Unlocking Legal Jargon: How AI Legalese Decoder Can Assist With Decision-Making in the Job Market
- May 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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## AI Legalese Decoder: Helping Ease Your Concerns About Being Canned
As titled. I’m just worried if I get canned I’m screwed. Based on feedback I’m seeing, it’s taking longer and tougher to find a job nowadays.
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I currently have about $30k saved should I bump it to $60k? Biggest reason here is that I’m the breadwinner for family of 3.
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How do you guys feeling about this?
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There’s no right or wrong answer. If 60k makes you more comfortable, go for it.
Maybe let’s look at this another way — if you don’t save that 30k in an EF, where is it going instead?
IMO at some point, other accounts (like taxable brokerage, Roth IRA) function as an extension of your eFund and reduce the need for lots of cash. But, comes down to risk tolerance.
My e-fund is 12 months of our family expenses in a HYSA. Has been for years and it helps me sleep at night. As the rates start to drop I’m going to ladder it into CD’s.
single income for a family can easily warrant a higher than normal emergency fund.
but as for your statement about it being difficult to find a new job, is that just localized to your career path? because getting jobs nowadays is broadly very easy. certain sectors obviously have more issues than others though. So I would just make sure your analysis on that part of this is still accurate.
Finding any job is very easy but finding jobs in a specific field can be challenging. For planning purposes I think assume that if your job search is still flailing after 2 months that you’ll pick up a Barista job or something and model how that impacts your need for an emergency fund. Might let you keep six months and start investing the rest.
Mine is at 2 years, I have health issues and am facing a potential surgery that could put me out of work
Mine is at 12 months it feels great. I keep it in a MMF earning 5% interest
My emergency fund is 12 months because of the same reason: 1 kid, another one the way, and sole income earner.
Last time I went job hunting, it took me 6 months to start a new job. The time before that it took I think 9 months.
My family’s security> Theoretical benefits of earning more by saving only 3 months
There are going to be a lot of negative Nancies here, but I have a 12-month also. I’m sure those you had just a 3-month or less we’re really screwed when they could not find a job for 6 months to a year during COVID. 12 months is too much until it’s not.
Absolutely up your EF, as someone who’s had to tap into mine 2 times these last 5 years, it’s so much easier than trying to pull money out of restricted funds. You can invest in short term Tbills and ladder then, or HYSA.
A lot of responders here are delusional about how easy it is to get a job nowadays; it’s pretty clear the last time they looked for a job was 2021/2022 when all you had to be is alive, not even necessarily consciously aware of your surroundings, and be offered $100K jobs left and right. In the last 6 months, broad swaths of the economy have entered hiring freezes if not outright layoffs.
I think it’s strongly prudent to have a minimum 1 year emergency fund these days. 2 years is better. I’m currently at 2.5, aiming for 3 years. That should be enough time to ride out an entire economic recession cycle to the next hiring boom should I lose my job. I keep almost all of my emergency fund in short term treasuries earning 5.3%.
I sleep very soundly.
Depends on where you live but if 60k makes you feel more comfortable then do that.
It took me 7 months to find a job in another field kind of parallel to what I had been doing for nearly 7 years. However, in an emergency, I could find entry level work in about 12 hours. It’ll be service related most likely but if you need an income to slow the drain on your accounts, finding something to do for 8 hours a day is not that hard.
There are help wanted signs on almost every business in my area and most are paying anywhere between 10 to 20 dollars per hour. Its not a career but its bread to eat in the short term while you look for another job.
Always be growing your EF and make sure it is in a HYSA. No Risk and grows interest. Hell I am getting 4.3% on just $6600 and earning like $23 a month. Can only imagine what 30K-60K would give. Yes I would keep growing it since you never know and again RISK FREE HYSA.
Hey we’re pretty similar! I’m also in project management and have 6 months, 30k saved up as emergency fund. I feel pretty good about it but I also figure I can rent out rooms in my house if I’m unemployed to help with house payments, and stop going out, cook simple foods from Aldi, etc, to stretch that 30k further.
Count me in as someone who has a 12-month ER. IMHO, six months is too little in the current state. I’d rather have an entire year’s worth of EF so I’m not stressing over a job that may or may not come in six months or less.
12 mo EF is reasonable for a single income family with a child regardless of job market.
Now, how hard it is to find a new job right now? It seems like as long as you’re not in tech or biotech, it’s pretty easy?
I can’t rest unless mine is at least 2 years.
Better too much than not enough….keep in HYSA or MMF @ 5%…and keep several hundred in home safe if possible….good luck!
Honestly EF should be a running total. Our EF gets contributions added to it every paycheck. It serves as our EF and just general savings.
