So many spend like the job will last forever. I think that more frequent layoffs have made it clear that's not the case. I know a few folks who're now panicking because their savings are nowhere close to where they need to be in case they lose their jobs. Don't let that happen to you.
8 replies (most recent on top)
@pt honestly when you have enough to not need to work one more day in your life, promotion is the last thing on your mind. I would not be upset if they let me go, knowing that I’m financially covered. I can choose to work for other companies, not as a necessity but optionality.
@n8 but according to below you have too much and deserve to be laid off! What they miss is that it takes a certain degree of EI to last even a few years at a company like BP. It takes even more to do nothing, hide but just enough before you think promotion is overdue. You have to be a Chanakya for an F and above. All this is a lot of stress not technical labor. The low EI folks think technical labor or self imposed demonstrate of technical expertise should merit a promotion.
@gc I’m at $2.5M liquid assets and $3.5M net worth and not even 50 yo. Fidelity’s calculator shows that I can retire now and have more than $15,000/month retirement income. They key is not the total amount invested, it’s where your liquid assets are located - pretax, Roth, after tax, cash, etc. to cover the gap years.
@gc if you got 4-10MM and you still working you beyond greedy or just plain stupid.
You got enough to live a good life. Live it.
That begs the question: how much do you need for a retirement goal. Most operating company employees say 4-10 MM, most service company employees say 2-3MM and majority of Americans say 2MM. So would greed and standards are much higher for a BP employee to keep up with in retirement.
@b2 amazing the logic which gets downvoted. I guess it’s personal choice, though. So if you think spending money wisely is stupid, then debt debt debt more debt baby. Buy it all!
Layoffs will become more common with AI so I agree 100% with those who think spending cash wisely, is wise.
Good advice. Join the fire movement - financial independent retire early. Once I reached my fire goal, work becomes optional and it’s liberating.
Who’s downvoting this? It’s generally good advice for everyone in the whole wide world.