Try to save money while you still can, will you ? - page 22.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

Saving is always a good idea as life is unpredictable: you can lose your job or your business (even if you're really well-off). As to your friend's situation, I'm not sure if he's got any savings or not, and if yes, how big? Starting his own business is one opportunity, but he'd need some money for initial investment. I realize that not everyone is meant to be an entrepreneur, so he can just apply for similar jobs near him and meanwhile do some of those side hustles so popular now (Uber driver, food delivery etc).

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

actually saving has been taught since we were small, the purpose of saving is to cover the cost of living which has become a minus because of one thing, yes, like current inflation, saving in small amounts or as much as we can, don't force it to reduce our daily food allowance just because we want to save money

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

Find a new job abroad if there’s no job vacancy in your country. Having a 10 years experience will easily gave him a golden ticket for a job opportunity abroad that still looking for workers like Canada, Singapore and Australia. Also since he get fired, He will surely get a separation fee that he can use to start business or for requirements for a new job.

This is the common mistake of people that prisoner of employment. They become attach to the current job which result to unpreparedness for jobless. If I’m in his position, I’m probably on the competitor company applying on the same job that I’m doing the moment my company close.

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It also happens in other countries, including mine. The cost of living is increasing and affecting the prices in the shops, so we have to spend more money than before.

If I were him, I would still try to work and be able to make money, somehow and I'm sure I can get some money to take home with me. Many people have experienced something like that and as I said, people still work hard to make money.

And I agree with your idea of saving more money to prepare for the unexpected challenges ahead. And I've been doing it for a few years and with the help of crypto, I'm still saving in crypto/bitcoin.

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If you're want to help him then you can, but personally I wouldn't always help him because he will be depends on me about financial and not want to get a job since he can easily ask me for money. Everyone should save their money because you wouldn't know what will happen to you in the future, just like your friends. Even you're already become an employee, there's no guarantee the company will survive forever.

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Quote from: ringgo96 on March 10, 2023, 09:01:01 AM

when our work is still running smoothly then that's when we must be ready to make a savings for the future, because there is a time when we will part with the work we are currently living, as happened to your friend then now he should be able to open a new business with savings that have been saved for a decade, if he doesn't have savings then he is currently going through a difficult time if hoping for help from others is certainly very difficult, so as you said earlier we have to be good at saving money while still can.

The major road to success is knowing how to save, avoid unnecessary spending, saving is not that easy it involves, self control and being discipline, most people today forget to save and once anything happen to there job they go broke over night, save why you can and not just saving, but save to invest for future sake, because you can't work forever, there will always come a time that you can work anymore, at that point in time your investment will be where you can be relying on to survive and take there of your expenses.

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Quote from: FireDAOJackie_Z on March 10, 2023, 03:57:24 AM

Quote from: Dickiy on March 10, 2023, 03:44:55 AM

Did your friend not get severance pay when he was kicked out of the company? I think that money is enough to survive until he finds another income.
Unexpected funds must be prepared properly not only at a time when you are feeling difficult, now you have an awareness of this (learning from seeing other people) that is a good thing, but you also have to pay attention to the many sectors that must be fulfilled to deal with these difficulties, such as in the need for health insurance, food, and other needs, you must classify it to be safer so that the budget you make meets your needs too.
I myself have that. I deliberately classify funds for things that are unexpected for me to be calmer and so that there is no accumulation in one container.

Sadly there are few companies in my country that offer severance pay. My friend is definitely not entitled to that benefit, even for working for so long. Having no savings makes his financial condition even worse. Now he has to provide for his wife and daughter, sometimes his parents included. How can he survive without income for long ? I am trying my best to help him find a job and also lend him some money to get through the tough time.

He has no choice but to find a new job and do more than others if he wants to survive. But find him a job with full severance pay, I'm really bewildered when a person works so long without receiving unemployment benefits. It sounds strange since it's not a small amount.

It's a good thing to lend him money, but don't lend him too much. I mean, I'm not afraid he won't pay, but when he has a lot of money, I'm worried he won't get a job soon.

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Saving is an important thing to make us survive, especially now that almost everything has to be exchanged for money so without saving it will be difficult for us, of course if we have big money then don't keep everything in the bank, using 30% for investment is the right thing to do the good thing, and the current trend that is profitable is investing in bitcoin or altcoins.

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when our work is still running smoothly then that's when we must be ready to make a savings for the future, because there is a time when we will part with the work we are currently living, as happened to your friend then now he should be able to open a new business with savings that have been saved for a decade, if he doesn't have savings then he is currently going through a difficult time if hoping for help from others is certainly very difficult, so as you said earlier we have to be good at saving money while still can.

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Quote from: Marvell1 on March 10, 2023, 03:23:44 AM

Don't wait for inflation to happen to save, but save every day, every month, every year... save not only to deal with inflation but also to prevent emergencies. But saving will not help you have a better life in the future when inflation is higher. In addition to saving, you need investments to increase wealth, investing is the best way to fight inflation.

Tell your friend not to get discouraged but to find another job because if he hesitates, it will only make his financial situation worse. When one door closes, another door opens.

