For us younger engineers, the job and stock market have been treating us very well for our entire careers.
Can the older folks provide some advice on how things are like in a downturn? What can we do now to shield ourselves (financially, job stability, etc) when the next downturn happens?
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Having a large enough savings cushion to pay monthly obligations should one become unemployment for an extended period of time.
Have six months of expenses saved up in cash or equivalents at all times. Do not assume you can borrow money if you lose your job. The first thing that happened in ‘08 was equity lines of credit were called in.