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Budgeting for Layoffs?

Posted by ryuzaki0 on from the preparation-for-living-without-a-paycheck dept.

The Waxed Yak asks: "After reading the Slashdot tech worker unionization story, I started wondering: What are other IT workers doing to prepare for potential layoffs?" "We're all at risk of it, be it from actual layoffs or loss of employment for other reasons. My personal approach has been to live off about 1/3rd of my earnings and bank the rest, even though that means living in a hovel and driving an older car. Worst case scenario, I get to retire early.

I recently became completely self employed, which has made it all the more important to save. I understand many Slashdot readers have families to support, so they don't have the same option for savings that I currently enjoy. As I hope to have a family to support in the near future, I would be interested in tips or techniques to prepare for this situation. Judging by the posts in the unionization thread, many of you are dependent on a steady income to provide for their families. Hopefully this thread can provide some ideas for them as well."

5 of 186 comments (clear)

  1. Question or Comment??? by ericspinder · · Score: 3, Funny

    The Waxed Yak asks "When I did work for someone else, I saved 2/3rds of my pay, but since I'm now self-employed, I'd like to really brag", "what guestion do I have to come up with so I can say so on Slashdot?"

    --
    The grass is only greener, if you don't take care of your own lawn.
    1. Re:Question or Comment??? by Anonymous Coward · · Score: 1, Funny

      ...into the Social Security Potsy scheme...

      It's Ponzi scheme. Anything concocted by the Happy Days gang came much later.

  2. Other fields by heinousjay · · Score: 5, Funny

    Work on your smooth pimp game, round up a stable of hos, and watch the money roll in with a modicum of effort.

    Sure, pimpin ain't easy, but that don't make it hard.

    --
    Slashdot - where whining about luck is the new way to make the world you want.
  3. May I suggest a subscription to... by linzeal · · Score: 3, Funny

    Backwoods Country Magazine so you can learn to make it when they shut off your electricity and you are forced to use your 1/8th of an arable land that used to be your lawn to grow corn on and hunt neighborhood cats.

    --
    An Education is the Font of All Liberty
  4. Re:"Be prepared." by Anonymous Coward · · Score: 1, Funny

    I live in Utah

    I'm sorry.