PrettyBlackDressIf You Were Unemployed, But Had A Hefty Savings Of 10K, In What Ways Would You Approach Your Job Search Differently?
Jeena10k is “a hefty savings”? That money is gone very quickly if you have a family and a mortgage, etc.
I don’t think 10k would change anything, I would still need to hurry to get a job.
Ok in your case, let’s say you have 80K in savings. How would that change the way you go about looking for a job?
I would then take time to find a remote company which to some degree would align with my moral values. I would not need to rush to keep working in the automobile industry, but instead would try to get in somewhere where they would need my experience and work with renewable energy or smart grids or something similar. For that I would probably need to spent some time doing some courses on that topic and educate myself so I’m employable. The 80k would give me that possibility.
(My case is rather specific that I also need a work visa sponsor to be able to stay in Korea, so that makes it much more difficult.)
ᴇᴍᴘᴇʀᴏʀ 帝The problem is that unless you had enough investments to be generating an income you can live on, all a neat egg does is focus your mind on the fact that it is diminishing and that could be used as a deposit for a house or just a rainy day fund.
What it might do is encourage you to get something lower paying just to pay the bills while you are waiting for the dream job or you might be able to undertake an unpaid apprenticeship as long as there’s a solid job offer at the end of it.
GyromobileI had this. What i did was consider what the best title/type of company i could get with respect to career growth and turned down interviews for everything that wasnt that.
I came VERY close to changing my search parameters after about three months of looking with no firm offer. I landed one of the ones i wanted. Pay isnt on the upper end for the title but its still the title and a large company.
If i had to rush i probably would have taken a much shittier role with far less growth opportunity.
I am a highly trained professional with 10 years experience though so ymmv.
Yay !!! I’m so happy for you ! I wish every one had that chance. Congrats
Ok in your case, let’s say you have 80K in savings.
Half a million would be about the point where it would change my ways.
With only 5 million I would stop working for money.
Ok, now we’re talking. That will get me through a couple of years if managed well, so I would have the luxury to be choosy about my next job, get multiple offers (hopefully) and not have to sacrifice on having fun while looking. Still, I’d be planning to get a new job in 2-3 months max, ideally.
Having savings gives you some time before you have to get something part time to help out with bills. When you’re between jobs, it’s not vacation time. Your job is too find another job. You should spend the 8 hours or so you would have spent working instead preparing your resume, brushing up on interview skills, searching for and applying to jobs, and responding to emails. Depending on your field there may be some short term contract work available that will help you pay the bills while you look for something permanent. The point is: don’t just sit on your butt, get it in gear.
ThcgrasscityI did this poorly, i had almost 20g saved, and i went on trips, explored, and adventured, then the final week of money, went and handed out 3 resumes and got hired on the spot with the 3rd.
Sounds like you did it perfectly, if you can save 20grand you can do it again but you’ll never have those trips at that age again.
Its alot tougher to save it up now, i changed my mind about wgere i wanted to work. Im a journeyman electrician, and travel work i made stacks, no fixed address, living in work camps and just slaving. But after the break i thought thats just killing me, i have no friends outside of work and my whole life was being an electrician. Now i work 8h in a shop in a city of my choosing and have 16h a day for me.
Hey sounds like you spent your savings to figure out how to treat yourself nicely.
I’d miss the money too but sounds like you’re doing much better off now :)
Not at all. I worked hard for the savings. I don’t spoil that.
I hate that it’s true, but $10K is not a hefty savings anymore.
That’s not to say most people have $10k saved.
That’s just to say that $10k would get me through like 4 months, maximum.
It would get me through less than one month
Less than 10k savings would mean I’d be basically on the streets if I lose my job
People downvoting have never lived a different country, or city, than where they were raised … seriously, cost of living varies wildly. 10k/month in expenses with a family, house (mortgage, insurance, maintenance, etc), cars (gas, maintenance, insurance, etc) travel / vacations, you name it, is not unreasonable.
Hopefully with kids in private school you’d have more savings than that, but that’s an easy $15-50k/yr per kid.
I wouldn’t be surprised if the monthly cash burn for a truly middle class family was $5k.
