
Screw the Tech Bubble:  What's your Plan B? - gacba
http://www.lessonsoffailure.com/developers/tech-bubble-plan-b/
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jsiarto
The best advice in this article is having a cash runway. So many people
(people who live in 500K houses and drive fancy cars) are literally 1 paycheck
from bankruptcy.

If you need a constant influx of 6K paychecks every month and you don't have a
dime in saving to show for it--you're in trouble.

My wife and I run a small tech company--we have, at the very least, 6 months
of income saved in the event we have to go without a paycheck or shit just
falls apart. We pay cash for things like cars and vacations and we stay out of
debt.

We're not worried about losing our jobs--we plan as if that's inevitable.

EDIT: Actually, the only thing I do worry about is healthcare. This country
has its head up its ass as far as that goes. Group insurance is great
(although we pay about $950/mo to insure 3 partners)--if you have to get
individual coverage, good luck...

~~~
nthj
This. Financial wisdom is peace and freedom.

Even if someday I move on from consulting to a job opportunity, the financial
wisdom I've been forced to acquire because of the ups and downs of consulting
will pay me dividends for the rest of my life.

Actually, Solomon has some great stuff to say about money. Multiple streams of
income, keeping track the "state of your herds," it's all in Proverbs and
Ecclesiastes. The guy was the richest man to ever live, and it's not hard to
see why.

------
vgurgov
cash savings in CHF enough for ±1 yr runway + no debt + diversified
investments portfolio (fast food franchises in eastern europe) = i am feeling
ready for some serious web2.0 ventures ))

