u/mwing95

Hi all, 30M staring down the barrel of a layoff and I want to make sure I'm prepared for the worst in this weird job market.

Currently I make 118k but will be laid off early in August. I'm already interviewing places and hopeful, but I had the thought of what I would do if my savings dried up before I found something new. I live in a MCOL with monthly bills (including mortgage) of around $5k and enough in savings to carry me for about 6 months. The part I find very troubling is I had terrible timing and houses in my area have lost around 40k in value since I purchased so I am a little underwater.

Home:

Owe - 265k

Rate - 4.99

Approx sale value - 220-230k

Retirement:

401k - 50k

IRA - 22K

I have other bills but my budget is already as thin as possible, I'm mainly just looking for thoughts on timing and how you would plan for this situation

ETA: adding since it's come up a few times, a roomate is likely not much of an option. I have dual custody of my son and don't know if there'd be anyone looking to rent that I'd be fine just having around my son.

Also I do plan to just take whatever work I can get in the short term, that mostly just changes the timeline and the question above remains about the same (excluding potentially housing prices change)

Had this thought after seeing a discussion of Nintendo surving WW2 in part because the US changed city targets. In the modern era, especially with a company traded on a stock exchange, what would actually happen?