Exactly, saving is not situational. For me, it is a must for our own good as well. You will save not only for yourself but for the people that you love if you don't want to be surprised when an emergency comes into your life. It's still better to start saving day by day, even in a small amount, as long as you keep doing it everyday, it will be fruitful in the end. Investment is a good one also. Try to look for investment that is not only for the short term but for the long term that will give benefits to you.
Go and encourage your friend to not easily give up. Not all your plans will happen the way you think they are. Just look what happened to him. He didn't expect inflation would come to the point that it could affect his work. He became complacent about what he had. Go look for a job. There are lots of jobs out there. He just has to move forward to look for it as it will not come easily if he doesn't do anything.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family.

Always remember that there is no Job security, it is why you must and make good use of any opportunity you have to gather and save up money in investments and assets. You have learnt from your friends experience @OP, prepare and plan for the rainy days because the rainy days will always come. It sounds really sad when you think about it but when things are going merry, never forget to plan for the days that things appear thick. That is is the circle of life, the difficult situations help you appreciate the good times. Your friends life has not ended until he decides he wants to quit, people have been in his similar situation and even worse and are doing better today still, he just has to get himself together and plan well with his wife.

He can take loan from close friends and family to start up something if possible, that is if there is already a plan to start one but money has been a hindrance.

He can also declutter and sell off somethings that his family can do without for the time being to raise money, these are just a few options.

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Quote from: FireDAOJackie_Z on March 10, 2023, 12:52:58 AM

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

If me i will focus on saving money because inflation is something that can affect on a lot of people include us. And we can't rely on other people beside ourself. And i know you are a good friend, but just make sure you create border until where you want to help your friend with his life.

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It is quite risky in our time to live one day, according to the principle earned, spent. It is necessary to save for unforeseen expenses from the moment a person receives his first salary. There is a good percentage scheme for how to become wealthy by saving only five percent of your salary once a month. And with the advent of bitcoin, this scheme becomes an even more profitable option.
Your friend, who worked for 10 years, must have received similar signals of instability several times during his work. There is simply no stability at such a time, and the fact that he did not save money for a “rainy” day shows that he is not a very wise person. I would like to believe that he is still young and has gained good experience in order to be more prudent in the future.

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Many people wanted to save money but it is really hard, in my country the minimum wage is very small and it is really hard to budget specially when the basic needs price rises so there's nothing left to save and most of them take a loan because the salary is not enough, so i think saving is for the people who has above minimum wage and for rich people. Saving is good but not all people can easily do saving.

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Quote from: Dickiy on March 10, 2023, 03:44:55 AM

Did your friend not get severance pay when he was kicked out of the company? I think that money is enough to survive until he finds another income.
Unexpected funds must be prepared properly not only at a time when you are feeling difficult, now you have an awareness of this (learning from seeing other people) that is a good thing, but you also have to pay attention to the many sectors that must be fulfilled to deal with these difficulties, such as in the need for health insurance, food, and other needs, you must classify it to be safer so that the budget you make meets your needs too.
I myself have that. I deliberately classify funds for things that are unexpected for me to be calmer and so that there is no accumulation in one container.

Sadly there are few companies in my country that offer severance pay. My friend is definitely not entitled to that benefit, even for working for so long. Having no savings makes his financial condition even worse. Now he has to provide for his wife and daughter, sometimes his parents included. How can he survive without income for long ? I am trying my best to help him find a job and also lend him some money to get through the tough time.

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Did your friend not get severance pay when he was kicked out of the company? I think that money is enough to survive until he finds another income.
Unexpected funds must be prepared properly not only at a time when you are feeling difficult, now you have an awareness of this (learning from seeing other people) that is a good thing, but you also have to pay attention to the many sectors that must be fulfilled to deal with these difficulties, such as in the need for health insurance, food, and other needs, you must classify it to be safer so that the budget you make meets your needs too.
I myself have that. I deliberately classify funds for things that are unexpected for me to be calmer and so that there is no accumulation in one container.

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Previously may I ask you that what country are you from? If you say that the inflation in your country put you in an extreme economic situation then I think the challenge you have to face is how to survive with minimum cost. Maybe we can't talk about investing in stocks or cryptocurrencies because in such difficult economic circumstances we have to fulfill our primary needs first.

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This is a must because we never know the job we will have in the next few years, so it must be planned while we still have work.
And as much as possible have savings and investments that don't depend on work income, and have to have side income in any way to get extra income, and this is what I'm afraid of when I lose my job.
and for now I'm trying my best to set aside a portion of all my income for savings and also a little for investment, and I'm grateful to be in this forum because apart from getting a salary from my job, I also get additional income here which I use very well for savings and also for investment and that's all for the future and also for backup when I'm no longer working.

and the story that OP mentioned, many people have experienced it and experienced life changes while still working and also when they have stopped, so it is very important to contemplate and also plan because we will never know our fate in the future.

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You are a good friend since you are still there for him even in bad times! Try to help him as much as possible since he really needs it. I've experienced this before twice, and those real friends of mine are helping me a lot. There are no solutions for him. He needs to find work so that he can support his family. For sure, doors will open for him if he just keeps looking. Also, that is the greatest lesson in my life: we should save in case of emergency, like those ones that will last you six months even if you don't work. I'm starting to save right now, but I also make investments from time to time to secure my future and that of my family.

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Nobody actually gets rich with a salary alone. Someone should steadily imbibe the spirit of diversifying earnings into a different segment of investment for days like this. If truly your friend doesn't have something he can fall back on after working a decade for a company, then I assume he's not just investment-wise.

Topic: Try to save money while you still can, will you ? - page 22. (Read 2662 times)