Reply to I need about $20k to get us through a layoff-home equity loan?

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Reply to "I need about $20k to get us through a layoff-home equity loan?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]How does OP have no savings? You don’t have any retirement or stocks or college savings for your kids??

I am not sure if OP is just really bad with money or her kids have some severe health problems. I wonder if her kids health is what got her laid off. I know moms who stay home to take care of their high special needs children. Also have a friend who works and uses all her earnings for expensive therapies for her autistic son.[/quote]

Op here. Of course we have 529s, my husband has a pension, i have 401k, I’m a former fed and have a TSP. I looked into getting a TSP loan but it’s not an option if you’re not an employee anymore. We can’t borrow against my husbands pension. I don’t know if taking money out of the 529s is an option but I assume it would entail huge penalties if it’s even possible.

We just don’t have liquid cash we can tap into. We did, but it’s been wiped out due to a few recent setbacks that have come one on top of another.[/quote]

This is why I’ve always believed that emergency funds should cover around two years’ worth of expenses. The traditional 3-6 months is far too low IMO.[/quote]

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