5 ms·

Ask HN: Do you have any backup plan?

18 points by selmat 8y ago

Do you have any backup plan when things will go wrong - business, job, health, etc.?

kohanz 8y ago
Do you mean besides different types of insurance? (health, life, critical illness & disability, etc.)
pictur 8y ago
yes: to die
swatcoder 8y ago
I can't plan for every contingency. I'm not sure anyone can. But nurturing a network of family and friends, keeping reasonable savings, maintaining modest expenses, and having more than one set of valuable skills covers a lot of possibilities. These have come in handy already, and I'm sure they will again. I would say yes.
anoncoward111 8y ago
I used to plan for every single little thing in life that could go wrong. Health insurance, identity theft, multiple credit cards and backups of important files, pursuing higher education. That all paid off. I'm 26 now and have a net worth of $125,000 in cash and a $3,000 car. I'll tell you one thing. It feels empty. It feels like it can be gone at any moment. Lifestyle expenses start to inflate when you live and love in the city. So my networth is actually dropping a few grand every year at this point. Money and caution usually result in a conservative and decent life, but not necessarily a fun one if you thirst for adventure. My girlfriend and I dream of the day when we just quit our jobs and live in Thailand on $300 a month per person instead of wasting today at a desk! So be it if it's reckless.
- stephenr 8y ago
  I live in Thailand. $300 a month is going to be a pretty basic life.
  - deanmoriarty 8y ago
    How much would you need to experience a "good" life? Say renting a safe apartment in a nice place, do some travelling (within the country) on the side, and eat out a significant portion of meals?
    - anoncoward111 8y ago
      $125 get's a basic 1br apartment in Chiang Mai and everything else like food and cell phone is pocket change. Biggest expense is visa runs and trying to replicate Western life halfway around the world :)
    - stephenr 8y ago
      $300USD is almost exactly 10KTHB, which is minimum wage for Thailand. I've discovered that for a lot of things, costs in Thailand aren't specifically cheaper than in western countries, there are just extra cheaper options. A lot of cheap apartments here are really studios, which have the most minimal or no kitchen at all. A lot of working-class Thai's don't really cook, they rely a lot on street vendors and/or markets for meals. I've been living in a house since we've been here so I don't know from personal experience but I looked quickly for apartments in Chiang Mai. The only things under 4K THB/month (~$120 US) are studios about 30sq.m. E.g. https://www.thailand-property.com/condo-for-rent-in-chiang-mai_3060143 https://www.thailand-property.com/condo-for-rent-in-chiang-m... A 'single serve' from one of these places locals eat from (street/market vendors) is usually around 30-40 THB (~$1US), but Thai people don't really eat big meals, so if you're used to American portions you may find you eat two serves per meal (or adjust and start snacking more during the day, as most locals do). If you want to "eat out" at a restaurant, it's going to be much more expensive. If my wife and I go to a sit-down restaurant with western-style food, it's usually around 1K THB for the meal (~$30). If you want something that's much less common and relies on more imported things, e.g. a good steak, that's going to set you back 600 THB minimum per serve. Travel will depend a lot on where you want to go, and how. Public transport is apparently pretty cheap, but you may reconsider using it once you see it. You'll also find that most tourist attractions (both private and state owned) will charge you more as a foreigner. I'm able to get around it in some places by showing my Thai drivers licence, but be prepared for higher prices. Sometimes (usually private places) you won't even see the difference because the local price will be written all in Thai, including Thai numerals (which are not common, usually they use arabic numerals like we do). My phone contract is I think 400THB a month, but I hardly use the allowance - I have unlimited VDSL at home (and work from home). I'm not sure what sort of data/call usage you'd expect to need, but a lot of packages will e.g. promote "free social network data" because that's what the majority of people use - but if you want to work from it, you'll need to allow for that. I think it'd be tough for anyone who doesn't just assimilate into a low-income Thai lifestyle to get by on less than $1K USD per month. That's still only recent uni graduate salary here. It may sound like a big jump from your original goal, but think about it this way: $1k is about $33 a day. For two people, who want to do more than just basic survival, I think anything less is unrealistic. Edit: grammar mistake, and errant K on steak cost.
