Last week, Suze Orman was on Oprah talking about how to survive the recession. They had a couple on the show who were making $170K per year. They both got laid off twice, had 2 kids, and are now nearing the end of unemployment. Suze said that when you get unemployment, you are only paid about 50% of your salary. She said, I want everyone here to start living off 50% of your salary. She said, I know everyone here will start whining about this but you can do it. Strip your spending to the bare bones.
Suze is right. She said that we all need 8mos savings incase we get laid off. She said, strip your budget, pay the minimum on your cards, and save because if you get laid off, it could very well take up to 8 mos to find a job.
I love Suze. Some people hate her. I guess she can be pretty polarizing but I love her.
1 comment:
I think it's less than 50%
the max in CT is a little more than $500. So, if you're making $100K, all you get is %500 (pretax !) ---
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