as taking some time to relax and get myself together I take a couple of months, do some house stuff and relax.
I'm not rich by any means but I learned years ago to be careful.
Note: if needed I have places I can get more without hitting my 401k so adding another 10 ish months.
I could retire today and not because of a 401k or pension, I’m 45. Learned a long time ago after going through layoff after layoff at other companies to have something of your own outside your job that generates income or adds to net worth. Also that I would not likely every advance to a level on the corporate ladder that I’d like to be, so build something for yourself. Not bragging, just hope to inspire someone else to do more. I treat this place and any other as a job and a paycheck. If you expect any more than that, you will always be disappointed. Very few climb the ladder and it’s usually not because they are the best or brightest.
there are litereally 1.6 jobs for every applicant
For what jobs? Flipping fries?
The jobs I'm finding have hundreds of applications submitted. If I see a number of applicants is less than 100, I consider it a decent shot, especially with today's reliance on automated tools that reject 80+% of applicants before a real human ever sees their resumes. Some jobs have 600-700 applications, sometimes over 1000! Can you imagine 1 in a thousand chance of being noticed? It's not as easy out there as some want people to think.
To be fair, again, we might be looking at different kinds of jobs. I'll be honest, at this time I'm looking for remote positions, and no, not because I have laundry to do or whatever... because I happened to live in an area with very little to no tech industry presence, and that's the industry I'm naturally trying to remain in. We have to face the reality, dozens if not hundreds of thousands ex-remote workers have entered the job market this year with all the lay-offs in the tech sector, and they're all (we're all) looking for another remote job right now. Pretty soon, people will have to realize the WFH model is being ki-led off, and start seriously considering career changes. I don't mind that prospect, but I'm giving myself a couple more months to try to find something, before I start exploring local options.
The severance I received did help eliminate the worry for a while. It can be stretched for at least 10 months without any income for me. I also paid off my car earlier this year, and in general, I try to stay debt free, with my only real debt at this time being my mortgage. On top of that, I usually try to keep at least 6 months worth of financial resources always available, just in case, but to be honest, in today's job market, I would probably recommend adjusting it to 1 year. I'm still early in my job search, about 6 weeks, with 2 interviews so far, but I keep seeing people on linked in still looking after 4, 6 months, some after a year. Someone I know who got laid off in the beginning of this year is still looking. There is a lot of competition out there and it takes time.
there are litereally 1.6 jobs for every applicant -
if you get severance with literally no savings you'll be fine- get off this sinking ship and let Stank sink into texas where he belongs.
find a company with a future.
I don’t answer Financial questions on a public forum. But you do need between 6-12 months liquid cash equal to your monthly expenses to even think about jumping if no other job to go to.
3-6 months of expenses is a good rule of thumb for an emergency fund.
That said, everyone's situation is different, so the question here is kind of pointless.
How much debt do you have? Is your house paid off? Do you still have dependents, kids in college maybe? Etc, etc.
My tule of thumb is to have enough on hand that allows you to sleep well at night.
You also benefit greatly from a “fu-k you” fund that lets you quit whenever the stress is too much. You’ll find you can suffer more when you know you don’t really have to if you don’t want to.
with no details about or from ATT
Ok. I’ll play
“Given at&ts propensity for layoffs what’s your emergency fund looks like”
Well by OPs rules here invested money doesn’t count, I guess none
But I have an emergency fun at a 50/50 stock bond ratio that would handle close to six months. More in a car fund I’d end up raiding.
Another att related question
With the ats phase two of rto destined to force me out next year should I save more?
In my opinion while more accessible money is nice, saving to cash rather than the 401k because something that might happen is a bad idea.
A good tule of thumb is 6-12 months worth of income in liquid assets. That can included stocks and bonds, in my opinion, as long as they aren’t held in IRA.
Why would you come HERE for advice?
troll - there are a couple of posts like this. Withdrawing from 401k, daycare care issues. They are generic - with no details about or from ATT
~500k held in t-bills since 2021