Lord Lionheart

No debt
Own all my vehicles, so no payments.
Savings are about 60% liquid in a few different accounts to keep under the FDIC limits.
The other 40% is in a 401K is down about $30K this year, I was actually toying with the idea of cashing it in earlier in the year, taking the 20% hit in taxes and looking at property. Almost wish I had now given the losses.
Don't own property but live in a rental which is renting for about 40% of the market value, which is why we stay here. That, the location and the excellent school district.
.............Oh and I don't have a job as I got laid off in mid July.
First thing I did was cut the cable bill in half, I wondered why we had half the shit to begin with. Download UK TV and football from UK Nova.
Cut the long distance unlimited plan to the UK and use Skpe.
Cut a few other unnessacary bills.
My salary was 95% of our income as my wife stays home to raise our kids for the most part. She does work part time 2 nights a week, which was just to give her a break and earn a little extra pocket money.
We cut our expenses to fit our current lifestyle until I get another job, so see what happens

Jerseygirl

Sorry to hear about your job...no-one deserves that IMO. Good luck.

snowbunny

YES.

Am effectively working TWO jobs. We just bought a new car... at 0.9% financing. I refuse to look at my 401(k) because I'm as diversified as I can be, and there's not a lot I could do but weep at the numbers.

I also think it is mindset -- I had the TV on and there was an advert for Burlington Coat Factory showing "must-have fashions for fall", and I thought, who the hell is buying new clothes?

Steerpike

Be aware you can effectively cash in the 401k without penalty under certain circumstances. First, you roll it over into an IRA - easy since you are no longer employed and actively contributing to it. Second, you take advantage of the 'substantially equal withdrawal' rule that allows you to start withdrawing at any time (ie, before 59.5) as long as you continue to make equal withdrawals until you reach 59.5 (that is - once you start, you cannot stop, and the amount has to be appropriate). See this page for details. http://www.retireearlyhomepage.com/wdraw59.html . I don't recommend doing it unless you are desperate, but - good to know about.

Sorry to hear about the job. Did anything come of your idea of traveling around a bit? I found myself in Sacramento three weekends in a row (not by choice as I've always hated the place), and found a great, lively neighborhood with overflowing restaurants and shops - great "pedestrian" feel, etc. This was the 'mid-town' area, and I ate at two restaurants at the corner of 'Capitol' and 18th (Zocolo's and Paesano's). Changed my mind quite a bit about the place. Saw houses for sale in the outskirts of Sac going for $100k or so. So I'm adding Sac to the list of places I would move to in a financial crunch!

Steerpike

My 401k/IRA is down by about $200k, I think, from the peak of two years ago.... I don't look often but every now and then I can't avoid it ...at times like this, I just have to remember ... long term, long term, long term !!!

Bob

Just make sure they are at separate institutions, not just separate accounts, because it's $100K per institute.

Oh, and the government has 99 years to repay you the money, as long as you were in "good standing order" at the time the place went bump.

As for me, feeling the pinch, will do, just got an extra 13 weeks of unemployment, can't claim the baby on this one though for some reason, and claiming her, though it got more money, $25 per week pre-tax, it shrunk how long I could claim by a wedge....winter oil will hurt.

Lord Lionheart

Translation: Not even a dick like you desrves that

Lord Lionheart

I decided not to, partly because I felt a bit selfish taking off and leaving the family.

I don't even want to think about how much it will be down now, given todays news that they didn't pass the bailout bill and the DOW is down 500 - 700 points.

That's what I meant, seperate banks.

Jerseygirl

Hmmm does sound a little like that doesn't it? If I'd meant it that way I wouldn't have wished you luck.

TruBrit

it's not being selfish, it's going where the work is. my husband is in singapore today, he'd sooner not be but that's where the money takes him

Lord Lionheart

Piss off. He's sitting at Raffles sucking down Singapore slings with two 24 year old Chinese girls waiting to go back to his room

Jerseygirl

My husband's in Singapore too.

snowbunny

Thinking about one 48 year old girl back home.

Steerpike

I just peeked ... all my money (silly me! ( - IRA and after-tax cash ) is at schwab ... the 'day's change' column shows -$40k

TruBrit

actually right at this minute he's on a flight to moscow from sing but maybe he had a sling or two with them last night