Due to protests here in Hong Kong, my employer has started layoffs. To save maximum money, they started making cuts at the top. As one of the most expensive team members, I was cut in the first round, along with a few other seniors. THIS is why I save my money. So that we have 2+ years of runway, for me to explore, be patient, and recalibrate. I can afford to sit aside for years to find the perfect job (not that I think that will be necessary). In previous chats there were debates on where finance/PE ballers making >$300k per year put their money. I advocated that the only thing worth putting money in is freedom, and that just because you're eating today, doesn't mean you won't be starving tomorrow. Younger finace guys take note - winter inevitably does come, the higher up the ladder you get the more expensive you get to an employer, and you'd be wise to save money while you can. Rainy days do come. Got a non-working wife and a kid, but I'm chillin'
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Everyone here who graduated undergrad in the last 7 years or so would be wise to heed this.
Those of us who were working pre-2006 have this indeliably scarred into our being (and if you don't, you're going to get your comeuppance once again)
Sucks to sit on some cash (not all of it) from time to time, but I'd rather miss out on some gainz than have those panic attacks about paying my mortgage again...
I keep most of my assets in cash as my income is so tied to the whims of the market. I see it as a hedge against a financial tsunami that could wipe out my job and my savings.
Not sure why, but I found this post oddly inspiring...
Because of freedom. Because circulstances change but what matters is having the resources to weather them - to show the world you own it, and it does not own you. Job goes away? No worries, I've got runway, and I'll wait for the right next job, which will simply take time to find. Accident happens? That sucks. But I've got the money to deal with it. I don't need a fancy house or car, but enough f-you money, even if that's f-the-circumstances or f-the-world money.
Good for you preparing for something like this. I learned the hard way after 5 years of blowing my money on lifestyle that how much make you doesn't matter but instead the spread of how much you make to how much you spend means everything. Life is slavery to interest until the car, house, credit cards, and student loans are fully paid off. The best way to think about it is that I do not really own something until that asset has zero debt.
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in all seriousness, my friend was laid off and survived because he saved like a jew. props to you for taking it on the chin, hope you get back into the workforce soon
Always plan for the worst eventualities. Because sooner or later, they just might happen.
Sorry to hear that, man. Weren't you and the wife moving to the States?
@Phat"
We'll see. I'm working on it. I just came back from 3 weeks of networking meetings in SF. I am now at a conference hustling up meetings. I'm advising a growth capital fund and they seem to like me, so maybe that will translate to a full time role. I am not in the least bit worried.
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