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How long can you survive without a monthly income?

Daisys and Diamonds

Ideal_Rock
Joined
Apr 30, 2019
Messages
3,763
@Daisys and Diamonds, for me a clean meal is one without any additives, whole foods you cook at home rather than prepackaged stuff laden with all kinds of things you don't want.
:mrgreen2:
phew
although i was pretty sure you wern't putting the ingredients through the washing machine first !
it just sounds such an odd term to me, but im just unfimilar with the term

sounds like old fashoned home cooking to me and when i do it flour ends up all over the floor

enjoy and stay safe and healthy
 

mom2dolls

Shiny_Rock
Joined
Sep 3, 2015
Messages
143
We won’t make it long. We asked for a deferral on our mortgage and both car payments for the next two months. Both agreed easily
My company has cut hours to four hours per day. Hoping unemployment kicks in soon. So far hubby’s job is safe.
 

jaysonsmom

Ideal_Rock
Joined
Mar 13, 2004
Messages
3,139
The question is kind of hard to answer, probably survive a year on our liquid assets, but if we sold stocks, property, jewelry, non-essential goods, we'd could probably survive a few more years....
 

oodlesofpoodles

Rough_Rock
Joined
Dec 29, 2017
Messages
85
We have about 7 months in regular savings but it would have been a much better had this mess not caused the buyers to back out of purchasing our home. We were scheduled to close next month but they were both in oil and gas and when the bottom fell out they withdrew their offer. We have already purchased our new home and completed a kitchen renovation before we moved in. We are now looking a two rather hefty mortgages. We normally carry no debt month to month and have no car notes. We have two children - one in middle school and one in elementary. We had expected our home to sell quickly but were prepared for it to take months on the outside. Since we lost our first contract we had four showings in one day and then nothing.....crickets. Everyone is watching and waiting to see what happens next. I feel like a squatter in my new house since the majority of our furnishings were left to stage our home for sale. I am grateful that everyone is on mattresses as of this weekend and we decided to bring the washer and dryer over because going back and forth for laundry was a pain. No one has a dresser, we are living out of boxes. How long until we see normal? That is the question.
 

AprilBaby

Super_Ideal_Rock
Premium
Joined
Jul 17, 2008
Messages
10,604
Hubby will still be working, I am not. We are both home. Our expenses are way down since we can’t go out. Our stocks are mush but they will come back. We are 61 and 64. I think we will be ok. I’m an eternal optimist.
 

Elizabeth35

Shiny_Rock
Joined
Sep 24, 2011
Messages
366
We are dependent upon rental income from residential and commercial properties.
I'm sure our income may suffer either through tenants paying late or increased vacancies.
But we will survive easily.
Our investments will take a beating but they will recover.
I'm a big picture kind of person.
 

Kaycee2018

Shiny_Rock
Premium
Joined
May 14, 2018
Messages
492
We could go 3-3.5 years with no income and with a moderate cut in monthly expenses before having to dip into retirement, sell stuff, etc.. We have no debt except a small mortgage and always keep at least 8 months worth of expenses liquid. I also very much lucked out on timing with the sale of a bunch of my company stock in February, which was done to fund a home renovation & expansion project. That stock is down about 55% :eek2: Since we had not yet signed on with the architect or builder before things went sideways with this virus, those funds are also liquid. Obviously the project is on hold, as is nearly all discretionary spending for the foreseeable future until this thing plays out (though we are donating to local food banks, etc. and investing in the market a bit). With the beating my company is taking, I wouldn't be surprised if my salary is cut or I am laid off if this continues for any significant length of time. It is far less likely for my husband to take much of a cut and I doubt he would be let go. But things are changing every day, so its hard to speculate about anything right now. Just tough times and I feel so bad for those who are already so greatly impacted both physically and financially.
 

OoohShiny

Ideal_Rock
Premium
Joined
Apr 25, 2014
Messages
7,173
My handicapped son lives in a group home and we will not be able to even see him til this is over.
Today is his birthday.
I'm sorry to hear that :( It is so hard :(

I am hopeful that the restrictions being put on movement will help people value real relationships a lot more and spend more time with their family.

I'm sure he won't mind not seeing you - he knows you love him but you can tell him again when you next go round! :)
 

MelloYello8

Shiny_Rock
Joined
Jul 6, 2018
Messages
248
The question is kind of hard to answer, probably survive a year on our liquid assets, but if we sold stocks, property, jewelry, non-essential goods, we'd could probably survive a few more years....
This pandemic made me realized that cash truly is king. These days selling stocks, jewelry and most other items would incur significant loss.
 

