How Long Can You Live If You Lost Your Job
I saw this survey on CNN Money. The survey in which 8,278 people took part, show that 33% don’t have any savings. 25% can live between 3-6 months (not bad) and 42% can live over 6 months (good). Based on the number of respondents, I think the data should be quite representative of the actual population. However, these are people who come over to read CNN Money.
If you live a simple life, then probably you can extend the time you can live on you savings. I wonder what’s the percentage here in Malaysia?
How about you? Have you checked how many months you can live if you lost your job? There is no hard or fast rule here and usually what people do is to total their fairly liquid assets i.e. cash, money in FD, unit trusts and shares, then divide this with their monthly expenses. Depending on what you want included, you might also throw in your insurance policies cash values, jewellery, or others that can be converted to cash.
If you are not sure how to calculate this figure or just want a second opinion, to assess your financial situation, give me a call or contact me through email here.