- DoreenMichele 8y ago
  If you are worth $125k,you may be the primary thing stopping you from moving to Thailand.
  - anoncoward111 8y ago
    We did it for a year and the only reason we came back is because of societal expectations regarding family and more "stable/permanent" careers :( Ah who am I kidding. We moved back for her to pursue a medical career and I just pay my half because I didn't want to be without her :')
    - DoreenMichele 8y ago
      Welp, I apparently pick up men in the wrong places because none of them are ever genuinely willing to support my career goals and dreams, much less move where I want to be. I hope you two are very happy and eventually get back to Thailand, or wherever your dream life happens to blossom and thrive. Live long and prosper.
      - anoncoward111 8y ago
        Hahahah maybe it's off-topic for this site but everyone from former bosses to current friends describe me as "feminine" and "submissive" in terms of how I speak and specifically how I am willing to "let my girlfriend shine" blah blah etc etc. Personally I am happy that I am able to make enough money to contribute my part and have the flexibility required for her to do her medical school stuff. It doesn't feel like I'm putting my life on hold. I'm in software support-- I don't feel the need to become like, a suit wearing, jetsetting CTO or etc :) Thank you so much for your kind words and I wish the best to you as well. Also, if you find the magic cure for eating too much and moving too little as a result of returning to a desk job with in-person team, please please please me know what it is because it's my #1 problem right now lol
        DoreenMichele 8y ago
        Ah, I can possibly actually help a smidgen there. Don't count calories. Instead, work on getting nutritionally dense foods into you. I lost several dress sizes. I never counted calories. I just tried to eat healthier. I think we keep eating as long as we need some nutrient or other. We stop when our nutritional needs are met. This is why eating "empty calories" really packs the pounds on. Also, try to get some walking in, even if you "don't really exercise." (I mean sports, gym, etc.) Take the stairs, not the elevator. Park a little farther out instead of circling like a vulture looking for the closest spot. Etc.
- deleted 8y ago
  [deleted]
- miguelrochefort 8y ago
  Costs me about 20,000 baht ($600) per month in Chiang Mai: Rent: 6000 + energy bill Gym: 1000 Internet: 600 Food: 7500 (250/day) Laundry: 100 (25/load) Transport: 1000 (40/ride) Fun: 1000 Misc: 1000
- csomar 8y ago
  $300 will not last in Egypt let alone in Thailand. And if by Thailand you mean the big city Bangkok, well, good luck with that. SEA prices have gone through the roof. The discounts are pretty much over.
cimmanom 8y ago
Aside from an emergency fund of more than 3 months of living expenses?
sloaken 8y ago
My good Looks :-P My Children Charge cards
meiraleal 8y ago
Currently I'm trying to live every month with at maximum the half of what I earn (been around 1/5 for the past 12 months) and trying to reach my peak physical condition. The second plan is more important to me, fit people have a lot more chance of surviving adversities.
jryan49 8y ago
Health insurance, disability insurance, house insurance, and car insurance! Also a large emergency fund and no debt.
beatgammit 8y ago
