My wife just lost her six-figure-paying job - will my salary and our $2 million in savings be enough for us to get by?
Briefly

from 24/7 Wall St.2 months ago
A layoff is always challenging, even if you are a dual-income household and can still cover your bills! However, layoffs should be thought of as temporary setbacks, and they provide an opportunity to reexamine financial needs.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/05/my-wife-just-lost-her-six-figure-paying-job-will-my-salary-and-our-2-million-in-savings-be-enough-for-us-to-get-by/
In this particular case, the Redditor's income dropped from $377k to $200k, while their monthly expenses remain approximately $13k before tax. It's essential to focus on essential expenses while also leveraging the spouse's severance package to maintain cash reserves.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/05/my-wife-just-lost-her-six-figure-paying-job-will-my-salary-and-our-2-million-in-savings-be-enough-for-us-to-get-by/
Evaluating childcare options is crucial when incomes are reduced. The Redditor may consider cutting back on some childcare costs, given that one spouse is home. However, retaining the beloved nanny at $4,300/month could still be a priority for family cohesion.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/05/my-wife-just-lost-her-six-figure-paying-job-will-my-salary-and-our-2-million-in-savings-be-enough-for-us-to-get-by/
This situation emphasizes the importance of financial planning, especially in uncertain times. Collaborating with a financial advisor often helps individuals navigate the complexities and feelings of instability that come with sudden job loss.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/05/my-wife-just-lost-her-six-figure-paying-job-will-my-salary-and-our-2-million-in-savings-be-enough-for-us-to-get-by/
Read at 24/7 Wall St.
#layoff #financial-planning #childcare #income-management #financial-goals
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