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> I see this (3-6 mos savings) constantly quoted in basic personal mgmt blog posts, but it seems unrealistic for most. Seriously, what percentage of people in O
by sofixa 2y ago
> I see this (3-6 mos savings) constantly quoted in basic personal mgmt blog posts, but it seems unrealistic for most. Seriously, what percentage of people in OECD can do this
Also worth noting that in most of the OECD, 3+ and even maybe 3 months depending on the situation is quite high, bordering on the wasteful. Americans have to worry about healthcare and crappy if present unemployment payments if they lose their jobs; in most other developed countries (of course your mileage will vary), you cannot be fired on the spot with no notice without compensation. And if you do, you don't lose your healthcare. Also, you can't be fired for being sick/unavailable to work for medical reasons, and at least some countries have medical provisions for burnout too (you get months of paid sick leave to recuperate, while your job is being kept).
Therefore, in most of the OECD (at the very least the EEA + UK + Australia and NZ), there are very few, if any, situations which can leave you with zero income with no notice. Therefore the safety cushion you need is much lower than an American that might lose their job tomorrow and then need to pay tens of thousands in medical bills.
- throwaway2037 2y agoWhy is this being downvoted? There are lots of great points in this post. I never considered that most of the advice that I am reading is aimed toward US people, where the labour laws and social safety net for working people is awful, compared to the rest of OECD.
- ghaff 2y agoProbably because of the narrative that people are routinely fired out of the blue and that there is no recourse to also suddenly having tens of thousands of dollars in medical expenses also out of the blue.
- sofixa 2y agoIt doesn't really matter how regularly it happens, only that it does happen and that there is zero recourse in that case. So people need to build their own safety nets in the US. I know it happens less frequently in tech, where people get compensation, but what % of workers are in tech? The median worker has no such luck.
- ghaff 2y agoAnd how comfortable are people in Europe and elsewhere when they don't have an income coming in?
- sofixa 2y agoAs discussed, there is much less of a chance that you'll suddently find yourself with no income when you live in most of the EU+UK+Aus+NZ. And if you do, you're still less uncomfortable because your healthcare is not tied to your employer. Unemployment and other related aids/insurances/benefits will vary wildly between countries, but I'd still bet the majority do it easier than in most US states.
- ghaff 2y agoPossibly. As you say there's a lot of variance. I don't generally assume that you can get quality healthcare, housing, and food in Europe with no source of income outside of government programs. And certainly many countries have lower salaries and higher unemployment that the US does in general.
- sofixa 2y ago> I don't generally assume that you can get quality healthcare, housing, and food in Europe with no source of income outside of government programs. And what's the issue with government programs? If someone without employment or revenues can get healthcare or food, that's good. > And certainly many countries have lower salaries and higher unemployment that the US does in general Higher unemployment yes, absolutely. Lower salaries you can't really compare because you need to adjust for a lot of things (quality of life, cost of living, things like the safety cushion one needs, etc.)
- reginald78 2y agoI remember reading about a woman working at Amazon that was put on a PIP because she was missing to much work for her cancer treatments.