Yeah, here are a few: - 6 months expenses in cash (I'm a consultant, so work can be inconsistent)) - invest about half of my income - have life insurance (but not disability, that's something I probably need soon) - build potentially lucrative products on the side - attend meetups relevant to my field - keep up with the latest developments in my field - exercise regularly and follow a healthy diet - have at least one backup for most problems: - if my car breaks down, I have a bike and bus pass; I've actually picked up a new battery with my bike - if my house floods/burns down, I can stay with family nearby - if my computer breaks, I can borrow my wife's or do most of my work at the library (I have a VPS that's mostly set up for my job, which I use occasionally while traveling) - I keep emergency funds in 3 different accounts, two are local, and I keep a few hundred dollars in cash at home - I have enough food in storage to last a couple weeks - we keep our car at least half filled with gas always, and I have ~2 gallons in my garage (we use it with our lawnmower, so it's fresh) - I have multiple credit cards from multiple institutions Etc. I can't plan for everything, but I want to make sure that I can at least survive a few months without any pay.
nunez 8y ago
Trying for six months contingency saved up. Very hard given other debts I have to clear without basically not living life. It's a risky trade-off.
BorisMelnik 8y ago
if the www ever goes down I'll help rebuild the web. I own my own company and provide multiple consult services, and run a few websites so its highly unlikely that all the services I offer will ever go away. if they do I can fix bikes, houses and electronics. if my health goes horribly bad I have insurance, I can always work from home if I'm sick. savings wise I own my house and my car and have enough savings to live on for a long time and put a lot into a 401k and investments but I'm probably way older than a lot of the ppl on here.
laurieg 8y ago
In all honesty: Go live with my parents. I worry about what happens when they're gone. Maybe I'd have to go live with my brother.
moviuro 8y ago
https://old.reddit.com/r/personalfinance https://old.reddit.com/r/personalfinance might be a good place to look. Also, it's heavily dependant on where you live. (e.g. the US doesn't protect the citizen as well as France does: unemployment assistance, centralized retirement agency, etc.)
estilos 8y ago
Many. At the moment I have a salary as my main income, so I live only on the amount of money I would get on benefits if my company collapsed. I use the rest of the money to reduce my expenses and provide security. I own my house, grow a fair amount of my own food, sew my own clothes, and use almost all my 'effective income' for fun things. It wasn't tough to start, since it's a pick up from my student days and I just haven't increased my expenditure, only reduced my costs. I wouldn't make so much myself if I didn't enjoy it, but I do so it happens to work for me. I pay for others to do things I don't like, like laundry and heavy housecleaning. My startup expenses come out of the other free cash I have, so it wouldn't hurt my lifestyle if my businesses failed; I wasn't going to use that money for living anyway. Health is my main focus, now. I've bought a very accessible house on purpose just in case, but unless the whole country collapses I'm fine financially now until I die, and I'd kinda like that to be a while off. I was doing something more typical initially, but honestly, just work out what you want your life to be, and then work out how to do that without it being super risky. Much happy.
akavi 8y ago
I've saved about half of my income since I started working (6.5 years now), in part because I'm financially paranoid. Beyond the security cushion, it's pretty nice generally. I've taken a couple months off every time I quit my job (and the quitting itself is pretty stress free, don't need to worry about having another gig lined up before I jump ship).
TheGrumpyBrit 8y ago
I have a plan. I'm not currently in a position to be able to implement it if necessary, but I'm working towards it.
tomjen3 8y ago
Savings. I am not entirely sure the exact number of months, since I don't spend my entire salary each month, however at this point it is several months. That is also the worst case, in that it assumes I can get nothing at all in terms of income for that long. I would feel a little better moving it to something more safe than bank account, by which I mean something no government could take from me and which I could take with me should my current country collapse, but at present I am as secure as the Danish Government.