The rule of thumb is 6 months of expenses.
Average car payment right now: $725/mo
Average price of a 4 bedroom, 2 bathroom home in the US: $416,000
Average interest rate for home equity loan right now: ~9%
Average mortgage assuming 10% downpayment And above: $2700/mo
Moderate grocery budget for 5 people: $1500/mo
Average Utilities: $330/mo
Average cost for private school: $16k
For 3 kids, monthly: $4k/mo.
For good measure, well add a slush fund of $2k a month to cover property taxes ($350/mo), gas/auto repairs, house repairs/non food related purchases, kids hobbies/electives/clothes
If we want to talk vacation, it’s gonna be an additional $1k-2k saved a month.
If you’re saving for college lol, add $1750/mo for 20 years to cover 3 kids at avg priced 4 year institutions.
Where are we?
$14,555/mo.
To sustain that, you need to be pulling down over $350k/yr as a household.
Average.
Lmao I love how when you write it out like this it makes so much so very clear about the people on this site.
That’s less than $70 per person per week, which is far less than the average spend.
You can troll around and argue against what I said all you want, they’re based averages. Actual averages.
No one cares about you opinions.
You should learn the very significant difference between a median and an average if you think the average American does any of these things.
Do you think I’m reading the words you’re saying?
You opened up in a combative way, I’m not going to engage in a good faith discussion with you.
Go sit on a cucumber, dingus.
Youre a bad person, born into fabulous wealth and in denial about it, and you’re a homophobe.
Nothing you say will ever matter, because you have no understanding of the world, and are in fact the exact person you would claim to dislike. Everything you think you are is a lie born of your hilarious privilege.
Now I’m being combative
I’m still not reading anything you’re saying.
You’re just a bag of hot air.
I have been unemployed for almost a year now and was looking the entire time. Burned through severance and savings. Sooooo you better not slouch because shits tough for anyone but entry/associate level.
If you have the cash to spare for it, FindMyProfession is a subscription service that I’ve twice used to get out of a shitty job. First time I wanted the new job to take me to a specific state, they found it in the heights of the pandemic and with a 30% bump in pay within the first month. Second time I wanted a new job but I didn’t want to move, in the barely-begun third month they found me a 20% bump in pay for a fantastic company.
The service they offer is some expensive shit, but I trust it so goddamn much.
You’re not wrong
Arotrios10k will last you about 3 months comfortably, 6 if you're single and willing to scrimp or live in your car. That's your time limit to get a new job.
I had about 3x that saved and took a year off after working a decade at my previous position (I was pretty burnt out and hadn't been able to take more than a week off since I started). Having that padding gave me the time and peace of mind to look for something I really wanted, and gave me the freedom to turn down offers that would have put me back into the burnout cycle.
I ended up with a full WFH position with a 50% bump in salary. Within a year, I made back what I had spent simply by maintaining my budget from my previous salary.
If I hadn't had the cushion, it would have been pedal to the metal and accepting the first position offered, and I would have likely hit burnout before a year was out.
OrbituaryWhat everyone in this comment section calling out “10k isn’t much” are failing to understand is that over 60% of the USA live paycheck to paycheck and don’t have any savings to speak of. Extend that to the world and you would go pale.
Check your privilege and get educated.
More than 60% of Americans are living paycheck to paycheck. Here's what researchers say is to blame.
Even 4 in 10 high-income households earning more than $100,000 are living paycheck to paycheck, a new study finds.
I’m in that exact situation right now thought I have more savings than that.
I’m approaching job search differently in the way that I’m not in-fact looking for job. I’m taking my time to decompress, gather my thoughts and plan what I’m going to do in the future. I think I’m going to try entrepreneurship and set up my own company and start doing handyman stuff instead of just plumbing what I’ve been doing to this point. I’m not overly excited about the idea of going back to work for a company. I got to check this door first atleast.
What everyone in this comment section calling out “10k isn’t much” are failing to understand is that over 60% of the USA live paycheck to paycheck and don’t have any savings to speak of. Extend that to the world and you would go pale.
