A stay-at-home mom isn’t bringing any income in so has the luxury of being able to fail.
replyWhereas many of us can’t take a loss of income for months while we retrain.
I don't get it. Didn't you live way below your means so you can save up money for retirement? I've got enough money saved to get away with being jobless for about a decade.
replyIs that in cash, so if the stock market drops 80%, it's still true?
replyIf the stock market drops 80% and stays there for longer than a year it's Great Depression 2.0. Retraining won't do jack shit. There'll be breadlines, governments paying people to dig ditches and build trails in national parks.
replyNot everyone's had the luxury of saving for years and years. Some people just got into the industry (remember 'learn to code'? not to mention recent graduates), others had to work their way up through lower-wage roles (e.g. contracting) just to get to a place from where they could hope to save. Other people have family to take care of and can't just throw everything into their savings.
replyEven back when I had to make do with $400 a month I was saving. Live out of a van to save on rent if you have to. There's always a way to live below your means and save.
replyOf course there are exceptions, but I don't expect those to apply to anyone commenting here.
You don't have any buffer at all? You're spent your entire inflated software developer salary for the entire time you've had it?
replyNot enough buffer to take 3-5 years to rebuild a career is not the same as no buffer at all. Personally I have about a year of buffer which is no where near enough to meaningfully retrain.
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