Discover how much money people worldwide need to feel financially secure and get expert advice on preparing for potential layoffs.

Hey there, SimplVest community,

Ever wondered how much you really need to feel financially secure? A new survey reveals how much people in some of the most sought-after countries say they need to earn annually. Spoiler alert: the answers might surprise you!

If you’re part of the growing number of Nigerians considering/ have made a move abroad, commonly called the ‘japa’ wave, this newsletter is especially for you. Knowing the financial landscape of your potential new home can make all the difference in your relocation decision.

Inside this issue:

How much do people around the world need to feel financially secure?
Are you on the right track?
Plus, essential tips to prepare for and navigate potential layoffs

How Much Money Do You Need to Feel Financially Secure?

The answer to this question depends alot on where you live. CNBC teamed up with SurveyMonkey to find out what adults in nine countries think. Respondents could choose from different annual income levels to feel financially secure. Let’s break it down:

United States

$50,000: 33%
$100,000: 43%
$500,000: 13%
$1,000,000: 3%
I’ll never feel financially secure: 8%

United Kingdom

£50,000: 64%
£100,000: 19%
£500,000: 4%
£1,000,000: 3%
I’ll never feel financially secure: 10%

Germany

€50,000: 53%
€100,000: 29%
€500,000: 9%
€1,000,000: 1%
I’ll never feel financially secure: 9%

France

€50,000: 45%
€100,000: 30%
€500,000: 13%
€1,000,000: 4%
I’ll never feel financially secure: 8%

Spain

€50,000: 57%
€100,000: 27%
€500,000: 8%
€1,000,000: 3%
I’ll never feel financially secure: 5%

Switzerland (Swiss franc)

₣50,000: 20%
₣100,000: 54%
₣500,000: 16%
₣1,000,000: 3%
I’ll never feel financially secure: 7%

Singapore (Singapore dollar)

$50,000: 12%
$100,000: 31%
$500,000: 30%
$1,000,000: 22%
I’ll never feel financially secure: 4%

Australia (Australian dollar)

$50,000: 26%
$100,000: 50%
$500,000: 14%
$1,000,000: 2%
I’ll never feel financially secure: 9%

Mexico (peso)

$500,000: 46%
$1,000,000: 25%
$5,000,000: 13%
$10,000,000: 8%
I’ll never feel financially secure: 8%

What Do These Numbers Tell Us?

While these numbers offer a glimpse into how people from different countries perceive financial security, they don’t tell the whole story. Currency differences, cost of living, and average wages play a big role.

However, some trends are clear. For example, most respondents from the U.K., Spain, and Germany feel financially secure at lower salary levels. On the other hand, many Singaporeans aim for higher salary bands to feel stable.

Another interesting finding is that, except for Mexico, most people from all countries surveyed live paycheck-to-paycheck. But here’s the silver lining: fewer than 10% of respondents from any country said they’d never feel financially secure.

What this means for Your Financial Journey

Here’s how you can use the info in these numbers:

Know your target: Research the cost of living in your dream country. Knowing how expensive things are will help you determine how much you need to earn.
Salary intel: Look up average wages for your profession in your target country. Do they match your financial goals?
Plan your finances: Always a good idea! Set up a budget that considers your income, expenses, and savings goals, no matter where you land.

By planning ahead, you can make your relocation dreams a financially secure reality.

Are You Layoff-Ready? Here’s Your Game Plan

Job cuts seem to be a theme in 2024. Feeling nervous? Don’t sweat it! We’ve got expert advice from a career advisor to help you soften the blow, land your next dream job, or simply stay ahead of the curve.

If you suspect your job might be on the line (God Forbid!), here’s what you should do:

1. Build an Emergency Fund and Tighten Your Budget

Before diving into job hunt preparations, securing your finances should be your top priority.

Set up a fund for Emergencies: You should strive to save at least six months of living expenses. Start by cutting non-essential costs and setting aside a portion of your monthly income.
Review Budget: Look closely at your monthly expenses and identify areas for savings. Prioritize essential expenses like rent, utilities, and groceries.

Check out this free resource: Expert Tips for Budgeting, Savings and Investing for actionable steps.

2. Get Ready for a Job Hunt

Being prepared in advance can make your job search smoother if you do get laid off.

Update Resume: Tailor your resume to highlight your most relevant skills and experiences. Consider seeking professional resume writing services for a polished result.
LinkedIn Profile: Optimize your LinkedIn profile with a professional photo, compelling headline, and detailed work history. Join groups relevant to you to help expand your network. It also enables you to keep up with industry trends.
Cover Letter: Create a generic cover letter template that you can customize for different job applications. Focus on showcasing your skills and explaining why you’re a good fit for the role.

3. Customize Your LinkedIn Preferences

LinkedIn can be a powerful job-hunting tool. Make sure you’re using it to your advantage.

#OpenToWork Feature: Activate LinkedIn’s #OpenToWork feature to make your profile visible to recruiters. Then, specify which job opportunities you’re interested in and your preferred location.
Privacy Settings: To maintain confidentiality, choose who can see your job-seeking status. Opt for “Recruiters Only” if you want to keep your job search discreet.

4. Network and Connect

Networking isn’t just for job seekers, so consider it an essential activity, whether you’re currently employed or not.

Reach Out: Make a list of former colleagues, bosses, and friends and contact them via LinkedIn, email, or phone. Explain your situation and ask if they know of any job openings or can provide referrals.
Networking Events: Attend industry-specific networking events, webinars, and conferences to meet new people and expand your professional network.

5. Get Your References in Order

Having solid references lined up can give you an edge in your job search.

Strong References: Identify 3-5 professional contacts who can vouch for your skills and work ethic. Ask for their permission before listing them as references.
Public Endorsements: Request public endorsements or recommendations on LinkedIn to add credibility to your profile and make it more attractive to potential employers.

6. Add to Your Skill Set

Continuous learning and skill development can make you more marketable.

Identify Gaps: Research job descriptions in your field to identify any skills or certifications that are in high demand. Focus on acquiring these skills to make yourself more marketable.
Online Courses: Enroll in online courses, workshops, or certification programs offered by reputable platforms like LinkedIn Learning, Microsoft, Dataleum, and Google. Many of these courses are free or low-cost.

P.S.: If you somehow get laid off, check out this resource on handling such unfortunate news—it’s what you need to bounce back!

💰Feeling Financially Secure: A Global Look + Are You Ready for Layoffs?