Might Lose My Job!

[Jake]

:hystery: Oh! Oh!, seems I opened a can of Worms here, Sorry All!

Don't worry Jack P -- both OhMyWay and I am Bob are the good guys and they have already kissedand made out....he, he.In my conservative views on financial matters, I'm not too savvy about investment in anything. Factorin the mistrust of Wall Street or any government programs/regulations, the current global economycan and will affect my dollar. I would rather concentrate on strict personal budget control of my owndestiny.For example, immediately go into the local mode upon arrival to the Philippines. One could easilydestroy the budget you worked so hard to establish, only to blow it the first month as a tourist.

[Jack Peterson]

:hystery: Oh! Oh!, seems I opened a can of Worms here, Sorry All!

Don't worry Jack P -- both OhMyWay and I am Bob are the good guys and they have already kissedand made out....he, he.In my conservative views on financial matters, I'm not too savvy about investment in anything. Factorin the mistrust of Wall Street or any government programs/regulations, the current global economycan and will affect my dollar. I would rather concentrate on strict personal budget control of my owndestiny.For example, immediately go into the local mode upon arrival to the Philippines. One could easilydestroy the budget you worked so hard to establish, only to blow it the first month as a tourist.

:hystery: Here, again, I am so very lucky :hystery: I very rarely see my wallet, I am married to an Accounts Auditor, (She will continue to work after I retire) Her knowledge of the local economy and my Integration into daily life seems, to have paid off. She usually has an Answer to most things. The Only Investing she will consider is Our Bricks & Morter (So to Speak) Then, I am lucky, some are not. Hard work and a Good pension I hope, will See us through. :hystery: BOW! hope you can get things Worked out Soon!Jack P.

[OnMyWay]

Here, again, I am so very lucky I very rarely see my wallet, I am married to an Accounts Auditor, (She will continue to work after I retire) Her knowledge of the local economy and my Integration into daily life seems, to have paid off. She usually has an Answer to most things. The Only Investing she will consider is Our Bricks & Morter (So to Speak) Then, I am lucky, some are not. Hard work and a Good pension I hope, will See us through. BOW! hope you can get things Worked out Soon! Jack P.

Sounds familiar! My sweetheart is a CPA and is very thrifty so I will let her take care of the local financial details once I get settled in. I will work on other things! :hystery:

[KanoJoe]

Bows00, something to think about is the fact that the current administration has streatched the unemployment benefits to 99 weeks in the US. If you get laid off, you qualify. Kind of sad that someone with a net worth of $1,000,000 qualifies, but there it is. You would also qualify for food stamps too!!! The system is broken, so why not take advantage of it. Hell, everyone else does.To the meat of the matter, with the assets you have, you can easily live a quality lifestyle overseas. Either by selling your condo and investing the proceeds to return dividends or interest -or- by renting it out. I would opt for selling the condo as managing the property, taxes, insurance, upkeep will take a bite out of your rental income. As others have noted, any decent money manager should net you 8% a year in this market. If not, fire them and find another.You have not mention Social Security or Government Pension. Do you not qualify for a government pension and health care for life after 25 years of service? Add SS to the total and you will be living very comfortably when it kicks in.

Edited March 28, 2012 by KanoJoe

[OnMyWay]

Bows00, something to think about is the fact that the current administration has streatched the unemployment benefits to 99 weeks in the US. If you get laid off, you qualify. Kind of sad that someone with a net worth of $1,000,000 qualifies, but there it is. You would also qualify for food stamps too!!! The system is broken, so why not take advantage of it. Hell, everyone else does.To the meat of the matter, with the assets you have, you can easily live a quality lifestyle overseas. Either by selling your condo and investing the proceeds to return dividends or interest -or- by renting it out. I would opt for selling the condo as managing the property, taxes, insurance, upkeep will take a bite out of your rental income. As others have noted, any decent money manager should net you 8% a year in this market. If not, fire them and find another.You have not mention Social Security or Government Pension. Do you not qualify for a government pension and health care for life after 25 years of service? Add SS to the total and you will be living very comfortably when it kicks in.

Kanojoe, agree about the food stamps but in the case of unemployment insurance, we pay for that so we should be able to get something back, regardless of net worth. Net worth can disappear quickly without something coming in to cover some bills.

[MikeB]

in the case of unemployment insurance, we pay for that so we should be able to get something back,

Maybe I'm misunderstanding you, employees (at least in the US) do not pay for unemployment benefits, the employers pay into a general fund and that money is distributed by the individual states as unemployment benefits.

[OnMyWay]

in the case of unemployment insurance, we pay for that so we should be able to get something back,

Maybe I'm misunderstanding you, employees (at least in the US) do not pay for unemployment benefits, the employers pay into a general fund and that money is distributed by the individual states as unemployment benefits.

I stand corrected. Didn't we used to get a deduction years ago? Something stuck in my head about that! Let me get it out! :hystery:

[bows00]

Unfortunately, I am not getting laid off - I will be getting an indefinite suspension that could be stretched out for months, even years... so essentially they will be letting me go. I don't know if I qualify for unemployment - haven't gotten that far yet. I will have to move back home and live with my mom (at 50 years of age)... so pathetic. But at least I have a supporting family.

[KanoJoe]

Bows00, something to think about is the fact that the current administration has streatched the unemployment benefits to 99 weeks in the US. If you get laid off, you qualify. Kind of sad that someone with a net worth of $1,000,000 qualifies, but there it is. You would also qualify for food stamps too!!! The system is broken, so why not take advantage of it. Hell, everyone else does.To the meat of the matter, with the assets you have, you can easily live a quality lifestyle overseas. Either by selling your condo and investing the proceeds to return dividends or interest -or- by renting it out. I would opt for selling the condo as managing the property, taxes, insurance, upkeep will take a bite out of your rental income. As others have noted, any decent money manager should net you 8% a year in this market. If not, fire them and find another.You have not mention Social Security or Government Pension. Do you not qualify for a government pension and health care for life after 25 years of service? Add SS to the total and you will be living very comfortably when it kicks in.

Kanojoe, agree about the food stamps but in the case of unemployment insurance, we pay for that so we should be able to get something back, regardless of net worth. Net worth can disappear quickly without something coming in to cover some bills.

Actually, unemployment insurance is paid by the employer and not by the employee. Employees do have taxes withheld for federal withholding, social security and medicare. I was being a bit satirical with my rant on collecting unemployment and food stamps. More of a dig at the system itself. Until Bows00 can tap his 401K, he has roughly $300K in assets to play with. Invested and returning 8% that is $24K per year before taxes. If he can find a way to tap his 401K without penalties, then he is golden. Finally SS kicks in at 62 - 67 and he is keeping up with inflation. It's all good.

[MikeB]

Unfortunately, I am not getting laid off - I will be getting an indefinite suspension that could be stretched out for months, even years... so essentially they will be letting me go. I don't know if I qualify for unemployment - haven't gotten that far yet.

If your status is "non-working" and you weren't fired for "gross misconduct" then you probably are eligible and Hawaii has one of the highest unemployment payments in the country.