Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Worst case scenario.
Old 04-03-2007, 08:13 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 4,005
Re: Worst case scenario.

Quote:
Originally Posted by Sam
You are not alone thinking that. In reality, most people don't stick around just for unemployment check collecting, unless they are forced too. The amount is so small compared to their normal income that the incentive to "not work" does not materialize.
In my state, the benefit is typically 26 weeks at 1/2 your previous salary, up to a max benefit of $442 per week. Factor in much lower taxes on the benefit check, and it might not be that far off your previous take home pay.

I'd get $11500 for doing nothing for six months. Maybe double that if I could find a replacement job and work at least 40 hrs/wk. I'd choose the do nothing route (or the minimal it took to stay on the govt teat). I'd still call it a sabbatical though.

I wonder how many folks are really motivated to find a new job (quickly). I'm sure some are, especially those who are the sole breadwinners and supporting a family. I can imagine a lot of others that might not mind getting a free check every week, plus the potential for (illegal) informal employment on the side.
__________________

__________________
justin is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Worst case scenario.
Old 04-03-2007, 08:18 AM   #22
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: Worst case scenario.

Quote:
Originally Posted by Nords
I think there's much more risk in living one's life for the worst-case 0.001% scenario, but I think that just obsessively planning for it is an exercise that helps many ERs sleep well at night.

At least that's how it works for me. 10,000 or so posts later I'm sleeping a bit better now...


Never occurred to me that fretting obsessively helps some folks sleep at night, but hey -whatever works for you.

But like most things, that last few percent of possible risk can consume huge amounts of emotional and financial capital. Where to cut it off and say you'll take your chances is a constant challenge.
__________________

__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 08:36 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
Re: Worst case scenario.

Quote:
Originally Posted by lazygood4nothinbum
as i've mentioned on an earlier post, life is pretty good when your so-called worst case scenerio simply forces you into a life of adventure.
Good answer.

I think his "Worst case scenerio" might just be he best cast scenerio in disguise.
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 09:39 AM   #24
Recycles dryer sheets
 
Join Date: Mar 2007
Posts: 211
Re: Worst case scenario.

Quote:
Originally Posted by Rich_in_Tampa


Never occurred to me that fretting obsessively helps some folks sleep at night, but hey -whatever works for you.

But like most things, that last few percent of possible risk can consume huge amounts of emotional and financial capital. Where to cut it off and say you'll take your chances is a constant challenge.
Everybody's got their own definition of "reasonable caution" and "fretting obsessively". I had enough atom bombs drop on my life at formative years that hoping for the best but preparing for the worst has become natural. S%*t happens. That said, I've had a spectacular life thus far and really wouldn't change most of those things in retrospect. Spending time thinking through every worst case scenario is pretty much a hardwired part of my personality, so instead of being paralyzed by those thoughts, I spend my time in risk management and planning my responses ahead of time.

And then whatever weird thing that never occurred to my free-floating anxiety will happen, I'll shrug, and improvise. :-)
__________________
OKLibrarian is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 09:58 AM   #25
Thinks s/he gets paid by the post
retire@40's Avatar
 
Join Date: Feb 2004
Posts: 2,670
Re: Worst case scenario.

Quote:
Originally Posted by youbet


That's a worst case scenario? Boy, lots of sheltered lives on this board I guess!! Losing a job is a worst case scenario? I thought that happened to everyone. And if that was the worst that ever happened to me, I'd consider myself one hell of a lucky guy!
Well, worst case scenario is that one could die in an airplane crash with his whole family, but if you look back at the OP's question, he put it in the context of losing your job right now and how it would affect your ER plans.

IOW, what would happen if you had no more earned income?
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
retire@40 is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 10:10 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Re: Worst case scenario.

Quote:
Originally Posted by retire@40
Well, worst case scenario is that one could die in an airplane crash with his whole family, but if you look back at the OP's question, he put it in the context of losing your job right now and how it would affect your ER plans.

IOW, what would happen if you had no more earned income?
True, true retire@40. My comments were more philosophical and in consideration of the fact that most folks that post here have enjoyed, or are in the midst of enjoying, lives with significant financial advantages.

I just have trouble thinking of having no more earned income in terms of a "worst case scenario." I'd probably call it a financial setback or something like that. In any case, no big deal, and an interesting discussion regardless of the terminology.

__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 10:11 AM   #27
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
Re: Worst case scenario.

