- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Help! Unemployed and Worried About Investments
I am 24 years old and unfortunately have been unemployed for 6 weeks now. I have nearly 1K in investments in the S&P 500, but I am starting to worry about when I will be able to find a job. Despite attending interviews, I haven’t been successful in securing one yet.
I am considering selling my investments to cover my expenses for the next 3 months in case I don’t find a job soon. However, I am hesitant to do so as I believe in the potential growth of my investments in the long term.
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****** just grabbed a
How old are you again?
It’s vital to have an emergency fund for situations just like this. Not having an income is an emergency in my eyes. Seems like you’re going to have to sell some of it at the very least.
the answer really depends on how old you are and how long you’ve been unemployed.
If that’s your emergency fund you’ll probably have no choice but to use it. Your choices are limited tbh
Have you applied for Universal Credit? You are assigned a work coach who can help you.
You shouldn’t have any investments if you don’t have a stable job and an emergency fund. Sell.
Get a job in hospitality or something while you look for other job!
Yes pull out the money. It’s critical you can pay for what you need now given you don’t have a liquid emergency fund.
Once you’re back on your feet, make sure to build up a suitable emergency fund before going ahead with longer term investments.
Apply for government benefits. You can do this on day 1 of unemployment so you have already lost 6 weeks of money, that can’t be backdated.
Apply online today!
You shouldn’t have money in there if you have no emergency fund or even money to live
Are you currently on Universal Credit? If not you should look into it. When I was made redudant UC gave me enough money to pay for rent and job seekes allowance paid for bills so I only had to cover living expenses.
Hi /u/Necessary-Cheetah309, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/index-funds/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Apply for universal credit.
Get a shit job until you get a better job
If you need that money to survive, then you need that money – it’s as simple as that really.
Have you considered looking into apprenticeships? Pay usually starts terrible but it’s better than nothing and it’s a foot in the door. A colleague of mine was a journalist for over a decade but wanted to retrain in IT and is now doing pretty well for herself after completing the apprenticeship.
In the meantime, start claiming UC. It’s in their best interest to find a job that suits you as it means you’re more likely to stay on it and not claim UC again.
You’re likely going to have to sell while you job search and wait for your benefits to kick in if you chose to claim. This just highlights the importance of having 3-6 months of expenses in an emergency fund before you start investing. I get it isn’t as “fun” as investing but it’s a necessary part of the process. It ensures you aren’t forced into doing 2 of the worst things you can do with your investments. Selling and selling at a loss. Once you’re earning again make sure you follow the flowchart.
As a general rule you want 3 months of expenses saved in cash before you invest.
Standard “must UK investors buy a global index based fund and have some degree of home bias” warning re the S&P 500.