18 points by selmat 8y ago

Do you have any backup plan when things will go wrong - business, job, health, etc.?

kohanz 8y ago

Do you mean besides different types of insurance? (health, life, critical illness & disability, etc.)

pictur 8y ago

yes: to die

swatcoder 8y ago

I can't plan for every contingency. I'm not sure anyone can. But nurturing a network of family and friends, keeping reasonable savings, maintaining modest expenses, and having more than one set of valuable skills covers a lot of possibilities. These have come in handy already, and I'm sure they will again. I would say yes.

anoncoward111 8y ago

I used to plan for every single little thing in life that could go wrong. Health insurance, identity theft, multiple credit cards and backups of important files, pursuing higher education. That all paid off. I'm 26 now and have a net worth of $125,000 in cash and a $3,000 car. I'll tell you one thing. It feels empty. It feels like it can be gone at any moment. Lifestyle expenses start to inflate when you live and love in the city. So my networth is actually dropping a few grand every year at this point. Money and caution usually result in a conservative and decent life, but not necessarily a fun one if you thirst for adventure. My girlfriend and I dream of the day when we just quit our jobs and live in Thailand on $300 a month per person instead of wasting today at a desk! So be it if it's reckless.

stephenr 8y ago
I live in Thailand. $300 a month is going to be a pretty basic life.
- deanmoriarty 8y ago
  How much would you need to experience a "good" life? Say renting a safe apartment in a nice place, do some travelling (within the country) on the side, and eat out a significant portion of meals?
  - anoncoward111 8y ago
    $125 get's a basic 1br apartment in Chiang Mai and everything else like food and cell phone is pocket change. Biggest expense is visa runs and trying to replicate Western life halfway around the world :)
  - stephenr 8y ago
    $300USD is almost exactly 10KTHB, which is minimum wage for Thailand. I've discovered that for a lot of things, costs in Thailand aren't specifically cheaper than in western countries, there are just extra cheaper options. A lot of cheap apartments here are really studios, which have the most minimal or no kitchen at all. A lot of working-class Thai's don't really cook, they rely a lot on street vendors and/or markets for meals. I've been living in a house since we've been here so I don't know from personal experience but I looked quickly for apartments in Chiang Mai. The only things under 4K THB/month (~$120 US) are studios about 30sq.m. E.g. https://www.thailand-property.com/condo-for-rent-in-chiang-mai_3060143 https://www.thailand-property.com/condo-for-rent-in-chiang-m... A 'single serve' from one of these places locals eat from (street/market vendors) is usually around 30-40 THB (~$1US), but Thai people don't really eat big meals, so if you're used to American portions you may find you eat two serves per meal (or adjust and start snacking more during the day, as most locals do). If you want to "eat out" at a restaurant, it's going to be much more expensive. If my wife and I go to a sit-down restaurant with western-style food, it's usually around 1K THB for the meal (~$30). If you want something that's much less common and relies on more imported things, e.g. a good steak, that's going to set you back 600 THB minimum per serve. Travel will depend a lot on where you want to go, and how. Public transport is apparently pretty cheap, but you may reconsider using it once you see it. You'll also find that most tourist attractions (both private and state owned) will charge you more as a foreigner. I'm able to get around it in some places by showing my Thai drivers licence, but be prepared for higher prices. Sometimes (usually private places) you won't even see the difference because the local price will be written all in Thai, including Thai numerals (which are not common, usually they use arabic numerals like we do). My phone contract is I think 400THB a month, but I hardly use the allowance - I have unlimited VDSL at home (and work from home). I'm not sure what sort of data/call usage you'd expect to need, but a lot of packages will e.g. promote "free social network data" because that's what the majority of people use - but if you want to work from it, you'll need to allow for that. I think it'd be tough for anyone who doesn't just assimilate into a low-income Thai lifestyle to get by on less than $1K USD per month. That's still only recent uni graduate salary here. It may sound like a big jump from your original goal, but think about it this way: $1k is about $33 a day. For two people, who want to do more than just basic survival, I think anything less is unrealistic. Edit: grammar mistake, and errant K on steak cost.
DoreenMichele 8y ago
If you are worth $125k,you may be the primary thing stopping you from moving to Thailand.
- anoncoward111 8y ago
  We did it for a year and the only reason we came back is because of societal expectations regarding family and more "stable/permanent" careers :( Ah who am I kidding. We moved back for her to pursue a medical career and I just pay my half because I didn't want to be without her :')
  - DoreenMichele 8y ago
    Welp, I apparently pick up men in the wrong places because none of them are ever genuinely willing to support my career goals and dreams, much less move where I want to be. I hope you two are very happy and eventually get back to Thailand, or wherever your dream life happens to blossom and thrive. Live long and prosper.
    - anoncoward111 8y ago
      Hahahah maybe it's off-topic for this site but everyone from former bosses to current friends describe me as "feminine" and "submissive" in terms of how I speak and specifically how I am willing to "let my girlfriend shine" blah blah etc etc. Personally I am happy that I am able to make enough money to contribute my part and have the flexibility required for her to do her medical school stuff. It doesn't feel like I'm putting my life on hold. I'm in software support-- I don't feel the need to become like, a suit wearing, jetsetting CTO or etc :) Thank you so much for your kind words and I wish the best to you as well. Also, if you find the magic cure for eating too much and moving too little as a result of returning to a desk job with in-person team, please please please me know what it is because it's my #1 problem right now lol
      - DoreenMichele 8y ago
        Ah, I can possibly actually help a smidgen there. Don't count calories. Instead, work on getting nutritionally dense foods into you. I lost several dress sizes. I never counted calories. I just tried to eat healthier. I think we keep eating as long as we need some nutrient or other. We stop when our nutritional needs are met. This is why eating "empty calories" really packs the pounds on. Also, try to get some walking in, even if you "don't really exercise." (I mean sports, gym, etc.) Take the stairs, not the elevator. Park a little farther out instead of circling like a vulture looking for the closest spot. Etc.
deleted 8y ago
[deleted]
miguelrochefort 8y ago
Costs me about 20,000 baht ($600) per month in Chiang Mai: Rent: 6000 + energy bill Gym: 1000 Internet: 600 Food: 7500 (250/day) Laundry: 100 (25/load) Transport: 1000 (40/ride) Fun: 1000 Misc: 1000
csomar 8y ago
$300 will not last in Egypt let alone in Thailand. And if by Thailand you mean the big city Bangkok, well, good luck with that. SEA prices have gone through the roof. The discounts are pretty much over.