Check your privilege and get educated.
More than 60% of Americans are living paycheck to paycheck. Here's what researchers say is to blame.
Even 4 in 10 high-income households earning more than $100,000 are living paycheck to paycheck, a new study finds.
Yea seriously thank you. I’m like mind blown that ppl don’t think that’s a lot of money. 10K would last me almost 2 years not working. I’m single, no dependents, my rent is cheap and I own my car. What’s the deal here man? Why’s everyone pissing on 10k as chump change? That’s a lot of money man
That would last you two years of not working??? That wouldn’t last me a year of rent, never mind other expenses like food. I don’t even live in an overly expensive place like California or NY. What in the world place do you live in?
My rent is 800 a month for a 1bedroom 1 bathroom
I’m no braniac, but $10k does not at all cover two years of living expenses if your monthly rent is $800…
Probably less yes
How in the world are you able to live off $5k/year? My last months credit card bill was $2.6k and I don’t even pay rent or tuition on my card. I’m also single with no dependents, own my own car, and have extremely cheap rent.
How are you spending 2.6k a month? Do you just eat out everyday?
I pay around that per month, but that includes all of my expenses, including rent and other bills. Maybe the person you’re responding to has kids or something.
With rent and all expenses that’s about what we spend.
Without rent like they mentioned it seems so much. I dunno how I would spend that much in a month. Apparently I’m wrong for asking though.
I don’t know much about their situation, but one of my coworkers has kids in daycare and it seems insanely expensive to the point where they’ve recently needed to get a second job.
It’s not usually that high but it’s not totally uncommon for me to spend that much a month. I usually try to keep my spending between $1,200-1,800/month but that doesn’t always happen.
Rent for a 1b apartment is more than that in some cities in California
They are making shit up or leaving out the fact that they sleep on the floor with 4 other roommates in a single common room.
Lol I have my own apartment
No you don’t. Not in any space the average person would be or should be willing to live in. Unless you mean you own the place.
Yes. I live in a 1b 1b I’m in the south. So cost of living isn’t skyrocket like in California for instance. I also don’t just ‘accept’ an outrageous price in rent. If an apartment cost 1100 a month for me to rent, then I’m going to a neighboring city for a lower cost.
Link a listing for apartments.
I pay 800 and no. I’m not sending apartment listing I’m my area are you crazy lol
$800/mo is $19,200 over 2 years. So no, you can’t survive almost 2 years on $10k.
So you just were talking out your ass. 👌👍
I used to say 10k is enough to solve one major problem in my life and that was it. Enough to bailout a relative, enough to move across the country for a new job, enough to rebuild after a fire/flood, enough to buy a reasonable car in cash. 10k is not just money, 10k is a force in its own right. It represents one thing that should destroy my life or someone around me life nd make it go away.
Many years ago my wife wanted to finish her degree and she made 2k a month. I gave her my ten thousand and told her to focus on studies for five months. Worked out.
With inflation it is probably 15k now.
I recently moved across the US. 15k would be possible but it would be tight (assuming everything you own doesnt fit in the back of your car). Also assuming youre including all moving expenses like reregistering a car, gas to drive across the country, deposits on rent/utilities, a month of overlap on rent, etc. All the little things start adding up quickly with a move that far.
Don’t blame the responders, look at your question. If what you really want to know is “if you had 2 years worth of savings to live on”, ask that. The low end average cost of living in the US anyway is $2,500, so 10k is 4 months of living expenses. That’s also about the average length of a job search.
In general, the OP seems a bit out of touch with a lot of things. They also recently asked why people stay in shitty jobs instead of just quitting them. Money. Money is why.
Looking at OP’s post history, they also have a history of trolling and shitposting, so I’m guessing this is just more of that.
🤣🤣🤣🤣 I have my own apartment. Don’t hate just because you’re rent is 3k a month. Maybe budget better.
How do you budget rent away
I take one check and put it away, then next pay cycle I take a portion of that to add to the first chunk in my savings and then use all of that to pay my rent at the end of the month. I don’t spend any of my first check because that needs to be the majority of my rent while my second check I only need to pull 250 from