I’m in the US, I’m single and I’d be completely screwed almost immediately.
The thought is something that takes up a not inconsiderable portion of my mental energy.
Well, I guess I have a pretty good idea after the great year of 2016…
I would be utterly screwed. I’m already pretty much there as it is. At the end of 2015, my wife left her job for medical reasons, and after getting things straightened out, she has been unable to find a job since. The local economy tanked pretty hard, the energy industry laid off lots of workers, and the reduction in energy revenues caused local governments to also shed workers, leading to a glut in available workforce that hasn’t been seen here in a while. It is very difficult to find work, and very competitive for what little work is out there.
In addition to losing out on my wife’s income, the fall in the energy industry also directly impacted me- I work in the survey industry, and oil & gas exploration has been our bread and butter for a couple of decades. For about 5 months or so, I was working only half-time. For a short time, I was able to supplement my income with a full-time, overnight job, but it got to be too much for me (working half-time at one job, full-time at another for less than half the pay of my first, and also going to school… in addition to trying to spend at least some time with my wife, kids, and grandkids).
I am now back up to full time, but my reserves are exhausted, I nearly went into foreclosure, and my wife is still unable to find a job. Christmas this year consists of a Christmas tree… and that’s it. We’ll have a turkey and ham for dinner (bought on a ridiculously good sale some time back), but nothing else- no real presents for the kids, just fun hanging out together (thankfully, fun is something we still have!)
I am on the razor’s edge at the moment, and if one more thing goes wrong, it will likely end in ruin.
ETA: Health care- I have insurance through work. Wife and kids- we literally can not afford it. I am in the magic sweet spot- I make too much by myself to qualify for assistance (of any kind), but not enough to afford to live with the basics like healthcare. I don’t have $5 left at the end of a pay period these days- we are the very definition of hand-to-mouth.
Four months without work, and I’d be back on the street. I survived nine months in the street in Northern Canada during the winter before, but I was younger, stupider, and addicted to heroin back then. These days I’d probably see if I could get myself institutionalized at a mental health institution or even get put in jail before I went back to the street.
Ignoring the physical aspects of the OPs car accident, the financial effects of a “bad break” would be negligible for us. We live (and always have lived) substantially* below our income level and plan for this type of thing. With savings, investments, multiple short/long term disability policies, the only issue would be the physical results of a bad accident. Being permanently unable to work would cause a minor adjustment in entertainment/vacation spending, but would affect little else. Again, I’m ignoring the fact that an event leaving me unable to work would be physically limiting as far as travel and fun.
*We’re almost pathological about this. At some points in our salad days, we managed on 25% of our income while banking the rest.
I’ve been out a year with major depression - but I’m married, I have about four years of cushion (at our normal spending rate) my husband still works, and we run a small business that brings in a small amount of money. Financially - small worries only.
The bigger deal for me is the major depression and anxiety. Since I’m a suicide risk, a bad break could send me into the death spiral.
I found this post disheartening. 