missy

Super_Ideal_Rock
Premium
Joined
Jun 8, 2008
Messages
33,880
We just retired on 2/14 but haven't started getting checks yet. We will still have money coming in from payouts from sick time and a few other things. We could go on for a while. All of our retirement/deferred comp money is in a stable income fund but I haven't dared to look at it. When retirement starts paying we will be just fine, but I may need to help my daughter and sil. Thankfully, my adult children are still living with us, so I won't have to worry about how they are doing. One, has been on disability after being hit head on by a gentleman from another country driving on the wrong side of the road, one completely laid off from two restaurant jobs, and one recently home from teaching overseas for almost 10 years.
My handicapped son lives in a group home and we will not be able to even see him til this is over.
Today is his birthday.
I'm so sorry @luv2sparkle. Praying he remains safe and well and that you do too and that there are many many many happy birthdays you can celebrate together.
 

missy

Super_Ideal_Rock
Premium
Joined
Jun 8, 2008
Messages
33,880
This pandemic made me realized that cash truly is king. These days selling stocks, jewelry and most other items would incur significant loss.
Not to make light of the financial situation but truly good health is King, Queen and everything in between. Without that nothing else matters.
 

Rubymal

Shiny_Rock
Joined
Feb 27, 2019
Messages
272
For a while. It's still business as usual at my company with the exception of hiring slowing down and everyone working remotely now. So we are doing fine. Husband's profession is considered essential but they have halted their projects but are still paying everyone.

I do have a good friend who works at the zoo and as soon as the shelter in place was announced, they put non-required roles on furlough and advised them to file for unemployment stat.
 

NonieMarie

Brilliant_Rock
Joined
May 30, 2012
Messages
860
I don't have anything to draw from. Even if I live to 200 yrs old I'll still be taking my $3k tax deduction on stock losses. ;(

My BIL & SILs both have rental properties, but if their renters loses their jobs how the heck they gonna pay rents?
The losses are on paper if the stocks aren't sold no real loss. Yes, they seem big because of the stock market over the last few years. It will return. I also have a rental and wonder if my tenants will be able to pay the rent.
 

mellowyellowgirl

Ideal_Rock
Premium
Joined
May 17, 2014
Messages
3,485
I can’t. And I’m usually not so much of a nihilist because I have children, but this is just an absolute sh!t show.
A28D5A21-4B88-483C-AABB-FB1D352E7087.jpeg
I don't feel like I even have that luxury because of the kid and husband! If hubby carks it I'll have to exist for the kid and the dog.

We're ok for now but who knows what the future will bring.

I had a friend who used to say "All well and good to say it's only money but what if you don't die and just float around penniless trying to make ends meet for the rest of your existence."

I've had the penniless, refugee youth. With a bonus insane mother. Once in a lifetime is enough. I really don't care to do it again.

Survive adversity blah blah blah. Whatever. It was unpleasant the first time and knowing what it's like I ain't doing it again.
 

Slick1

Ideal_Rock
Premium
Joined
Jan 3, 2013
Messages
2,098
Well my husband just lost his job at the company he's worked at for 13 years so there's that.
I am so very sorry @Asscherhalo_lover for your husband, you and your family.
I remember when my husband got laid off five weeks before I gave birth to my first born. I also had taken a leave so I do know the feeling... virtual ((Hugs))
 
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missy

Super_Ideal_Rock
Premium
Joined
Jun 8, 2008
Messages
33,880

chrono

Super_Ideal_Rock
Premium
Joined
Apr 22, 2004
Messages
37,361
@Asscherhalo_lover
I'm so sorry. The timing couldn't be worse! I hope the unemployment benefit will keep you all afloat through these difficult times.
 

Asscherhalo_lover

Ideal_Rock
Trade
Joined
Aug 16, 2007
Messages
4,619
@Asscherhalo_lover
I'm so sorry. The timing couldn't be worse! I hope the unemployment benefit will keep you all afloat through these difficult times.
Thank you all, he tried applying today as soon as he got off the conference call and was told not to clock back in (they didn't even let him finish the day) BUT apparently he's already made too much money this week and has to wait for his assigned day next week. We have NEVER been on unemployment and honestly have no clue how this all works.
 

wordie89

Brilliant_Rock
Joined
Jan 27, 2012
Messages
543
1 son furloughed, husband and 2nd son glad to have p/t hours. I'm still distance working. Retirement might be a bit farther off than planned. To answer question: 6 months w/o liquidating sadly less valuable savings.
 

Arcadian

Ideal_Rock
Premium
Joined
Sep 17, 2008
Messages
7,025
A year on cash, if we're really tight, and a few years if we liquidate. If I thought I was never going to be able to retire, now I know I'm never going to be able to retire :(

Mind you, I'm hoping I get the privilege to work until I'm 95.
if I live that long and my brain doesn't fail me, I most likely will too (only usbecause Im a workaholic...lol). Only way we wouldnt make it is if the dollar went to straight shit. we made a point to have cash thats not tied up in anything. we couldn't ball out of control on it (we don't now...lol) but we have enough for 2 years if needed.

I did something smart in retrospect and sold the Tesla stock when it hit 900 briefly because I wanted to get my milestone b-day present (I did not have a lot of shares only 25) but the money is just sitting in the bank right now and I will let it sit until I see some signs of recovery. I'm not even looking at the rest of my stocks right now because I probably would lose my mind. I don't even wanna know what they're doing.
 
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