Quote:
Originally Posted by OKLibrarian
Everybody's got their own definition of "reasonable caution" and "fretting obsessively". I had enough atom bombs drop on my life at formative years that hoping for the best but preparing for the worst has become natural. S%*t happens. That said, I've had a spectacular life thus far and really wouldn't change most of those things in retrospect. Spending time thinking through every worst case scenario is pretty much a hardwired part of my personality, so instead of being paralyzed by those thoughts, I spend my time in risk management and planning my responses ahead of time.

And then whatever weird thing that never occurred to my free-floating anxiety will happen, I'll shrug, and improvise. :-)
Sounds like you are planning within your tolerance range. That's not obsessive fretting to me, it's common sense. But even as a self-described fretter, I'd bet you run into things where you just say the heck with it, you can't reasonably neutralized every conceivable risk.

I happen to work in a place where I see both young and old unexpectedly die every day. Usually it's from something they could not have predicted or avoided. Brings a whole new meaning to "worst case scenario."

Occasionally if the context is right I might ask them if there is anything they would do differently if they knew this was going to happen. The answer rarely has to do with money; it almost always has to do with how they would have spent their time.
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 10:18 AM   #28
Recycles dryer sheets
 
Join Date: Mar 2007
Posts: 211
Re: Worst case scenario.

Quote:
Originally Posted by Rich_in_Tampa
But even as a self-described fretter, I'd bet you run into things where you just say the heck with it, you can't reasonably neutralized every conceivable risk.
*nods* just because I could die in a plane crash or catch ebola I'm not about to change my plans for copious amounts of world travel. your manage the risks you can manage, and just hope for the best on the others.
__________________
OKLibrarian is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 11:53 AM   #29
Administrator
Gumby's Avatar
 
Join Date: Apr 2006
Posts: 10,146
Re: Worst case scenario.

..
__________________
Living an analog life in the Digital Age.
Gumby is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 12:26 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Re: Worst case scenario.

I would hope DW would work for another 4 years so we could get company Health care ins... I might slowly look for work .

Health care is the main concern.

Bottom line. If we both lost our jobs... that would kill our plans for health care from the companies. We probably would get jobs to earn additional money to cover the (unexpected) cost of Health care. Plus, that would allow our Portfolio to (hopefully) grow another 4 years before we begin consuming it.

If forced to retire (and no extraordinary expenses surfaced), we could continue our current expense levels adjused for inflation for the rest of our lives.

__________________
chinaco is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 12:41 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Mar 2006
Location: Houston
Posts: 2,155
Re: Worst case scenario.

Thanks Chicano for steering the thread back on track. Reading some of the previous response was quite painful. I keep going back between the thread title hoping to find any remote relevance.

__________________
Sam is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 01:50 PM   #32
Thinks s/he gets paid by the post
tryan's Avatar
 
Join Date: Mar 2005
Posts: 2,449
Re: Worst case scenario.

Quote:

Health care is the main concern.
Yup, any dooms day scenario includes health care costs or availability. Haven forbid one of the 4 of us got some life long disease which made our individual health care cost prohibitive.

Heard I can work at Home Depot 20 hours/wk and get group coverage. And I already know the store like the back of my hand.
__________________
FIRE'd since 2005
tryan is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 01:59 PM   #33
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,929
Re: Worst case scenario.

Quote:
Originally Posted by mclesters
My worst case, but then the dogs sue the cats for their fair share and it gets all over the tabloids! But it is good to know that we arent' the only ones with an estate plan that includes pet care!

Sarah
We only have cats. However, they could sue each other.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 05:19 PM   #34
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Re: Worst case scenario.

Quote:
Originally Posted by tryan
And I already know the store like the back of my hand.
I've heard that Home Depot is interested in hiring their first employee with those skills...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Worst case scenario.
Old 04-03-2007, 08:04 PM   #35
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,929
Re: Worst case scenario.

Quote:
Originally Posted by Nords
I've heard that Home Depot is interested in hiring their first employee with those skills...
That's only because they bought out Nardelli for $220 million or so. He was against people with that skill set. Even burger flippers were discouraged because they might us the outside grill section to earn a little money on the side.
__________________

__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Individual Health Insurance in Florida - A Case Study tomz Health and Early Retirement 3 01-13-2007 07:11 AM
WORST JOB mathjak107 Life after FIRE 46 05-24-2006 11:33 PM
Mark Fuhrman: Grand Jury Should Probe Terri Schiavo Case Art Other topics 64 07-10-2005 11:08 PM
Best & worst living costs Nords Life after FIRE 0 05-13-2005 07:18 PM
"reasonable worst case" SWR: 2.55% amt FIRE and Money 38 11-12-2004 05:52 PM

 

 
All times are GMT -6. The time now is 12:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.