Thread regarding Verizon Communications Inc. layoffs

My spouse and I have maxed our 401Ks for 20+ years, have saved for the kids college in 529 plans, we live below our means (think Toyotas and Subarus for a $250K+ year family income), live with zero debt (paid off mortgage within 15 years because we bought a nice home in our budget, we don't care to impress others or keep up with the Jones)...that's what we were taught by our parents and have passed down to our kids. The kids will graduate from college debt-free because we made them our priority, not material things. I'm taking the VSP package because we know how to live with one income. Honestly of all the questions you list, the #1 most important question for me is did you marry the right person? Someone who shares your goals of living a debt free life? Divorce is a killer of financial prosperity.

BS all the guys I work with have been pounding away at OT and saving 16% in the K plan over the years. The majority are financially sound other than one knucklehead I know. Most have or will have their mortgages paid off within the next few years, several are paying on their second homes. It is all how you play the game. A company is not your friend, treat them as they do you and take them for what they've got for as long as you can. There was much work that they needed done over the years which was paid at a lucrative rate, we fought for top notch benefits at little to no out of pocket cost and they even paid for our degrees. There really is no excuse for whining. Now it is just a waiting game for the final payout whenever that may be as it is best to leave with a little extra kicker to top off the pot. Anybody with the legal right to work in the country could have a decent financial return on their time at this place. One just needed to put in the time maintain decent representation and not do anything foolish.

This is a very interesting observation but I believe that it goes beyond just VZ and even other companies. It's an issue with the way that corporations have been given free hand to pay employees as much or as little as they want. As an example a poll showed that average CEO raise last year was 16%, but me personally got 1%, and I assure you that it was not performance related. Not even 3-4% that used to be the norm. Vz saved millions in tax breaks that it received from government and as it was announced last year, Vz chose to let go of 10% of its employees. And I still got a raise that was below the country inflation rate. When people talk about middle class being squeezed that is exactly what it means. My base salary is the same as what I made in 2001 when I was with another country. So if you wonder why people have to take loans of all kinds and owe tens of thousands in debt that's why. If you are a sole provider for your family, you are screwed. A family needs two incomes to be able to be debt free, and those incomes better be 100K plus.

So, the whole concept of trickle down economy is the biggest bull c-ap that has been shoved down our throat. There is nothing that ever trickles down the hands of a wealthy person or a financially sound company. Don't forget, people don't get rich by spending and remember that.

Look at GM, reports $2.5B in last quarter profits, they got the tax break, they got TARP to save them from bankruptcy and to keep American jobs but what do they turn around and do, nothing trickles down?

Lastly, atl least GM has the balls to say how many they are slashing, Vz is weaseling out of that that too... Vz and weasel they actually rhyme:)

Question: Do you work? If yes, you're not rich and never will be. You're a wage slave.

No to everything with the exception of side work. I don't need the money but I enjoy doing IT work since I no longer get to do it as part of my job and who can't use an extra $100/hr?

none of these apply to me.

It would be painful to lose my job, but only because I'd have to stick to a budget. The bank enables me to live at a higher standard of living than I can afford, so as long as I don't feel entitled to it when it's gone, no problem leveraging debt. You are taking about c-suite people who will lose the company jet and all those free vacations and company pampering. There may be some that are in trouble, but that's not exclusive to vz middle income workers and makes you unsympathetic to most Americans in the same boat.

If you answer yes to anynof these you are a typical American who tries to look impressive on Instabrag and keep up with the Joneses but can't manage finances.

Most Americans are this way. Enjoy your stupid car payment and McMansions with pools!

Scored -140, no to all questions except for the side gig one, in today's economy it's a no-brainer to develop multiple streams of passive income.

Disagree with #6.

I did a refinance (no cash out), from 4% to 2.5 fixed for 15.

Paying it off in 12 (same time I had left), payment is 150 per month left.

No enough to retire, but well on the way.

Good luck to all

Your a d--k - youre prob one of the vps. Lol

Your in financial trouble if you have to take a quiz like this to see if your in financial trouble.

“•Question 6 - Have you refinanced a house in the last 3 years? (If the answer to this question is (YES) add 30 points if the answer is (NO) Deduct 5 Points)”

You must mean have you refinance to get money out or something.

I refinanced to go from a 30 at 4.#% to a 20 at 3%. When rates drop a lot it can make sense to refinance and you don’t need to extend the loan you can keep the same payoff date.

Q12 side job? The best side job (hustle) can turn into a good bit of cash and get you out of VZ or into an early retirement. Uber ain’t going to be it but taking some freelance coding projects or web site designs that don’t conflict with your primary job can be great.

I just fired my Board of Directors!

Question 6 is a lowkey really smart question because you can only refinance every 1-3 years... So if you have already refinanced thats one less area you could save on going forward... meaning more financial stress in the short term which could lead to credit card debt and 401k loans.

-225. EABOD.

needing to work a second job could be seen as a sign of financial stress so i understand why that question was in there

-220

Ignored Q6 because it's bogus.

how the hell is working a side job (to add more to savings) a bad thing? this is totally id--tic. Is this a junior HS project you're working on?

Refinancing is not a sign of financial trouble! I refinanced to get a sub-3% rate on a 10 year loan!

Maybe you meant, "have you taken out a home equity loan" ?

oh no, you mean the 401k is not for loans to myself? c-ap!!!

damn im phucked according to this

what survey did you take to arrive at the conclusion that MOST people are only making ends meet???

• 225 (that's negative 225). Ready to retire. It's called living within your means. Can't blame Vz if you haven't.

wow I scored 220 this is worse than i thought it would be