Some like myself got a triple hit in 2008 1] Job gets eliminated just when you have been hitting a nice earning "peak". You now get to look for work along with

Some like myself got a triple hit in 2008 1] Job gets eliminated just when you have been hitting a nice earning "peak". You now get to look for work along with millions of other out of work professionals and you are overqualified for many of the available jobs. 2] Home loses 40% of its value. I waited this one out and was fortunate to have not upgraded to a bigger home and mortgage when the income was flowing nicely in 2006 to 2008. In my area housing values are just now getting back in the general range of 2007 values. So waiting that one out was both possible and good. 3] Retirement portfolio loses 40% of its value. And, yes I would have been fine if I just waited it out. However, Because I struggled to get any decent paying work during 2008 to 2012 and the expenses of a family with 4 kids doesn't just stop. I ended up cashing out some of my retirement. And, some of the cashing out was done when the stock market was at its worst point. I didn't cash out because I was scared of the market going lower, I cashed out so that we could pay bills and not lose our house. In retrospect, there are things I could have done better be better prepared when the income was flowing and to manage through the downturn. But, my point is that sometimes life's difficulties hit on multiple fronts and the choices are difficult.