As long as you have that money growing in a HYSA I don’t see any issue with having extra saved. The rates on HYSAs right now it’s almost comparible to CDs but are completely liquid. You will probably lose out on some gains VS upping your contribution to retirement accounts or investing in the market, but that money will be fully liquid in case you need it.
It’s really your call on if that loss in gains is worth having the extra liquidity. It seems like it would be worth the peace of mind for you since you took the time to ask here about it.
A 12 month EF makes sense for a single income household with children.
I did a few years back based on my age and specialty. I figured I could get a job in 6 months, but it could take a year to find the right job.
My personal belief is that once I achieved my 6 months, that I need to add a month minimum annually. So far I am now at 8 months but with inflation it may just be 6 now. Anyways, there is no right or wrong only what makes you feel stable.
It’s also worth taking a survey on what expenses are needs vs good-to-haves vs wants. Basically what levers can you turn on/off to increase your ‘emergency runway’. So $60k could be good for a year but possibly a little more since your spending habits will adjust significantly (in case anything happens).
That’s what I did because of the market, 12 month EF keeps you from having to fall in the trap of taking a worse job just to have a job. If I lost my job today it would probably take at least 6 months to find another one. We lost a few people in December due to a layoff and they are still trying to find something.
I keep mine at 6 months, since we also have general savings accounts and a brokerage we can pull from if needed to give us some more time. You could collect unemployment in most situations so you’ll have some income coming in still
My EF is only 3 months, but we both have jobs, have no kids or pets, and both have parents that we could rely on if it really came to it (including one set that lives nearby and has a spare bedroom).
If I was the sole breadwinner for a family of 3 I would definitely go up to 6 months, and probably 9+ if I didn’t have family who could help.
Does 30k cover a years worth of expenses for your family? Not just housing but actual expenses. If not and you’re worried about losing your job, then yes, bump that EF up.
I know a guy who has a 2 year cash EF saved, he got laid off during Covid and just spent the time with his family and creating a startup. He’s more successful now than he was because he had the time to do things right and not worry about the money
Read this: [Vanguard – In Case of Emergency, Break Glass](https://corporate.vanguard.com/content/dam/corp/research/pdf/in_case_of_emergency_break_glass.pdf)
You need an emergency plan, of which your emergency fund is only one component.
The downside to holding a large emergency fund is opportunity cost: Over a long time horizon, you are losing out on greater returns 99% of the time.
Also remember that the people here giving their emergency fund number might be in a different stage of life, have different health conditions, have additional accounts to tap from and/or debt, and they might have a social safety net such as family and friends to help them out.
I don’t have an emergency fund. The only cash I have is enough in my bank account for this month’s expenses plus a $1,000 buffer to not overdraw. But I have low risk and 30x my expenses (which are also relatively low) invested in index funds.
Do you have a mortgage? If you had to relocate, could you? Do you have a Roth IRA that you could pull contributions from in a worst case scenario?
All things to consider. Personally I think a full year is a lot unless you are tied to a smaller area with less job opportunities and aren’t able to relocate.
Definitely save it’s a terribly tough market and people keep getting laid off so I would
There are always rules of thumb but it’s important to consider your own circumstances and deviate accordingly.
It sounds like you are not confident you could get another job with sufficient pay and benefits within 6 months. So yeah, go to 12 months. Always keep your emergency fund at how long you think it’ll take to replace your job plus some wiggle room (depending on risk tolerance and other resources like ability to sell investments, family to rely on, etc…)
I insist on 12 months of rent in our emergency fund. With utilities and car insurance, this really puts us to like 9 months. We can drop discretionary spending, childcare, and reign in food purchases or supplement with aid.
HYSA are paying out enough now that it’s not worth it to me to fuck around with a CD ladder, but you could consider a rolling one if you’re doing a full year.
it all depends on what makes you feel comforable. I wish I had 12 months in my EF, but I only have around 6M. My justification is that despite being the main bread winner, my wife’s job is very secure (teacher) and her pay will go up for the next 5 years. So my 6M EF will cover all expenses, but it doesn’t take into account unemployment and my wife’s income….. so in reality, I could probably stretch that 6 to 12 months if needs be.
Sounds like 12M is right for you, which is the only person it needs to be right for.
what do you think “the current job market” is like?
Yes, the 3-6 month EF is pretty outdated. I’m very senior in my field, ~20 years of experience and it still took me almost a year to find a new job when I was looking. I was still employed during my search, but there was a period of time that I was genuinely worried about getting laid off. I would have been fine but it’s a real bad feeling. Being the sole income, or at least the majority of it, for a family of 3 in your case, yes, you need to expand your EF. The idea is not Not touch your other investments in an emergency and keep the EF in cash equiv/HYSA – remember, that emergency is just as much about your AC unit dying as it is about a job loss situation.