cimmanom 8y ago

Aside from an emergency fund of more than 3 months of living expenses?

sloaken 8y ago

My good Looks :-P My Children Charge cards

meiraleal 8y ago

Currently I'm trying to live every month with at maximum the half of what I earn (been around 1/5 for the past 12 months) and trying to reach my peak physical condition. The second plan is more important to me, fit people have a lot more chance of surviving adversities.

jryan49 8y ago

Health insurance, disability insurance, house insurance, and car insurance! Also a large emergency fund and no debt.

beatgammit 8y ago

Yeah, here are a few: - 6 months expenses in cash (I'm a consultant, so work can be inconsistent)) - invest about half of my income - have life insurance (but not disability, that's something I probably need soon) - build potentially lucrative products on the side - attend meetups relevant to my field - keep up with the latest developments in my field - exercise regularly and follow a healthy diet - have at least one backup for most problems: - if my car breaks down, I have a bike and bus pass; I've actually picked up a new battery with my bike - if my house floods/burns down, I can stay with family nearby - if my computer breaks, I can borrow my wife's or do most of my work at the library (I have a VPS that's mostly set up for my job, which I use occasionally while traveling) - I keep emergency funds in 3 different accounts, two are local, and I keep a few hundred dollars in cash at home - I have enough food in storage to last a couple weeks - we keep our car at least half filled with gas always, and I have ~2 gallons in my garage (we use it with our lawnmower, so it's fresh) - I have multiple credit cards from multiple institutions Etc. I can't plan for everything, but I want to make sure that I can at least survive a few months without any pay.

nunez 8y ago

Trying for six months contingency saved up. Very hard given other debts I have to clear without basically not living life. It's a risky trade-off.

BorisMelnik 8y ago

if the www ever goes down I'll help rebuild the web. I own my own company and provide multiple consult services, and run a few websites so its highly unlikely that all the services I offer will ever go away. if they do I can fix bikes, houses and electronics. if my health goes horribly bad I have insurance, I can always work from home if I'm sick. savings wise I own my house and my car and have enough savings to live on for a long time and put a lot into a 401k and investments but I'm probably way older than a lot of the ppl on here.

laurieg 8y ago

In all honesty: Go live with my parents. I worry about what happens when they're gone. Maybe I'd have to go live with my brother.

moviuro 8y ago

https://old.reddit.com/r/personalfinance https://old.reddit.com/r/personalfinance might be a good place to look. Also, it's heavily dependant on where you live. (e.g. the US doesn't protect the citizen as well as France does: unemployment assistance, centralized retirement agency, etc.)

estilos 8y ago

Many. At the moment I have a salary as my main income, so I live only on the amount of money I would get on benefits if my company collapsed. I use the rest of the money to reduce my expenses and provide security. I own my house, grow a fair amount of my own food, sew my own clothes, and use almost all my 'effective income' for fun things. It wasn't tough to start, since it's a pick up from my student days and I just haven't increased my expenditure, only reduced my costs. I wouldn't make so much myself if I didn't enjoy it, but I do so it happens to work for me. I pay for others to do things I don't like, like laundry and heavy housecleaning. My startup expenses come out of the other free cash I have, so it wouldn't hurt my lifestyle if my businesses failed; I wasn't going to use that money for living anyway. Health is my main focus, now. I've bought a very accessible house on purpose just in case, but unless the whole country collapses I'm fine financially now until I die, and I'd kinda like that to be a while off. I was doing something more typical initially, but honestly, just work out what you want your life to be, and then work out how to do that without it being super risky. Much happy.

akavi 8y ago

I've saved about half of my income since I started working (6.5 years now), in part because I'm financially paranoid. Beyond the security cushion, it's pretty nice generally. I've taken a couple months off every time I quit my job (and the quitting itself is pretty stress free, don't need to worry about having another gig lined up before I jump ship).

TheGrumpyBrit 8y ago

I have a plan. I'm not currently in a position to be able to implement it if necessary, but I'm working towards it.

tomjen3 8y ago

Savings. I am not entirely sure the exact number of months, since I don't spend my entire salary each month, however at this point it is several months. That is also the worst case, in that it assumes I can get nothing at all in terms of income for that long. I would feel a little better moving it to something more safe than bank account, by which I mean something no government could take from me and which I could take with me should my current country collapse, but at present I am as secure as the Danish Government.