Monday, February 2, 2009

Planning for The Unknown

I spent most of the day today trying to think up a plan in case I get laid off. I wish I was close enough to paying off my mortgage so I could just say that I don't care what happens. Even if I took all of my reserve money and sold my RV and put it towards the mortgage I would still have 4 years and 4 months of regular mortgage payments (paid by the tenants preferably) before I would see any rental income for myself. Even if I cashed out my 401K (don't worry, I won't do it) I still wouldn't be able to get rid of the mortgage. My 401k is too pathetic right now.

I read an article on MSN Money (I can't seem to find it again) which suggested people use this time to go back to school, change careers, or take a sabbatical. That's great if you can manage it. I do have an emergency fund which would get me through a whole year as long as my rental house didn't need any major repairs. I don't think I would take a whole year off by choice but I looked at the available jobs out there and they were mostly for call centers. Not exactly my thing.

If I do get laid off I will go visit my family for 2 weeks right away before my money runs out and before unemployment benefits kick in. There's a waiting period for benefits. I don't remember if it was two or four weeks but the last time I got laid off I checked the mail every day because I didn't know there was a waiting period. This time, if it happens, I'm going to go on a trip and relax a little. Hmmm...if I keep thinking like this I might actually start looking forward to getting laid off. :)


Sharon S said...

Hi there-With your mindset already prepared, I know you will cope with this if or when it happens-hopefully later though rather than sooner.

Over the Cubicle Wall said...

You are in really good shape for the average person, but you have set big time goals for where you want to be in the next two years. I think it's hard to reconcile those two things and feel good about where you are (I've been thinking the same kind of thoughts myself). But really, you seem to be in real good shape to get through this recession. On the other hand, if you had a bunch of ridiculous debt, and a lavish lifestyle, it could seem overwhelming.

Daizy said...

Hi Sharon Rose, it is hard to be prepared for every scenerio but I try! Yes, hopefully later for sure.

Over The Cubicle, it is hard to even think about changing my goals. I want to be able to control everything but I know I can't.