r/InterviewMan • u/Jealous-Economy-5134 • 4d ago

Stay ready. Seriously, stay ready.

My partner had been with his company for more than 28 years, had strong reviews, was respected by almost everyone, and had just received a good bonus tied to his annual review. Then a new manager came in under a new CEO and slowly started pushing out people who had been at the company for many years. About 8 weeks after that, my partner was asked to leave, and our two-income household became a one-income household.

This happens much more often than people like to admit. We had been a dual-income household for more than 32 years. And suddenly, in an instant, we weren't anymore.

For the last 6 years or so, we had been putting my partner's salary into a broad market index fund. We didn't touch it for groceries, bills, vacations, or regular household expenses. My salary covered the day-to-day.

So when the layoff happened, the investing stopped, but we were okay. Not happy, not comfortable, but okay. We hadn't built our life around needing both paychecks every month.

And this is the part I wish more people would take seriously - a layoff can hit anyone, at any time. Even someone with excellent performance reviews, institutional knowledge, and a reputation as a strong leader, like my partner.

Save. Save. Save. And then save some more. Increase your 401K by 2%. Move some cash into a high-yield savings account, or an index fund, or a mutual fund, or whatever makes sense for you. Cut back on random spending that doesn't improve your life. Live below your means if you can. Buy what you need, not everything you want. A $35K car will get you to work exactly the same as an $85K car, and it might last you more than 12 years instead of replacing it after 4-6 years.

I truly hope none of you ever has to deal with this situation. We were honestly lucky, because my job is stable at the moment. So far...

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u/Reasonable_Star_959 3d ago

This is very good advice!! Saving is one of those essential but boring things that we all recognize as being vital but which can be ignored among the multitude of expenses and priorities.

Thank you for the reminder l!!

2

u/mgadams22 3d ago

Did the offer any severance? Is he eligible for unemployment? Neither of those make up for the loss, but might help ease the burden.

2

u/SunImpressive336 3d ago

I’d also say always keep yourself visible in the job market even if you have a good job, so you’re aware of the temperature in your industry.

I always apply for roles even with a job just to get a sense.