Thread regarding Devon Energy Corp. layoffs

You might not think you are the upper upper middle class, but you are.

Interesting you tell your expenses but not how much you made. Guess that means you were overpaid for the job you did. You spent $62,400 per year (for how many years?) and you managed to save $300,000?

The typical American family only makes about $54,000 before taxes and most Americans have less than $1000 in savings.

I Dont know about OP but I Was an HR admin, people with close to a decade experience were taking in 120k+ that is before bonus and tax. That's why layoffs might hit families hard as most won't make that much outside Devon. Managers were getting 140k base in many cases with 18% bonus

Those 450k homes in Edmond come out to $2500 month payment then throw on car payments utilities etc. that's why people might be scared and depressed hard to get that kinda salary package

I'm also glad I'm getting out of this state while I'm still young and unmarried. Too many idiots and these tornadoes are terrifying.

Engineer here again, taxes exist so he's making much more than mid-60s. I made in the mid-60's and my take home check was only $3.4k a month (after benefits, taxes and 401k). You bad at math?

Engineer, it's a shame you can't do basic math. OP said his monthly expenses were $5200/mo, which equates to $62,400/year. That includes his mortgage, car payment, etc. $65K/year is a decent salary for a degreed professional in Oklahoma, but it isn't upper UPPER middle by any means.

To the OP, you are upper, upper middle. Seriously, do your kids go to Casady? How do you even spend $5k a month?! You should spend your extra time driving around and seeing how the rest of the metro lives - since you are unemployed and all.

A bit of advice: don't think you have to immediately sell the house! I totally agree with slashing the budget and cutting off entertainment luxuries. I lost a job in a layoff a couple years ago and my spouse's company simultaneously lost their government contact & he was furloughed. By the grace of God, our mortgage is with a regional bank and not BoA or one of the biggies. We did not make a mortgage payment for SIX MONTHS! We used our savings for groceries, electric bill, just the bare bones. We kept in communication with the mortgage company, and they were exceedingly patient with us. As soon as the spouse was back on contract, we caught up the mortgage payments in short order.

I hope those lucky enough to still have a job next Monday will immediately cut expenses and stockpile 3 to 6 months living expenses in savings. Best wishes to all new job seekers!

I am the OP and not bragging my middle class status instead of complaining what others make work hard and achieve. As far as me being an idiot for having a BMW if I work hard and treat myself with a BMW doesn't make me deserving of bad. Thru the blessing of God Devon blessed me with a good living where a BMW was within my means. I am ultra conservative I am doing all this while I still have 300k saved up. But I want to live with ing my severance till I get a job

I'm talking to many people affected yesterday and they are panicking like sky is falling. I tell my friends relax to early to panic you still got income coming in out your energy in next step many people in my circle can go on for awhile with the severance

If you are in this game you need to have a one year salary cash reserve. Get debt free as soon as possible and you will be a slave to no one. If you have a BMW car payment and you are the sole breadwinner you are an idiot and deserve everything coming your way.

Great post OP

Must be nice to be upper middle class. Don't rub it in to newly laid off people that your usual monthly expenses are $5200. Also don't live outside your means. If you have to sell you BMW and house to make ends meet, you need to think about having an emergency fund.

A reminder to those that were fortunate yesterday that this may not be the last round of cuts. Depending on oil prices later this year, we may see another round of cuts. I predict it will be several years for prices to recover near $100/bbl and the truth is that $35/bbl is not very profitable for e&p companies. Also know that OKC has been hit hard this last year and you must be mobile to survive - think about moving to growing cities (Dallas comes to mind). good luck out there.

Although I was fortunate enough to keep my job with Devon, I think your suggestions could benefit us all. Oil prices are still low and we all need to be smarter with our money. Yesterday was a big wake up call for me. Thank you for that positive post.

You did really good OP in cutting your expenses. I am genuinely impressed that you did what was in your control to make your situation easier to accept. Thumbs up!!