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Old 05-05-2023, 12:49 PM   #9919
kermitology
It's not easy being green!
 
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Join Date: Oct 2001
Location: In the tubes to Vancouver Island
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Quote:
Originally Posted by kermitology View Post
Actually, I think this is a good analogy. Let's say you've historically lived paycheque to paycheque. You've decided to borrow to build your sunroom so you can enjoy your home a bit more. A year later you suddenly lose your job, you live off of the severance for a month or so, but you're not having any luck finding a new job, you've got a few interviews coming up, but no offers, and no paycheque.

What do you do? You have -$2000 in your bank account and you have to pay your utilities and mortgage. Do you sell off everything you own to continue to pay those bills or do you borrow from your HELOC to buy you some time?

And let me be specific, you DO NOT have any savings. Your financial planning for the last 44 years has been to not build up those savings.
I'm going to quote myself here because I'd really love to hear from Slava on this.
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