How much money does the average person need in the bank to not have to worry about losing their job

With the way that kid fricker Biden is printing money I'd say about 2 million.

Dolemite wrote:

With the way that kid fricker Biden is printing money I'd say about 2 million.

The Dems always need to buy votes. That tells you all you need to know about their luring and desperation. The Reps actually focus on being proactive and getting stuff done for hard working and deserving Americans.

Probably like 2 grand minimum and more for certain people (5 grand plus). Could depend on expenses and whether government could help them with employment insurance.

$250k.

Single ? 100k

With the family you wrote: 250k

depends on your cost of living.

With children, it never really makes sense because you can scale their advantages. Surely not clear before many million for a situation with children.

Steve The Addict^^^^^^^------- wrote:

Dolemite wrote:

With the way that kid fricker Biden is printing money I'd say about 2 million.

The Dems always need to buy votes. That tells you all you need to know about their luring and desperation. The Reps actually focus on being proactive and getting stuff done for hard working and deserving Americans.

Please remind us Steve what the Republicans have done for the hard working Americans?

I can't think of anything.

If you just got fired because the business closed, then maybe 4x annual income would be enough to not worry too much if you were going to be unemployed for a year or so.

If you own a restaurant (or another similar business), it would be a lot more. The lot lease would probably be several thousand a month. If you own the building and land, then the mortgage would be several thousand a month, plus property taxes, plus insurance, plus minimum utilities, plus enough to pay whatever is outstanding to your suppliers.

In short, it would be a lot.

1 yr of your normal expenses should be enough to get you going.

Your post is odd. Depends on lots of things...your expenses, your age, how close you are to retirement, your retirement savings.

It's not too hard to figure out what your necessary monthly expenses are. Do that, then do the math thing and determine what is needed for each milestone of interest.

Things to note, however:

1) Seeing how "a wife and two kids" is part of that, and the premise is to maybe not work for 2 or more years, I would be concerned about some sort of mental breakdown here.

2) Any time away from work not only decreases your immediate income and investing potential, but it also will limit your Social Security payout later.

fisky wrote:

If you just got fired because the business closed, then maybe 4x annual income would be enough to not worry too much if you were going to be unemployed for a year or so.

If you own a restaurant (or another similar business), it would be a lot more. The lot lease would probably be several thousand a month. If you own the building and land, then the mortgage would be several thousand a month, plus property taxes, plus insurance, plus minimum utilities, plus enough to pay whatever is outstanding to your suppliers.

In short, it would be a lot.

Oops, I forgot about planning for the kids' college tuition. I'd want a lot more than 4x income and even then, I wouldn't feel comfortable about being unemployed unless I had >20x annual income.

2 million would make it a lot easier.

Cherrypicker from Puerto Penasco wrote:

Steve The Addict^^^^^^^------- wrote:

The Dems always need to buy votes. That tells you all you need to know about their luring and desperation. The Reps actually focus on being proactive and getting stuff done for hard working and deserving Americans.

Please remind us Steve what the Republicans have done for the hard working Americans?

I can't think of anything.

Hey, 9 hours of looking and he still can't find anything. LOL.

Flagpole wrote:

Your post is odd. Depends on lots of things...your expenses, your age, how close you are to retirement, your retirement savings.

It's not too hard to figure out what your necessary monthly expenses are. Do that, then do the math thing and determine what is needed for each milestone of interest.

Things to note, however:

1) Seeing how "a wife and two kids" is part of that, and the premise is to maybe not work for 2 or more years, I would be concerned about some sort of mental breakdown here.

2) Any time away from work not only decreases your immediate income and investing potential, but it also will limit your Social Security payout later.

True enough, and I would consider those things that you might otherwise be saving for like kids's college funds and retirement account savings that are not getting contributed to while unemployed.

6 month of your cost of living etc... any more than that and you dont really want to get back to work.