View Single Post
Re: Emergency fund almost depleted
Old 02-13-2007, 06:30 PM   #12
Full time employment: Posting here.
 
Join Date: Dec 2004
Posts: 714
I may have lost it somewhere ... how many pieces of real estate do you own, and what equity do you have in them?

Put home equity credit lines on everything now, if at all possible. They won't know you are being restructured out of a job. We have used credit lines like cash emergency funds, and long ago, avoided losing our home this way.

Also, what is the interest rate on your home loan? For myself, I would not use severance pay in your situation to pay off a home loan. Is there a match on your pension / 401K? If so, consider investing as much of that severance pay as possible into any qualified plan, especially one that has a match.

You'll get through this ... you have accomplished much, and you have more flexibility than you may first realize.
Craig is offline   Reply With Quote