re: Why dont Oil Field Workers have savings accounts ?

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why not save 20% of the money in savings and live off of 80% of the money

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Yeti Coolers

I lived off 30% and saved 70%

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I am sure some do. However, I keep reading articles on how so many residents of the Louisiana and southern Texas areas are hurting badly over the drop in oil prices.

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Are you suggesting that if someone saved for a downturn they still would not be hurting badly after being out of work for a year or so?

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Most people do not have adequate savings no matter the industry they work in

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I am trying to break into my industry, so I can perfectly understand this.

The only reason I single out oil field workers is that I know they can easily make up to 6 figures. With that type of money, you could easily set aside money as long you make smart financial decisions.

You need to work eventually after a few months.. but still it never hurts to padded bed for the tight spots

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Most people do not have adequate savings no matter the industry they work in

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One should spend and save relative to the volatility of the industry in which they are employed. I'm not saying this is a great thread, but that's the point of the thread.

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Are you suggesting that if someone saved for a downturn they still would not be hurting badly after being out of work for a year or so?

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No. It would not save anyone by month 9 to a year out of a job. However, it will give them some time to network and possibly find another job (albeit probably a lower salary).

Also, as I said in the OP, technically this could be prevented if they found other industries while times were good.

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The average oilfield worker would have to save 20% for around 5 years to have one year's salary saved. Most of these baws are looking at a year or more of being out of work in their chosen profession.

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So they shouldn't bother?

I met a guy last week that has been laid off for 3 months from his oil field job. He's been trapping beavers, catching catfish to sell, and painting houses lately. Said he has enough saved to last a couple years just making a couple hundred a week doing these odd jobs. Stereotypes are silly.

What size spinning rims do you have on your Impala?

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It also opens doors to people who may have had some difficulties with their previous educational endeavors (such as myself)

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Translation: It's a place for students who should have never gone to a 4 year university, and should have gone to a trade school.