Comments on: Don’t Depend on Your Job

By: RuMarriage

RuMarriage — Tue, 13 Oct 2009 19:17:57 +0000

Yes all is clear that money not the most important in a life, but without them not to live…
Also I wish to add ??? one way is to drink beer with the best friends and to embrace the beloved.

By: Starting a Business in a Down Economy : Productivity501

Starting a Business in a Down Economy : Productivity501 — Tue, 15 Sep 2009 16:12:12 +0000

[...] A side business provides great insurance against job loss. (See Don’t Depend on Your Job.) [...]

By: Doing Something Difficult : Productivity501

Doing Something Difficult : Productivity501 — Thu, 27 Aug 2009 18:00:49 +0000

[...] leave without going through some type of personal crisis. Generally, most of the advice in Don’t Depend on Your Job is relevant here as [...]

By: Torrey

Torrey — Thu, 06 Aug 2009 22:51:59 +0000

It’s important to live proactively vs. reactive. Proactive people are those who are always working on the next steps.

And being confident enough to be social is key. Not what you know many times but rather who you know.

By: Robert Gilbert

Robert Gilbert — Thu, 06 Aug 2009 20:48:55 +0000

@Mark

Yes, HSA’s can be withdrawn without penalty after a certain age. However, the FSA, which is what many people have at work, cannot. An FSA’s funds are forfeited at the end of each year. It’s just important for each person to find out what they have and make sure they are not contributing to an account they will lose.

Other than that, if they have a regular HSA, it is a fantastic idea to maximize it. It gives you great tax incentives and can dramatically lower your monthly premiums for individual health insurance plans.

Great Blog by the way, I have been enjoying it for quite some time!

By: Mark Shead

Mark Shead — Thu, 06 Aug 2009 19:56:51 +0000

@Robert – Good point. I didn’t realize employers had to cover 65% of laid off worker’s premiums.

I believe HSA’s can be withdrawn like an IRA when you reach retirement age if you haven’t used the funds yet.

By: Robert Gilbert

Robert Gilbert — Wed, 05 Aug 2009 04:58:34 +0000

On the HSA, you may have wanted to explain WHY it’s good to maximize one in case of job loss. Basically, you can go with a high deductible HSA compatible Health Plan as a replacement for your current employer provided benefits….which has lower premiums since your HSA pays your medical expenses until the point where the insurance kicks in.

There are a couple of things to consider though:
1. Under the new law that passed, anyone who was laid off this year is entitled to continue their coverage for 6 months (?) and pay only 35% of the TOTAL premium…the previous employer still totes the other portion
2. Make sure that you don’t have an FSA (Flexible Spending Account) at your job instead of an HSA. If you do, unused money will be LOST at the end of the year! Many people confuse the 2, but there are some important differences.

Those things considered, it is smart to maximize your HSA, it lowers tax liability and will save $ if you have to switch to an individual health plan.

By: seogene

seogene — Mon, 03 Aug 2009 12:38:45 +0000

I would paid a lot of attantion to the point 5
You must educate yourself because of not being depend on your place of work.
A agree that than better you’re specialist than more you’ve paid out, but you are fired you can’t go the dther direction. So that’s sad!

By: jonathanfigaro

jonathanfigaro — Sun, 02 Aug 2009 23:25:43 +0000

A job isn’t a secure place . You must use all the resources on this planet an find yourself a niche. Something your good at the people would love to buy from you or learn from you. You can do anything…but do something.
Success is a mind state. If you have a secure job that your holding on too then you need to change your thoughts.

Start talking to people. Socialize. Don’t be shy. You never know who you will meet!

By: Mush

Mush — Mon, 27 Jul 2009 00:38:37 +0000

An eye-opener!
I am guilty of not expanding my network much beyond my work.

By: Mark Shead

Mark Shead — Fri, 24 Jul 2009 21:08:56 +0000

@Marc B – Good point. If you wait to the last minute to try to max it out, then it isn’t going to help you much. However, if you can put money in ahead of time, it gives you a way to build up emergency funds tax free for health care related things.

By: Marc B

Marc B — Fri, 24 Jul 2009 19:14:36 +0000

I don’t quite see the logic in maxing out health savings accounts. Why would one want to max out your HSA and tie up all that money unless your absolutely know you will need medical care. I would rather have the cash if I lose my job, health care or money sitting in a HSA will not pay the bills.